It is a pity that Goa's unique cultural identity may soon vanish under the
onslaught of unbridled construction and "occupation" by the likes of our own
Monserrate and other Indians. The reality is that under the constitution only
land in Kashmir is protected.
However India defintely needs to monitor foreign land acquisition and
ownership very carefully. After all with around 2% of the world's land we
support 15% of the world's population. Land is a limited resource needed by our
own people and is not be casually offered to the highest foreign bidder. Strict
control of land usage by foreigners will have little,if any impact on India's
foreign currency assets, economic potential or attractiveness as destination
for foreign corporations to make money. India's real estate market is already
very very well supported by Indian money.
It may be worth comparing the unrestricted right to buy property in Goa/India
with laws in that other paradise for expat Britishers - Thailand. The Thais as
everyone knows have a very broad mind but draw the line at selling off land
ownership to foreigners.
Foreigners can officially buy only a condominium(apartment) in Thailand if
they bring in funds from abroad.
As regards other real estate foreigners cannot as a rule hold freehold rights
to land. There are several pre-conditions imposed by the Board of Investment
promotion. As a rule land can be acquired only by foreign corporations for
direct business use. Combined investment should be at least 1 million US$-this
keeps out the masses. In Thailand foreign individuals can officially obtain
only leasehold rights and usufructs for 30 years. A side agreement with the
lessor can potentially expand this to 30+30+30 or a maximum of 90 years.
The Gulf Arabs are well known for their astuteness ( as compared to the
mineral rich African states which were and continue to be pillaged by Western
corporations assisted by their own governments). States like Qatar have thrown
open leasehold rights for 90 years in designated areas. Dubai is offering
freehold rights in clearly designated developments. In other areas Dubai offers
only 90 year leases. The Gulf Arabs are controlling use of their vast sandy
deserts. They want to ensure that their own nationals are not priced out of the
market. Should India give away its fertile highly habitable and limited land to
foreigners ?
India welcomes the Brits and Europeans who want to retire in a cheap country
like India. After all as everyone knows Western governments have cut off state
pensions. Whatever meagre savings they have can only last in a place like
India. One off their needs in retirement for example is cheap house/nursing
help, an impossibility in Europe. The Brits will come even with rights limited
to apartment purchase.
Perhaps in India too, as in Thailand, foreigners should be allowed only
condominium ownership. I very much doubt that it will affect India and Goa's
attractiveness as a business or tourist or retirement destination. India is
hard currency rich and irreversibly turning into a powerhouse. India is 2nd or
3rd largest global economy when measured in PPI India but ranks the 10th
largest economy when measured by real exchange rates. This shows how
undervalued our services and assets are.
India needs to re-examine foreign land ownership laws and rules created when
the country was indigent.
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