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After Russian mafia, Goa is open for Germans, Britons
TIMES NEWS NETWORK[ FRIDAY, OCTOBER 27, 2006 03:28:01 AM]
NEW DELHI: It may sound unbelievable, but around 500 foreigners have made
huge real estate investments in Goa. And it's not just the Russian mafia
that has taken advantage of the liberalised FDI regime to pump money into
the state. The list includes Germans and Britons who have cornered huge
tracts of land.
The developments in the coastal state have caught the eye of the National
Security Council, as also the Union home ministry and the Enforcement
Directorate. The NSC had, as reported in ET, revealed that the Russian mafia
had made huge real estate investments in Goa.
Shaken by reports of a large number of foreigners making a beeline for the
coastal state to make real estate investments by taking advantage of a lax
interpretation of the Foreign Exchange Management Act (Fema), the state
government has now initiated an inquiry to identify such investments and
their sources. It has, in the process, discovered that close to 500
foreigners have bought land, most of it agricultural, in the state.
Taken aback by reports of land passing into the hands of foreigners in Goa,
the Mumbai office of the Enforcement Directorate too has written a letter to
the state government asking it to ensure that Fema provisions were strictly
adhered to.
"If we're able to establish that agricultural land has indeed been sold to
foreigners in clear violation of the rules and laws, we may take the extreme
step of cancelling the allotments,'' a senior state government official told
ET.
Read the entire article at:
http://economictimes.indiatimes.com/articleshow/175667.cms
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