Buy Flats In Goa

Goa is an idyllic state located on the western coast and is hailed as the party capital of India. The very mention of Goa evokes images of the sun, golden sandy beaches, and palm fringes. With its verdant green expanse, pollution-free air, tranquil atmosphere, and latest infrastructural projects, Goa is gaining a prominent place on the real estate map of the country. It is increasingly becoming a lucrative destination for property investment for discerning buyers. Flats in Goa are becoming a favourable choice of property for many buyers. The investment made in flats fetches good return rates and becomes a reliable source of secondary income.

Why Buy Flats in Goa?

Goa is one of the enchanting places that draws people year after year. If you find yourself escaping to Goa, why not secure a permanent home in this piece of paradise? It will not only save your hotel reservation but will also give you a personal space to unwind and relax wherever you are travelling to the sunshine state. And during your absence, the property can be used to generate passive income through holiday rentals.

1. Lifestyle and Culture: The Goan culture harmoniously combines both Portuguese and Indian influences. Goans practice susegad, derived from the Portuguese word sossegado, which refers to a relaxed, laid-back attitude towards life. This state has incorporated the best of both cultures, whether in its architecture, food, or festivals. Its sandy beaches, majestic forts, and vibrant lifestyle add to its overall charm. Buying a flat in Goa as a second home gives you a chance to experience the laid-back lifestyle with all the comforts and amenities of the modern world.
2. Investment Opportunity: The best time to invest in Goan property is now. Buying a flat in Goa would not cost a fortune, but it will surely fetch you excellent returns considering the current market trends. Goa has been witnessing massive returns on investments in its real estate sector. The state’s ever-increasing tourism industry and expat population have made property investment in Goa lucrative. The rental yields are highest when compared to any other state in the country.
3. Holiday Rentals: When not in use, rent out your Goan flat to tourists, and it will provide you with rental income, especially during the peak tourist season. The massive influx of tourists during Goa’s peak season can offer holiday rentals. During the peak holiday season, rent for flats in Goa can go up to INR 4000 to 5000 per night.
4. Quality of life: A clean environment, lower pollution levels, and community living have also become important aspects for many buyers. Post-pandemic, property buyers are looking for open and clean spaces to enjoy a high-quality and healthy life. It is no wonder that Goa has emerged as a popular choice.

Types of Flats Available in Goa

1. Studio Apartments: Studio apartments are a great option for singles or for individuals looking for affordability and comfort in the heart of Goa.
2. 1-3 BHK Apartments: Ideal for families with kids, most of these flats are designed to cater to family units. Depending on the size of your family and your space requirements, you can select an apartment that suits your interests.
3. Luxury Apartments: Luxury apartments in Goa are best for those who desire a sophisticated lifestyle. These apartments feature state-of-the art amenities, designs, a swimming pool, a kids club, and are located in gated communities with 24×7 security.
4. Eco-friendly Apartments: These apartments consider sustainability as a top priority. These flats promote sustainable living and use eco-friendly materials in production.

Guide to Buying Flats in Goa

1. Legal Considerations:

• When buying property in Goa, the legal process involves thorough due diligence to ensure a transparent transaction.
• The process begins when a title search is conducted to verify the seller’s ownership.
• Important documents include the sale deed, land registration details, and No Objection Certificates (NOCs) from relevant authorities.
• For a legitimate property acquisition, it is crucial to ensure all legal formalities, including stamp duty, registration fees etc.

2. Who Can Buy Property in Goa?

1. Citizen of India: Any citizen of India who is not a Goan can buy property in Goa without any special permissions or restrictions. Provided that the property is only used for residential or commercial purposes.
2. PIOs and NRIs: The legalities for buying a property in Goa for non-resident Indians and persons of Indian origin are governed by FEMA, 1999. According to FEMA, any non-resident Indian (NRI) and person of Indian origin (PIO) is allowed to buy immovable property in Goa, except for agricultural, plantation, or farm house property, according to the FEMA Provision. Other than that, no special permission is required.
3. Foreign Nationals: For foreign nationals, permission for purchase involves additional legal scrutiny under the Foreign Exchange Management Act (FEMA). Foreigners require special permissions from the RBI to buy or sell property in Goa. They also need to meet the residency requirement of the RBI (Reserve Bank of India Property Regulations, Master Circular, July 2013).

