Having a ready to move in home in Goa is a dream for many whether you are an Indian or foreigner but purchasing a property in Goa does have several rules and regulations depending whether you’re a non-citizen or resident.
This article goes through situations where non goans can and cannot purchase property in Goa.
Any resident of India that is not residing in Goa, or an Indian resident not residing in India i.e. Non Resident Indian (NRI) and Person of Indian Origin (PIO) is allowed to buy immovable property in Goa except for agricultural/plantation/farm house property according to the FEMA Provision. This means non-goans, which in this case are NRIs and PIOs, can buy property available for sale in Goa but with some restrictions.
Although in recent years, there has been a backlash from Goans for outsiders who come to buy land and property because it is inexpensive.
According to the Goa Housing Board, 30 years of domicile or residency is mandatory for buying properties offered by the Goa Housing Board.
For Overseas Citizen of India (OCI), the applicant has to be a citizen of India and must be born in Goa on or before December 19, 1961, or born to a parent who resided in Goa for the last 30 years, or was born in Goa and has been a resident of the state continuously for the last 30 years.
There will be certain special requirements for an NRI wanting to buy land in Goa.
These requirements include:
For a more exhaustive list of requirements for NRIs, you can visit this link for guidelines to buying property.
If you are NRI looking forward to purchasing real estate in Goa, one thing you’ll be happy to know is that there are no restrictions in buying residential or commercial property which is available for sale, however purchase of agricultural land, farmhouses and plantations in Goa is not allowed.
Here are the documents that you’ll need for buying real estate and property in Goa:
Following documents must be verified for a stress-free process:
According to the Foreign Exchange Management Act (FEMA) of 1999, a foreigner is not allowed to buy property neither in Goa nor India.
The law prohibits foreigners from purchasing property in India, but there are two exceptions stated in Section 6(5) of FEMA, 1999 that allow them to purchase property in India. These are:
Although there are several exceptions in the law which allows foreigners to purchase property in Goa.
One such exception is when a foreigner forms a company, registers it under Indian law, and holds any non agricultural property in that company’s name.
The paperwork is done by the property firm if the concerned foreigner buys the property from them.
Section 2 (v) (iii) of FEMA states that any business, office, or branch in India, controlled, claimed, or owned by a person residing outside the country is considered as a property of that person.
A statement has to be made in the prescribed form and submitted to the RBI within 90 days of the property purchase
The following set of documents are needed before its sale of a land/property :-
The Sale deed is the most important document required for purchasing a plot and has to be produced in original as it establishes the ownership of title of the property. You need to register the sale deed in the Sub-Registrar’s Office of the area where the property is located.
This document is required to prove whether the sale or purchase of a particular property is being done by an authorised person on behalf of the owner of the property. This has to be produced in original for getting a home loan.
There are up to 19 NOCs that have to be acquired by a developer from different authorities while building a housing project.
The number may vary according to specific state rules. Ask your developer to provide you with copies of these NOCs for your personal record.
An allotment letter is required for getting a home loan. It is issued by a developer or the housing authority, stating the description of the property and details of the amount paid by the buyer to the developer.
It is to be noted that an allotment letter is not the same as an agreement of sale; an allotment letter is issued on the letterhead of the authority while a sale agreement is documented on a stamp paper.
Furthermore, an allotment letter is issued to the first owner and other owners can ask for the copy of the original letter from the seller.
The sale agreement lists the information about the plot including the terms and conditions, the possession date, the payment plan, and the plot specifications. The agreement also holds the developer responsible for the completion of the property. This document has to be produced in original for property purchase and acquiring home loan.
This document is provided to the buyer by the developer, and sets a date on which the latter would grant the former the possession of the property. The original copy of this document has to be produced for getting a home loan.
Collect original payment receipts from the developer if you are buying a new plot project. If you are buying a resale property, ask for a copy of receipts from the seller to be produced to the bank.
Property owners have to pay taxes. Ensure that the previous occupier/owner had paid property taxes and there are no pending dues. Property tax receipts also help in proving the legal status of the property.
An encumbrance certificate is required to prove that the plot does not have any outstanding legal dues or mortgages. This is one of the key documents banks ask for before they grant you a loan. This certificate also has all the details related to the past transactions of the property. In India, a Form 15 is issued if a property has any encumbrance registered; otherwise, a Form 16 will be given to the owner, stating there are no encumbrances.
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