Buy Villas In Goa

Goa, also known as the pocket paradise of India, is renowned for its golden beaches, palm fringes, and Indo-Portuguese culture. For many years, Goa has been a go-to party destination for both Indian and international tourists. But did you know that there is more to Goa than just being a touristy site? It is a booming real estate market and one of the most coveted places to buy luxury villas in India. From A-listed actors to businessmen to famous sports personalities, all of them have found a second home in Goa. Buying a villa in Goa offers luxury, privacy, and exclusivity to those who crave a sophisticated and high quality of life. As a destination, Goa is a great place to seek refuge from the hustle and bustle of life in big metros. It is an idyllic place to relax, unwind, and soothe your soul.

Why Buy Villas in Goa?

What makes Goa such as lucrative and coveted destination for buying a villa, let’s find out:

• When you buy a villa in Goa, you open the doorway to a luxurious and opulent lifestyle that is unlike any other. The advantages of villas are many, such as having an exclusive, spacious residence with a swimming pool, parking, a garden area, or a rooftop bar. Owning a villa instantly perks up your social status, giving you prominence.
• Buying villas in Goa is also an excellent opportunity for investment and getting higher ROIs, especially in the northern areas. There is also a great chance to generate high rental income from tourists who prefer to stay in luxury accommodations.
• Goa, nestled on the western coast of India, is home to many stunning beaches, scenic landscapes, historic forts, and cultural monuments. Owning a villa in Goa allows one to be close to these cultural elements.

Types of Villas in Goa

1. Beachfront villas: One of the most coveted villa types in Goa, beachfront villas are ideal for those who like exquisite villa living experience surrounded by swaying palms, sound of gushing seawaves and tropical vibe.
2. Heritage Villas: Heritage villas stand out for their uniqueness and old school charm. They are long standing testament of Indo-Portuguese architectural craftsmanship. Cobblestone pathways, gabled rooftops and use of azulejos tiles are common elements featured in Goa’s heritage villas.
3. Modern Luxury Villas: Modern luxury villas are ideal for those who want to live an unparalleled sophisticated living. These opulent villas feature modern amenities, contemporary designs, and features parking and private pools.
4. Eco-Friendly Villas: Eco-Friendly villas prioritise sustainability and use eco friendly building materials for construction. These establishments are often certified with “Green Building” and aim to reduce carbon footprint. Hence eco friendly villas offer sustainable luxury amidst natural beauty.

Guide to Buying Villas

Indian citizens residing anywhere in India can buy property in Goa for residential or commercial purposes. They do not require any special permissions from any government or institution to buy property in Goa. However, they do need to have complete paperwork and documentation to make the purchase.

1. Paperwork/Documents required to buy villa in Goa:

For Indian Citizens: Proof of Identity (any one): Aadhar Card, PAN Card, Passport, Voter ID Card Proof of Address (any one): Aadhar Card, Passport, Utility Bills (electricity or water bills)

Income Proof:

• Bank Statements: Last 6 months’ bank statements
• Last 3 months’ salary slips (for salaried individuals)
• Income Tax Returns (preferably the last 3 years)

Property Documents:

• Title Deed (confirming the seller’s ownership of the property)
• Encumbrance Certificate (to verify that the property is free from any legal liabilities)
• Conversion Certificate (if the land was originally agricultural and converted for residential or commercial use)
• Approval Plan by Local Municipal Authority
• No Objection Certificates (NOCs) from various departments (if applicable)

Other Legal Documents:

• Sale Agreement
• Sale Deed
• Stamp Duty Payment Receipts
• Registration Documents

2. Financial Planning

Securing a villa in Goa requires diligent financial planning and thorough research to ensure affordability and satisfaction. Here are some key points you need to consider:

1. Assess your budget: Make a budget after taking into consideration your savings, investment returns and income.
2. Financing: Only go for reputed lenders and explore various mortgage options. Compare the terms, and eligibility criteria of each loan from different sources.
3. Cost Analysis: Do a cost analysis by calculating the total cost of owning a villa, including property taxes, maintenance, insurance, etc. Also take into account miscellaneous costs such as utilities, renovation, and furnishing costs.
4. Legal Assistance: Understand the legal requirements and tax implications of buying property in Goa. Consider consulting with a legal expert or property consultant specialising in Goan real estate.

