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Every state has their own set of rules when it comes to various things. Selling property or buying a flat in Goa is one of them.
We have to remember that Goa is heavily influenced by the Portuguese and many of their rules still linger around. Goa still follows their rules on marriage, divorce or succession. Most of the rules existing at that time have been modified to match the Indian rules after liberation. However, if there isn’t a corresponding Indian rule, the Portuguese one stands. Documents relating to the Deed of Succession, Deed of Renunciation and Wills are still strictly governed by Portuguese law. All these documents are public records and maintained by a Portuguese officer.There are rules about gifting or disposing inherited land, only 50% of this can be disposed, the rest falls under a non-disposable quota. There are a few documents you have to check before buying or acquiring any land. Pay attention to the type of land you’re getting your hands on. There are rules preventing development on agricultural land, if you acquired this land for development, it is basically useless. If it is agricultural land, you have to have it converted to nonagricultural land, since all land is considered agricultural land. Make sure everything has been approved by the Town and country Planning and the Development Authority has approved the construction plan. Whether the area has been approved by the Municipality or Village Panchayat, especially if it is near the coast line. Make sure it has been approved by environmental authorities, they raise an objection if the development area exceeds 20,000 square meters. Check to make sure there aren’t any tenants on the land and if there are they should be compensated. As far as engineering and architectural aspects go, the best thing to do would be to consult a registered civil engineer or architect and a lawyer to help with the legal aspects. After giving the seller a deposit to block off the property, you have to hand him a bunch of your documents. In the meantime, he is going to verify everything you gave him to make sure it is legit. You have to hand him a signed paper with the intentions of both the people involved, i.e. he wants to sell and you want to buy. Sometimes you may be asked for Memorandum of Understanding, you may have to contact your lawyer to get this sorted out. According to the law, if you want to purchase an Old Portuguese house, the kind you see all over Goa, you can do so as long as all parties with a stake in the house are willing to sell. Even if a minority party isn’t, there is no law to force him to and you have to fight for the house in court. There are even rules about constructing farm houses. The farm house built has to be used for the purpose of storing farm equipment, be it cattle, manure, machinery or anything else relating to farming. The stamp duty and registration fees vary in Goa, depending on the amount you are spending to get the plot of land. 25 to 50 lac, implies you pay 3%. 50 lac to a crore needs you to pay 4% and anything North of a crore costs you 5%. As far as the registration fee goes, that’s 2% on the consideration. There isn’t any reduction of these amounts for anyone. Sorry ladies, no special privileges here. If you are buying a flat in Goa, you have to · Identify a realtor · Check your budget and see how flexible you are in terms of a different location or increasing the amount you were willing to spend. · Finding the right property · Checking the value of the property you intend to purchase · Due Diligence is where the lawyer goes over all the documentation making sure everything is alright and there are no error or technical flaws · The lawyer of the seller has to draw up a document called agreement to sell, in some parts of Goa, they ask for a deposit during this step. You may lose this deposit if you back out now. · Finally, you can settle for the sales deed. Here the buyer is officially made the owner of the land. Every decision you make will have its pros and cons,living in an apartment is no different. You have many perks like living in a colony or having committees to deal with everything, but your other option is staying in your own house, with bigger rooms all by yourself.
