Every individual, at some point in time in his life, considers the thought of buying a property in Goa. The thought could be all good and great, but the process might seem like a daunting task.  The most important thing to keep in mind while buying a property is that the piece of land you are investing in must prove to be beneficial to you in terms of area, basic amenities, and of course, a good financial deal.

There are tons of people buying properties in Goa – be it the local folks investing in a second home, the domestic tourists or the NRIs looking for a holiday stay home in Goa. But before going ahead, they need to keep certain things in mind. Here is a brief guide that will help you with the best buying properties in Goa.

1. Consider the location of the property. There is nothing better than investing in a property at a prime location in Goa. Having public transport, school, workplace, grocery store, medical care centre at close proximity is beneficial. Survey the area around, talk to the people already living there to know about the whereabouts of all the emergency places. Investing in such areas might cost you some extra cash, but it will be totally worth it.
2. Builder information. It is very important to take into account the reputation of the builder/s. Find out more about the years of experience they have, and even if they are new, verify their marketing standing, etc. Look through the various projects they are worked on in the past and the feedback about them.
3. Amenities. Check out the amenities that you will be offered by the property, it is best to have a gym, pool and walking track in the premises itself. Also look out for proper waste management systems, security and elevators. Although these are not the amenities that one needs-needs, having them will make your home-living experience beautiful
4. Legal work. When it comes to the legal side, it is best to engage a lawyer who will look into this for you. You need to make sure that the title deed is clear and the land developed is in the name of the builder or the builder has a valid agreement with the landlord. Make sure to check that it has the approved licensed number of floors for construction. A proper sale deed will then have to be executed between the builder and yourself. Do check for a Nil encumbrance certificate which is issued by the sub-registrar. Make sure the documents required are all correct – from the seller’s side –  the original land deed documents of the current owner, encumbrance certificate issued by sub-registrar, release certificate from the bank which says loan (if any) has been paid off and original property tax receipts. The documents needed from the buyer’s end are a title deed after it is transferred from the seller’s name and a house plan approved.
5. Additional info – NRIs and PIOs. For citizens domiciled outside Goa, there is a provision of law which entitles them to buy property in Goa. A person who is a citizen of India and resident outside India is considered as an NRI. A person whose grandfather or father has been a citizen of India or a person who at any time held an Indian passport is considered as a PIO. Both PIO’s and BRI’s are permitted to buy properties in Goa without any special permission. The funds must be transferred to India through proper banking channels. The person must possess a valid ‘OCI/PIO’ card duly issued by an appropriate authority. Both spouses have an equal share in this property.  All other rules and laws that need to be followed are the same as a regular purchaser. If an NRI decides to sell his property within 3 years of its purchase, then he/she needs to pay a short-term capital gain tax that imposes a TDS of 30 per cent (We recommend you to verify this information with your broker/lawyer before going forward). But, if the NRI sells his/her property after three years, then he/she has to pay capital gain tax at a flat rate of 20%.

Well, these are a few brief tips on buying a property in Goa. Do you think we missed something? If we did, do get in touch with us to help us list it here. Also, while we are at the property talks in Goa, we recommend checking Linc Properties – one of the most popular real estate developers in Goa.