3. Financial Aspects of Buying Flats in Goa:

Securing financing for property investment in Goa requires thorough research and preparation. Here is what you need to consider:

• Look for reputable financial institutions or banks with favourable mortgage rates.
• Consider your credit score, as it significantly influences loan eligibility and terms.
• Explore government-backed loans or schemes for additional benefits It’s crucial to compare various loan options, understand the associated fees, and read the fine print.
• Professional financial advice tailored to your situation can also be invaluable.

4. Real Estate Agents and Developers:

Buying a property in Goa is not an everyday affair; hence, it is important to only opt for real estate developers who are reputed and trustworthy. Here are some tips on choosing the right developer:

• Research: It all begins with doing research on the property developer. Visit their website to get all the details and insights on their vision, company, completed projects, and ongoing projects. You can also go through property reviews and customer testimonials to assess their work ethic.
• Meet them in person: Meeting a developer in person will give you an in depth insight on different factors like documentation (like RERA), amenities, pricing, payment plans and chance to overview their work.
• Financial position and delivery: Check whether your real estate developer is in a financially healthy position by assessing the number of projects completed and sold. The real estate developer must have a proven track record of timely delivery of projects.
• Talk to current property owners: You may also reach out to the property owners of their completed projects to get the full picture of aspects like construction, material used, quality of property, buying experience, and after-sales services.

5. Checklist for Buyers:

A breakdown of the entire process of buying a flat in Goa from laying out your requirements to securing possession of the property.

Stage	Details
Define Your Requirements	Identify your location preferences considering factors like access to beaches, commercial centres, or tourist spots. Also, decide on your flat type, which includes the number of bedrooms, amenities like swimming pool, gyms, 27×7 security etc.
Budget	Plan your budget including the amount you are willing to finance through mortgage. Also take in account additional costs such as GST, stamp duty etc.
Mortgage Pre-approval	If you plan to finance the purchase through a loan, get pre-approved by a bank or financial institution. This will give you a clear idea of your budget and strengthen your position as a buyer.
Property Search	Use real estate websites, check out social media pages of realtors. Visit and inspect the property in person, the surrounding neighbourhood, amenities etc.
Legal Due Diligence	Ensure the property has a clear title and there are no legal disputes or encumbrances. Verify that the property has all necessary approvals from relevant authorities, and have NOCs (wherever applicable).
Make an Offer	Negotiate the price and terms of purchase with the seller or developer. Consider legal assistance to negotiate with the terms and conditions.
Sale Agreement	Once the terms are agreed upon, a sale agreement should be drafted. This legal document outlines the terms of the sale, including the sale price, payment schedule, and any other conditions.
Payment	Make the payment according to the agreed terms. This may be a lump sum or in instalments, depending on the agreement. Also make sure the property is registered.
Possession	Take possession of the apartment as per the terms outlined in the agreement. And take the transfer of utilities like electricity, water, and gas in your name.
Post-Purchase Formalities	Consider purchasing property insurance to protect your new investment against damages and natural calamities.

Best Areas to Buy Flats in Goa

1. North Goa vs South Goa:

North Goa:

• When it comes to purchasing a flat in Goa, North Goa is considered to be a more favourable location by those who like the proximity of beaches, better civic amenities, tourist spots, music festivals, etc.
• North Goa is also a hotspot for film and TV celebrities, sportspersons, and high-net-worth individuals to purchase properties.
• The new MOPA airport and other such infrastructure projects are elevating North Goa’s residential value. It is increasingly becoming a major centre for investment.