Here are a few tips to help you choose a flat in Goa. Make sure you know what you’re looking for and why. Keep in mind your budget, and make sure you are in a good or relatively better neighborhood. Something with a better view than slums, or another apartment wall, or a graveyard. You should settle for something with all the amenities you require, for the price you’re willing to pay. You have to be reasonable about the price and do your research on price ranges of places you are looking at. List out all the flats you find interesting. Check out the pros and cons of each of them, that should help you finalize on the one you want. Make sure you considered the number of people, proportionate to the bathrooms, do you really need a pool in the back. Keep in mind, cutting down on such things will get your overall price down. You should feel safe around the neighborhood. Check with the homeowner on the age of the structure and structural plans if you need to make changes to the home, remodel or build an extension. Create a questionnaire for every home owner whose flat you are interested in. Make changes to this according to the people you are interviewing. Make sure you write down why you pick one over the other. Keep in mind why you disapproved of a particular apartment, this might be insignificant in comparison to others later. Look at your neighborhood properly. Pay attention to garbage dumps and how your neighbors treat their surroundings. The last thing you want, would be to take over and have your neighbor throw garbage in your balcony. Pay attention to everything when you enter the flat. It shouldn’t smell funny nor should it have anything that doesn’t feel right. Locks should work and nothing should be falling apart. Go for a walk in your to be neighborhood after dark to make sure you feel safe. You should realize, you might be staying therefor a long time. Pay attention to how well lit everything is and if there are any convenience stores around. There are plenty of apartments you can choose from in Goa, as currently the supply outmatches the demand in most suburbs around Goa's main cities of Panjim, Margao, Mapusa, Vasco and Ponda. You also have to keep in mind that once you zero-in on a apartment that you are looking to buy ensure that you have a clear title to the property by getting a title verification done by a experienced lawyer. Goa's real estate development is more lateral and in pockets across the state. Goa has had five major cities namely Panjim, Mapusa, Ponda, Vasco and Margao. These cities have been the crux of commercial and business activity for many years. There are plenty of options to choose from while searching for a apartment for sale in Goa, ranging from different localities to prices to various property types. Although there exists residential structures here, new developments are very rare due to the limitations of space and most of the space remaining being used for commercial real estate. Residential structures here are quite old and lack modern amenities you see in most developments all around the place. So as the need for housing increasing each year, real estate developers have begun to spread out to areas surrounding the city. Also, given the fact that the prices in the cities are much higher as compared to other parts and you end up buying an apartment that is at least 5- 10 years old, if not more. 2014 has seen developments that have spread out in areas around these major cities in Goa. Caranzalem in north Goa is a classic example of this fact. Although a saturated area development-wise, this place was merely a small village back in the nintes when development began, today the place is filled with sky rises and eventually prices took off with too. Porvorim is the best area to highlight when it comes to such development. This suburb is considered the next place for most to buy an apartment to live in or to rent out. Development has spread towards all interiors and prices started taking off in early 2013. Being a 10 minute drive to the city and also the main access road to the beaches of north Goa a lot of businesses are stetting up shop as well. With the Government commissioning a flyover from Mapusa till Panjim added to this price rise apart from the fact that one of Goa's biggest mall will be up soon. Ribander is expected to be the next such suburb that is expected to take off, with massive development already being commenced and prices as being much realistic here investors and locals alike have looking to get in early. There also are places such as Siolim, Succor and semi-developed regions in Anjuna and Vagator seeing this transformation as well. There is a huge demand for housing in these areas due to the tourism value and the returns surrounding it as well. All in all, these suburbs are options you should consider while buying your flat, as buying in the right areas would mean a comfortable place to live, property appreciation and also rental income. The prices of apartments in the state are reasonably cheaper than in many other states in India causing many people to come to the state to purchase their second home. Obviously, the prices of the apartment you want to rent will vary greatly on location, among other things. The general prices of apartments in the hinterlands of the state are a couple of lacs, there are apartments in selected locations of the state that you have to pay for in crores, like apartments in Dona Paula, Miramar or if they are located close to the city. Obviously the prices will differ based on the amenities that come with the place. Your apartment is definitely going to cost a lot more if it comes with a swimming pool or underground parking. The best location to get an apartment would be the hinterlands of Goa, in areas that are being developed or getting there. In a few years, when the area is all done up, you can get some amazing returns on your apartment. Sometimes even double the amount you invested. It's never been a better time to look for a second home in Goa as; -Prices have stabilized -Developers providing more benefits and amenities -Quick Housing Loans - Strong Rental Market -Developments in New Areas Many people would suggest Goa as one of the best locations for settling down. The sunny sandy beaches, all the way in the east, make it the ideal location to purchase a home away from home. You can find things in Goa you’ll find in a few other places. With sunny beaches, Portuguese influenced architecture, festivals and other such things, tourists can’t help but fall in love with this tiny state.
