Dear CD's,
I am sure that you must be knowing that people who owned real estate in India since 2002, are now millionaires. Also I am aware that many CD's have bought land in India and keeping it for appreciation in the next 10 years with some having relatives to looks after it while other's donot.
Keeping with the trend, I am proposing to buy land in the city of Sulur which is a suburb of Coimbatore. The price quoted is 10 lakhs for 1 ground. My rationale behind the purchase being that Coimbatore has an international airport and my future is mostly limited to Gulf and Banglaore (Banagalore RE prices are unaffordable to me).
The property that I am buying will reach its full potential only after 12-15 years. Will it be OK if I purchase this property and then leave it to appriciate. I can make a visit atleast once in 6 months in the years to come?
My friend who returned from the US says that generally land is safe. He says that it will be even more safe if the layout has some people building houses.

What would be the recommendations of CD's?

peace by Murali

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I am a Gents and not a Ladies.

To add to it, what I was told by my America returned friend is that the process was simple.
Steps are as follows :
1. Seller is my mentor from Australia. He badly needs cash for his other projects and hence the need to sell.
2. When my mentor bought it, he ensured that the plot is approved and had done a lawyer's review on the plot.

While selling :
1. Approach the document typer with the documents of the land (deed), the seller and buyer's ID / photo's.
2. Document typer will know the market value and will decide on the value + taxes to be paid to the govt..
3. Document typer will ask the standard liasion fee.
4. Once the fee is given, the govt. official will sign the document and the process is over.
I can head back home.

I will have to see what kind of taxes that I will have to pay to the Govt.

Hope it is as easy as it is made out to be.

Peace by Murali

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I am a Gents and not a Ladies.

TK bhai: You are living in India and asking Canadians, if it is safe to buy land in India????

1) My advice, if you are buying such a large property, you must build a 6 foot wall around the perimeter and hire a tough looking chowkidar to look after it.

2) Watch the movie "Khosla ka Ghosla" without fail. :-)

Empty lands sprout weeds, in this case, squatters who would likely be impossible to get rid of.

I know of a case where the acres belonged to a company (owned by rich dudes) and people had built houses (not just some shacks) on those lands. The people who lived in those homes worked in that company as hourly floor workers - perhaps, they claimed themselves a few perks??

The only way to know the construction was illegal was because they did not have electricity as the electricity board would not give them the power line.

I know of a relative who was forced to sell the land because his vacant property got taken over by squatters, more like hooligans, who turned around and threatened him with violence if he tried to evict them.

Of course, I am sure there are positive experiences as well.

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Dimple2001