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  Buying Property in Goa  
Goa Property
Goa Property
Goa Property
Goa Property
Rules Governing Property Purchase in Goa by Non-Residents.
Rules pertaining to purchase and ownership of immovable property in India are governed by the Reserve Bank of India. A summary of the current prevailing laws are enumerated below. Please visit the official RBI website for full details.
Rules for NRI (Non Resident Indian) and OCI (Overseas Citizen of India)
A NRI is defined as a person resident outside India who is a citizen of India.
OCI (Overseas Citizen of India) are non-Indian citizens who hold OCI Cards.
NRIs & OCIs are permitted to purchase residential/commercial properties in India, but not agricultural, plantation land or farm houses. An OCI selling to another OCI must obtain prior approval from RBI and State Govt. authorities as may be required.
NRIs & OCIs, can purchase property with funds remitted to India through normal banking channel or funds held in the NRE / FCNR (B) / NRO account maintained in India. No consideration can be paid outside India.
The NRI / OCI may repatriate the sale proceeds of immovable property in India acquired by the seller in accordance with the provisions of the foreign exchange laws in force at the time of acquisition. The amount to be repatriated should not exceed the amount paid for acquisition of the immovable property. Repatriation of sale proceeds of residential property purchased by NRI / OCI out of foreign exchange is restricted to not more than two such properties. Capital gains, if any, may be credited to the NRO account from where the NRI/OCI may repatriate an amount up to USD one million per financial year subject to tax compliance.
Rules for Foreign Nationals of Non-Indian Origin
Foreign Nationals are permitted to lease property in India for a period of up to 5 years without the need for any special permission from the Reserve Bank of India.
Foreign companies who have been permitted to open an office in India are also allowed to acquire any immovable property in India, which is necessary for or incidental to carrying on such activity. This stipulation is not available to entities which are permitted to open liaison offices in India.
  Goa Property
Buying Process
Once you decide to buy a particular property, the following typical process is recommended. Please however note that this process may differ from Developer to Developer, depending on the property selected.
  1. On receipt of your enquiry we will check back with the owners/developers to re-confirm availability of the property and revert to you.
  2. Though the properties on our site are of reputed owners/developers and many properties are already pre-approved for home loan by Banks, after their legal scrutiny, as a matter of "Due Diligence" we strongly advise that a thorough legal scrutiny also be undertaken by a local Goa lawyer appointed by you. (Realty Goa can assist you in appointing a reputed local lawyer).
  3. Once the Lawyer completes the scrutiny and gives his approval, you decide whether you/your representative would like to have a meeting with the Seller. If so, RG makes all the arrangements for this. (If you are not visiting personally but sending a representative, you need to give us a letter of authorisation for your representative)
  4. Once you decide to purchase the property a Booking/Token Amount is to be paid by you to the Seller/Developer to confirm your intent to buy the property. An official receipt for the same is issued to you by the Seller/Developer confirming receipt of your payment and that the property has been reserved for you.
  5. Realty Goa's Sourcing & Coordination Fees of 2% + Govt. Service Tax is also to be paid by you at this time.
  6. The next step is to sign the “Agreement of Sale” (for properties under construction). If a property is ready for possession, this is not required and one can directly sign the final "Sale Deed" against payment of the balance amount due for purchase of the property. Both Agreement and Deed must be registered with the local Registrar’s office.
  7. At time of signing the “Agreement of Sale” most Developers require you to pay up the value of all instalments that as per their Payment Schedule (linked to progress of construction) fell due for payment up to the current stage of completion of construction. Subsequent payments are to be made in instalments as per the developer's payment schedule for the remaining part of the construction. The "Sale Deed" is signed once construction is completed and you can take possession of your property.
  8. It is best to be personally present in Goa for signing the Agreement of Sale and Sale Deed and registration of these legal documents. However, if this is not possible, you may appoint a blood relative as your Attorney to sign and register the documents on your behalf.
  Goa Property
Typical Payment Schedule (for Under-Construction properties)
Following is the typical schedule of payment asked for by developers in Goa for properties under construction. This is only a representative sample and details may vary from developer to developer and type of property.
Typical Schedule of Payment
40% - Down Payment to sign "Agreement of Sale". For completion of plinth and work up to 1st slab level.
20% - For completion of 1st slab, and advance for primary masonry and 2nd slab work.
20% - On completion of 2nd slab and masonry, and advance for plastering, wiring, plumbing.
15% - On completion of plastering, wiring, plumbing, and advance for tiling and finishing.
5% - On Final completion and signing of "Sale Deed".
  Goa Property
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