Mohidin Properties & Holdings

Source: Canva

The process of purchasing real estate in Goa, whether it’s a villa, apartment, or plot of land, involves several legal and procedural steps. This guide provides a step-by-step breakdown of the entire journey, from initial interest to taking possession, ensuring a seamless experience for prospective buyers.  

For those considering land for sale in Goa or seeking a property to buy in Goa, understanding these steps is crucial to making an informed investment.  

Step 1: Establishing Intent and Budget

The journey begins with determining your goals. Are you looking to buy a villa, an apartment, or a plot of land? This decision will shape your budget and influence the required documentation. Properties in Central Goa like Dabolim, for example, offer proximity to the airport, schools, and healthcare facilities, making them a prime choice for investment.  

Step 2: Property Selection and Due Diligence  

Once you’ve shortlisted a property to buy in Goa, thorough due diligence under the guidance of a property lawyer is critical. Verify ownership and legality by reviewing:  

Title Deed  

Confirms the seller’s legal ownership. Ensure the deed is genuine and reflects the property’s accurate dimensions and boundaries.  

Encumbrance Certificate  

This document verifies that the property is free from legal or financial liabilities. It can be obtained from the Sub-Registrar’s Office in Vasco, near Dabolim.  

Form I & XIV  

These forms provide details about land ownership and occupancy rights. Available from the Directorate of Settlement and Land Records, they ensure the land’s usage aligns with your intentions.  

At this early stage, it is important to note that only Indian Passport holders, or OCI (Overseas Citizens of India) Card holders with a foreign passport can legally purchase property in Goa.

The sale agreement is not legally binding but serves as a blueprint for the final sale deed. Source: Canva

Step 3: Drafting and Signing the Sale Agreement  

The next step involves drafting a sale agreement between the buyer and seller. This document includes key details such as:  
– Purchase price.  
– Payment schedule.  
– Possession date.  
– Penalties for delay.  

The sale agreement is not legally binding but serves as a blueprint for the final sale deed.  

Step 4: Applying for RERA Registration  

If you’re investing in a new development, ensure the project is registered under the Real Estate (Regulation and Development) Act (RERA). RERA ensures that developers provide accurate information about the project timeline, approvals, and financial health. Check the project’s RERA number on Goa’s RERA portal to avoid potential risks.  

Step 5: Executing the Sale Deed  

The sale deed is the most critical document in the transaction. It legally transfers ownership of the property from the seller to the buyer. Key steps include:  
– Paying stamp duty (approximately 3%-5% of the property value).  
– Paying the registration fee (around 1% of the property value).  
– Registering the deed at the Sub-Registrar’s Office.  

The prospective buyer will also have to provide the following identification proofs:
– PAN Card
– Aadhaar Card
– Passport Size Photographs

For properties in Dabolim, the Sub-Registrar’s Office in Vasco is a convenient option for completing this step. This step of the process usually takes 3 to 5 business days.

If you require financing, applying for a home loan is the next step. Source: Canva

Step 6: Financial Planning and Loan Processing  

If you require financing, applying for a home loan is the next step. Banks typically request the following documents:  

– Income proof.  

– Bank statements.  

– Property documents (title deed, sale agreement, etc.).  

Upon approval, the loan amount is disbursed directly to the seller.  

Step 7: Post-Purchase Formalities  

After completing the sale, a few formalities remain before possession:  

Mutation of Property  

Mutation ensures the property is recorded under the buyer’s name in local municipal records. This step is essential for paying property taxes and securing utility connections.  

Occupancy Certificate (for Villas and Apartments)  

This certificate, issued by local authorities, confirms that the property is fit for occupancy and complies with building regulations.  

Special Considerations: Villas and Apartments vs Plots  

Villas and Apartments  

Buying a ready-made villa or apartment often involves fewer steps, and most if not all reputed developers will usually handle the formalities on your behalf. It is important, however, to do your due diligence as well to ensure receipt of the required certificates and permissions as outlined in this article.

Plots of Land  

Investing in land for sale in Goa allows greater flexibility in design and construction. However, it requires additional approvals, such as:  
– Conversion Certificate: For converting agricultural land to non-agricultural use.  
– Construction Permission: Issued by the Town and Country Planning Department.  

In these cases, developers like Mohidin Properties can help you handle most approvals. Projects like Hamlet By The Bay which is a plotted development gated community offer properties with modern amenities and a smooth possession process.

Once all formalities are complete, the developer issues a possession letter. Source: Canva

Step 8: Possession and Handover  

Once all formalities are complete, the developer issues a possession letter. Before accepting:  
– Conduct a thorough property inspection.  
– Verify utility connections (water, electricity, gas).  

Upon satisfaction, you can move in or commence construction if you’ve purchased a plot.  

Conclusion  

Navigating the property-buying process in Goa requires careful attention to detail at each stage. For those exploring property to buy in Goa, Dabolim offers an ideal location with robust infrastructure and excellent connectivity. If you’re seeking premium plots, Hamlet By The Bay by Mohidin Properties provides a perfect opportunity to invest in Goa’s thriving real estate market.  

Begin your journey today, and transform your dream of owning property in Goa into reality!

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