Serene Beach life, High-quality Lifestyle, and Scent of natural resources make fall for that place before anything. Fuss-free living makes Goa a positive experience. To add further, Goa has a lot of demand on its real Estate side
Goa is a peaceful place and it is even more fascinating to one who explores this place beyond beaches. Those people think of investing in Real Estate in Goa. Let us understand what the laws are, and whether you should buy property in Goa. What is the new normal of buying real estate in goa stay tuned till the end of this article?
Advantages of Buying Property in Goa.
Goa is the best destination when the vibes are about Relaxing, socializing, and Doing Activities. Goa is not only a Tourist destination; many people do look at it as a Retirement choice because of its soothing tropical ambiance.
Many prefer buying property in Goa from a Commercial and Investment perspective. There are certain advantages while buying property in goa. There is a little math game to understand the Rental Yield in Goa.
Lands in Goa generate higher Rental Yield in Goa because the Short-term rental market has a great run. If you think of buying a property in Goa (Commercial Unit) and getting a tourism license, you can run it as a commercial enterprise. So, the Return on Investment (ROI) you get here in Goa in terms of Property is Higher.
The second key advantage is the prices of buying property in goa are not as high as it seems. The maintenance charge of property here is on the lower side as compared to the other cities across India.
What to know before you buy property in Goa?
There are some issues connected with buying property in Goa which is getting trapped by Builders. Many people from other regions of India believe in investing in Goa without understanding the terms of property wise and that makes many of the Builders bring up plans to trap outsider Buyers with some average lands but high prices. So, it is recommended that if anyone is ever planning to invest in property, come to Goa, stay here and understand the market by yourself.
Understand the Legal Approvals
The first and foremost suggestion is to Engage a lawyer in terms of Buying property who is based in Goa to understand Portuguese law and act accordingly. In some cases, it is better to consult two lawyers to get verified legal opinions.
There are some prerequisite permissions while Buying property in Goa-
- Municipal Corporation and Panchayat permissions.
- Permission of Airport authorities if the property is in closeness to the airport.
- Need NOC (No Objection Certificate) to ensure that there are no dues on the property seller while selling the property.
- Needs the permission of the Forest and Agriculture department if it falls under the green zone.
Additional Tax and Costs deduction you will have to face while buying property in Goa
The price of land in Goa is not that expensive but there are some additional tax deductions to take note of while buying land in Goa. What are these taxes and costs-
- Stamp Duty and registration fees.
- Brokerage- if you hire an agent throughout the process.
- Maintenance fees and society deposits, while are considered to be lower as compared to some other places in India.
- Legal Fees.
- Tax Deductions at sources
- House tax.
CRZ Law in Goa
Buying a Home in Goa always comes with the imagination or a Dream that it should be sea-facing, well that’s great and not a hard nut to crack. But there is a Rule that comes into action which is called CRZ (Coastal Regulation Zone) which is an Environmental law. This says about the distance of the project from the coast to preserve the coastal region and maintain the decency of the Beach area. Setbacks are important to take care of the shoreline.
Shifting to Goa is undoubtedly a great Idea and it’s also the safest choice. Goa is considered a safe place even at night. Ever since the pandemic hit people choose Goa as an ideal place to live and this brings a grooming wave to the Real Estate market.
Hope this article works as add-on information while making up the best deals.