Things you should know before investing in real estate in Goa

Where do you want to buy a property?

Goa is a small state in India. However, even this small paradise is architecturally separated into North and South Goa. North and South Goa are both stunning in their own unique manner.

NORTH GOA

North Goa is more famous for its lively beaches, nightlife, and people. 

If a really lively lifestyle with a night party and a going population appeals to you, you should focus your search towards the North Goa area. However, be prepared to pay a higher premium to get your selected apartment or luxury Villas for sale in Goa.

The North Goa area around Baga, Anjuna, or Calangute draws the most visitors and has the greatest party spots and pubs to unwind in.

CENTRAL GOA

Central Goa is the more commercial, educational, political, and, of course, an airport-related area in the state. 

If you want to remain in a central position of any city, town, or area, the area surrounding central Goa is the finest choice. Panjim, Goa's state capital, is located in the centre of the state.

Panaji is the capital of Goa and should be on your list of places to visit in India. Panaji, one of the country's most beautiful cities, overlooks the beautiful Mandovi River, where cruise ships and floating casinos sail the water.

The area is very well networked with North and South Goa, and don't forget that Goa airport, also known as Dabolim airport, is located in central Goa. However, anticipate a significant premium and the property to be unavailable in this area.

SOUTH GOA

South Goa is home to tranquil beaches, is less crowded and touristy, and is less expensive.

When looking for a home in Goa, keep in mind that North Goa is primarily an investment or luxury market, whilst South Goa is slightly cheaper and easier on the wallet. However, this does not make south Goa any less appealing. People choose south Goa for one simple reason: it is less crowded and more scenic.

What factors should you consider before investing in real estate in Goa?

Everybody has their own set of criteria for selecting properties to shortlist. Here are some typical but crucial things to look out for when buying a flat in Goa, whether through a Goa real estate agency or on your own.

ONLY MAKE DEALS WITH REPUTED CONSTRUCTORS

When purchasing an apartment, the reputation and integrity of the real estate developer are of the highest importance. This is to guarantee that you are not worried about the standard of building or the delivery time of your property. Check if the developers have a proven track record and a high success rate. This is where Conrad Homes comes to your rescue! With a long history of success rate, and an extravagant knowledge about real estate in Goa, Conrad Homes proves to be one of the most trustworthy real estate developers you can go to!

CAREFULLY CHOOSE THE LOCATION OF THE PROPERTY

As mentioned above, each part of Goa is renowned for a different thing – one for nightlife, and the other for scenery. Thus, you need to be mindful about the conditions you are okay with your property being in. Real estate is a very crucial decision, and thus, there is no room for any kind of errors.

Purchasing an apartment in Dabolim, Goa, which is located between the north and the south, is also a wise option since it provides a mix of commercial and industrial characteristics, as well as peace and quiet due to its distance from the port town of Vasco.

Another thing to consider is if you have good access to main metropolitan routes and public transit.

COMPARE AND REORGANIZE YOUR FUNDS

You must have a set budget in place before you even consider buying a house. You may compare the pricing of apartments and houses from a variety of sources, including internet listing portals, local brokers, and newspaper listings.

You may also compare the cost of the chosen house to those given by other builders in the local region to determine whether the developer has provided you with a genuine estimate.

Overall, you ought to be open to choices because finding a cheap apartment should be a balance of quality and price.

DOUBLE-CHECK THE SECURITY MEASURES IN PLACE

If you want to buy a place, you should make sure that your society has all of the required security measures in place.

Ground-floor apartments are more prone to break-ins due to easy access to windows and doors than higher-level apartments.

Basic security elements such as CCTV camera installation and guards must be present, particularly if the building is situated near a major road.

Coastal regulation zones

Most people see their houses in Goa as having a sea-facing villa, a river running through it so they can bring their boats here, and other such fantasies.

But first, you must comprehend something known as CRZ laws (Coastal Regulation Zones). This implies that if you would like a sea-facing house, you must preserve a 500-meter setback from the beach. If there is a river, the offset must be 100% of the river's width. As an example, if the river is 50 metres long and your estate is 70 metres long, you must allow 50 metres for the river. As a result, you are only left with 20 metres for your property.

Now, certain properties inside the villages are 0.6, which means you can develop 60% of the riverfront property, while others are 0.8, which means you may build 80% of the riverfront property.

Unfortunately, if a highway is proposed, the highway will take up an additional 10 metres of your land.

This might leave you with virtually nothing to build on, which is the reason we have to sell that land, thus setbacks are vital and you should be aware of them before beginning building.

Church burial records

In the past, Catholics had a lot of land, property, and estates, and when they died, the Churches typically made sure to preserve a note in those enormous books about how they were inherited by which relatives. So don't expect to deceive the church because they possess their burial records and know the entire family.

Typically, you'll encounter legal reports that don't add up because, according to the burial records, there is a sister in London who has a claim in the property but has been removed from the inventory procedures for whatever reason (method for claiming inheritance from a dead person's estate and having it divided among their heirs).

So, she may return one day, or her children may return, and claim that they still possess a right in this estate, so you must be extra cautious and carefully verify the burial records.

Communication between People and Organizations often referred to as Liaison

When planning to construct a property, it is critical that you submit to all relevant agencies in order to obtain building permissions.

This will not be an easy task since you will have to visit five separate departments, and you will be required to do it not once, but multiple times. You must visit the Mamledar, the Panchayat, Town and Country Planning, and the Talati, in addition to obtaining your Health NOC. You must obtain your Occupancy Certificate, apply for modification plans for revisions, and obtain your Completion Certificate.

Undertaking all of this can drive you insane, so get someone else to do it for you, and obtain an estimate beforehand so you know exactly how much it will cost.

If your land is designated as half settlement, half forest, or half settlement, half agricultural, you will also require forest approval. You may also require NGT (National Green Tribunal) permission in some cases.

So, before you lay down your money, you should be aware of all of these factors.

Legal procedures needed to be undertaken

Before proceeding with the construction, ensure that the real estate developers you are working with have gotten the essential approvals from boards and committees.

The following approvals are required:

• Approvals from local governments (Municipality or Panchayat)
• Airport officials' approval (If the project is within the proximity of the airport)
• The Health Department issued a No Objection Certificate (NOC).
• Electricity & pollution control boards permissions are required.
• Forest and Agriculture Department approvals (if the project falls within a green zone)

If the flat/residence has previously been owned, the following documents are required before it may be sold: 

• Title and previous ownership papers
• Maintenance / Electricity bill / Tax receipts
• Most recent Nil Encumbrance certificate
• NOC to transfer ownership of electricity and property tax to new owners

On an annual basis, it is estimated that a property in Goa may earn 12-15% rental returns. A big amount of investors is putting their money into Goa real estate. Goa is an ideal investment location due to the high yields on property. A property investment in Goa is unquestionably a good investment!