3. Choosing the Right Location:

Choosing the right location is of utmost importance when buying a villa in Goa. Choose a location that provides security, has close proximity to amenities, and matches your lifestyle preferences. The best locations in Goa for buying property can set the record for your future ROIs and potential rental income. Here is how:

• Locations in north Goa, such as Candolim, Calangute, Parra, and Saipem, are posh areas and coveted places to buy villas in Goa.
• These places not only provide access to an unparalleled lifestyle and villa living experience but also provide higher ROIs.
• North Goa is a well-developed market for real estate; hence, buying and selling property is comparatively easier than in south Goa.

4. Inspection and Due Diligence:

• A physical inspection of the property is necessary before proceeding with any final purchases. This allows the buyer to know deeply what they are buying and have full satisfaction before taking the final call.
• When buying a property, such as a villa in Goa, it is crucial to do thorough legal due diligence to ensure that the property is free from any encumbrance or any legal dispute.
• Verify all the relevant documents, such as the sale deed, NOCs, and land titles, and get clearance certificates from relevant authorities.

Best Locations to Buy a Villa in Goa

1. North vs South Goa

Aspects	North Goa	South Goa
1. Overall Vibe	North Goa has a lively vibe with bustling beaches and high spirited nightlife. It is home to Goa’s most popular beaches such as the Candolim beach, Calangute beach (also called as the Queen of beaches), Baga beach, etc.	South Goa is known for its laid back, quaint and relaxed atmosphere. It has quieter and secluded beaches like Palolem, Agonda, Colva, etc.
2. Amenities and Infrastructure	It has an abundance of amenities such as restaurants, bars, cafes, supermarkets, hospitals, schools, banks and ATMs. North Goa also features impressive connectivity, proximity to MOPA airports and a well developed infrastructure.	South Goa has fewer commercial establishments when compared to North. The area’s infrastructure is slowly but steadily developing with focus on improving connectivity.
3. Investment Prospects	North Goa witnesses a higher demand for rental with potentially higher rates of properties. The demand also surges when the tourist footfall increases especially during the peak season.	The properties in South Goa might be affordable but don’t fetch higher return when compared to North. However, there has been a growing interest in tourists.
4. Development	North Goa witnesses a well developed and established real estate market which makes it the first choice amongst discerning buyers and investors.	South Goa is a budding property market with potential to grow.

2. Up-and-coming location:

Saipem and Parra are two of the up-and-coming locations that are going to be the new hotspots for villas in Goa. The hilltops of Saipem, overlooking the Nerul River, are a coveted location to buy a villa in Goa, such as Veera Eminence. The next lucrative location is Parra, located centrally between Mapusa and Calangute.

3. North Goa’s Key Attractions:

Buying a villa in North Goa gives you the opportunity to be in close proximity to Goa’s most famous attractions, whether it’s Aguada or Chapora Fort, famous bars and restaurants, quirky cafes, or famous beaches.

Cost of Buying Villas in Goa

1. Price Trends:

The cost of buying a villa in Goa depends on factors like location, space, amenities, features like a swimming pool or car parking, and demand. The average price range in which you can buy a villa in Goa starts from INR 1.03 CR to 5.5 CR.

• Approx cost of villa in Candolim : ₹2.54 CR – ₹5.5 CR
• Approx cost of villa in Calangute: ₹2.75 CR – ₹7.5 CR
• Approx cost of villa in Saipem : ₹5 CR – ₹8.5 CR
• Approx cost of villa in Parra: ₹3.4 CR – ₹5.6 CR

Note: Please note the above price range for villas in Goa are rough estimates and can fluctuate based on number of rooms, amenities, semi furnished or fully furnished etc.

2. Additional Expenses:

Apart from the market value of the villa a buyer purchases in Goa, there are certainly additional expenses that need to be taken into consideration to get the full picture. A buyer must prepare and ask questions regarding all miscellaneous fees and expenses so nothing comes across as a hidden cost. Here are some additional expenses you can incur when buying a villa:

• Stamp duty
• Registration fees
• GST
• Brokerage Fee
• Maintenance fees
• Legal Fee
• Utility Costs
• RWA fees (if applicable)

3. Investment Returns:

Considering the booming real estate market in Goa, the state is attracting many investments in real estate, especially for residential purposes. North Goa, being a fully developed market, is likely going to see a surge in property value appreciation. This leads to high rental yields and potential income for buyers who will rent out their property in Goa, especially during the peak season. The rental yield in Goa is around 4% to 10%, which is higher than anywhere in India. Thus, investing in Goa is likely to generate a new stream of secondary income for the buyers.