This tiny state is divided into two regions or districts, the North and South. The North would be more alive, fast and full of events, parties and something or the other to do. The South on the other hand, rarely has anything going on, and can be counted on for a slow, calm and relaxing vacation. If you look at the prices of properties in Goa, you will find most of the tourists purchasing places up North, as mentioned earlier, they are more happening and alive with the fast life. Furthermore, places in the South can definitely give you the calm and isolation you want, but very few people like the slow life these days. Returns on apartments aren’t the same either. You are more likely to make better money if you invest in a place up North as compared to the other option. The usual places to find retirement homes being put up are along the beach. Places like Calangute or Baga are booming with tourist looking for places but these are priced very high. If they aren’t in your budget, you can always find others at locations like Merces, Ribandar and so on. You can get places in the state at amounts people outside the state wouldn’t believe. They wonder why a place so beautiful and close to the sea, while being so well priced. You can find land close to the beach for amounts of about a crore. Now a days, developers and builders are willing to sell apartments for amounts between 40 lacs to a crore. Prices vary depending on how high the demand is for that location. Holiday homes are definitely a good investment in the state considering Goa has a booming tourism industry. Furthermore, there are always people visiting the state and in need of a place to stay for about 6 months to a year. If you aren’t vacating the place all the time, you can always find someone who can and get some returns in the meantime. Here are a few things to remember while buying a property in Goa · Pick the North over the South. North Goa is faster developing than the South, meaning your land will be more valuable sooner. People would also pay more money to stay in the North over the South. · Invest in the sea view homes. You may have to pay a lot more to get one but a few years down the line, you will love the place you’re staying at and you have the opportunity to sell it for a larger amount. · Make sure you know where the place is coming from. Read and re read the paper work, whether it is a plot or a house. Make sure the land isn’t a scam or stolen from someone. There have been a lot of land scams in the state over the years. · If beach view is too pricy, you can settle for a river view. Goa has a lot of rivers and islands all over the place. If you find a beach too expensive, you can always settle for a river view or some corner of a lonely island. · Make sure you aren’t violating any of the Goanrules. · The state has certain rules about building on particular land over others. Furthermore, there is a rule about constructing within 500 meters from the line of high tide, make sure the house you like isn’t breaking any of them. Here are a few more technical rules to remember: · If you are developing land and putting up your own space, make sure it is at least 500 meters away from the high tide line. · If you have the right permission from the Ministry of Environment and Forests, you can build between 200 to 500 mts after the high tide line. · If a building was already authorize and constructed, you can only build or renovate it up after you get the permission of the CRZ-III and NDZ. Guide to the legalities of buying or selling a flat in Goa for Non Resident Indians or Persons of Indian Origin. As you might have all taken a guess that it is quite the hassle nevertheless it keeps the entire process legal and establishes that right title to your property.
For buying land a. Title documents of the property such as Form I & IV, previous and last Sale Deeds b. Nil Encumbrance certificate issued by the Sub-Registrars Office with is less than 6 months old c. Check Regional Plan at the Town and Country Planning Office for the zoning earmarked to it. Additionally; - You can request for a zoning certificate from the department - Check for land acquisition from the office of the PWD if the property is touching a road - With the Forest Department you can also check the Forest Conversation Act For sub-divided plots 1. Sub Division Plan by the PDA, Village Panchayat or Town and Planning Department 2. Final NOC issued for the particular sub-division 3. Approved plots in the area earmarked for residential structures For Buying a Flat or a Villa a. Approved Plans for the area issued by the Government authorities such as PDA, Town and Planning Department and Village Panchayat b. Construction license from the above authorities for the erection of the structure c. Documents to the Title of the Land d. Issuance of the Occupancy Certificate from the Village Panchayat You must also have the following paperwork in place a. Overseas Citizen of India or Persons of Indian Origin Card b. Title Verification by a reputed lawyer. History from first owner upto current owner c. House taxed/Property taxes are paid d. Stamp Paper and a Valid Sale Deed to be signed e. Society Transfer or Share Certificate You can also download this free pdf here that will has more details on the buying and selling of properties for PIO's or NRI's |
AuthorHi, I am Kevin Afonso, I have been in the real estate business for nearly ten years now. I have seen the up's and down's, the high's and low's of local market in Goa. I have serviced several clients in India and abroad as well for buying and selling their properties here. My Blog here are my experiences, options and advice I share with my clients which I want to share with anyone and everyone looking to invest into a home in GOA. Archives
November 2014
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