South Goa:

• South Goa is much more laid-back and calm but lacks the lustre and vibrance of North Goa.
• It can be seen as a tranquil and affordable place to buy flats in Goa, but it does not give a higher return on investment when compared to North Goa.
• Holiday rentals aren’t as high as one would expect in North Goa because most tourist action takes place there, with famous beaches, attractions, and year-end festivals.

2. Up-and-Coming Locations:

With the advent of the new MOPA airport and a major link road (under construction), Goa is becoming more connected than ever. This interconnectivity attracts many potential investors in Goa. Buyers today are looking for newer locations such as Saipem and Parra, which are not overcrowded and provide the perfect balance between accessibility and tranquillity.

3. Proximity to Beaches and Amenities:

• In north Goa, one has quick access to Goa’s famous beaches like Calngute, Candolim, Anjuna, Baga, etc. Whether it’s engaging in water sports, drinking in a beach shack, or spending idyllic time on the beach, North Goa never disappoints.
• Buying a flat in north Goa not only lets you enjoy the fun and excitement of beaches but also amenities like banks, ATMs, schools, hospitals, supermarkets, restaurants, cafes, etc. are in close proximity, giving you the best of both worlds.

Cost of Buying Flats in Goa

1. Prince Range overview:

The table below gives you an idea of the price range for different apartment types in prominent locations in north Goa:

Type	Candolim	Calangute	Baga	Saligao
1 BHK Flat	₹32 L to ₹40 L	₹ 40L to ₹ 50L	₹35 L to ₹38L	₹50 L to ₹64L
2 BHK Flat	₹50 L to ₹75 L	₹65L to ₹ 78.8 L	₹59 L to ₹ 70L	₹ 70L to ₹92L
3 BHK Flat	₹90 L to 1.25 CR	₹90 L to ₹ 2 CR	₹82L to 1.2 CR	₹1.7 to ₹1.87 CR

Note: The prices of the flats can fluctuate based on factors like area, demand, season, building materials, age of property, cost of labour, semi or fully furnished flat and amenities available.

2. Additional Costs:

While buying property in Goa such as flats, there are additional costs that you may incur which you need to consider while planning for a budget. These costs include: (a) Stamp Duty and Registration Fees: These compulsory fees are made to the government for buying property and getting the house registered under the buyer’s name. The percentage for stamp duty depends on your transaction. Similarly, the court charges a registration fee for the exchange of ownership between buyer and seller. The below table mentions the stamp duty and registration charges for property in Goa.

Market Value of Property	Stamp Duty in Goa	Registration Charges in Goa
Upto ₹50 lakhs	3.5%	3%
₹50 lakhs – ₹75 lakhs	4.5%	3%
Above ₹1 CR	5%	3.5%
Above ₹ 5 CR	6%	3.5%

(b) Goods and Services Tax (GST): GST is a mandatory tax levied upon the buyer for the purchase of under-construction property. A buyer must pay 5% of GST to the government if he or she purchases an under-construction periphery in Goa. (c) Brokerage Fee: As the name suggests, it is the fee charged by the broker, who acts as a middleman between the buyer and seller. The brokerage fee is typically about 2% of the market value of the property. However, some brokers may charge higher prices. (d) Maintenance Fee: Maintenance fee is paid towards the builder/developer for the upkeep of your property. This includes maintenance of lighting, security, pathways, swimming pools etc within the society. (e) Legal/Lawyer’s Fee: A buyer would also have to pay a certain amount of fee towards a lawyer for drafting legal documents and doing legal diligence, among other miscellaneous expenses.

3. ROI and Rental Yield:

Simply put, rental yield can be defined as how much money you earn from a property you’ve invested in. It looks at the difference between all the expenses you have and the rent money you get from the property. By investing in flats in Goa, you can earn a return of 4 to 10 percent annually. It is higher than the national average, which is 1.5% to 3%. And if you invest with Veera Developers Group, our luxury flats in North Goa featuring state-of-the art facilities, swimming pools, a clubhouse, and 24×7 security could fetch you higher returns.