With miles of coastline, bright sunshine, verdant green fields, and scenic hilltops, Goa is an idyllic destination for vacationers and those who want to enjoy life uninterrupted. Goa enjoys an iconic status among Indians and expatriates for being the ‘it’ place for an enriching life. The slow pace of the state, fresh and clean air and the many relaxation opportunities appeal to those who are tired of city living and want a fulfilling lifestyle with great work-life balance. Over the years, Goa has grown from being a holiday paradise and has broadened its economy to encourage investors for start-ups in technology, travel and hospitality thereby bringing in more people into the state to raise economic development and this has led to a spike in real estate development and property demand. With provisions under RBI guidelines, NRIs/PIOs can now invest in their dream home in Goa.
Why investing makes sense
Goa is a lucrative market for home owners for various reasons and below is a list of five top reasons why you should invest in Goa.
The market is affordable, whether you are looking for sea-facing apartment, luxury villas, independent homes that reflect Goa’s famed architectural heritage, there is always a home for the budget you have in mind.
Buying a home in Goa would mean that every holiday now will be truly magical. You will have a tasteful place to stay anytime of the year that you plan to visit Goa.
Rent it out
While you are away, you could rent your home out as there are always families looking to rent.
Spike in property rates
Over the last few years, property rates in Goa have been on the rise and in a few years if you are looking to sell then you could get a hefty payoff.
Favourable living conditions
Fresh air, green landscapes and chirping birds to wake you up may sound like a dream but when you live in Goa this is an everyday reality. This is ideal for families with children or elderly parents who want a tranquil lifestyle.
- Indian citizen domiciled outside Goa but living in India
- Foreigners and Indian citizens residing outside India
Yes, as per RBI guidelines, NRIs/PIOs can invest in property in India.
No, an NRI or a PIO cannot buy a property in India jointly with a foreign citizen.
Yes, the RBI has granted general permission for the sale of property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.
No tax benefits are available for NRI’s unless you file your returns and subsequently become eligible to avail the tax benefits as mentioned under Home Loan FAQ’s.
Below is the list of indicative documents required:
- PAN card (Permanent account number)
- OCI / PIO card (In case of OCI / PIO)
- Passport (In case of NRI)
- Passport size photographs
- Address proof
Incase of residential properties, the repatriation of sale proceeds is restricted to not more than two such properties if the property was purchased from funds held in an NRE Account. Additionally, the amount repatriated out of India should not exceed the amount paid for acquisition of the immovable property in the foreign exchange received through normal banking channels or from the funds held in FCNR or NRE Account.
Yes. Under the general RBI guidelines, NRI/PIO may acquire residential/commercial property by way of gift from a person resident in India or an NRI or a PIO.
Yes. A Foreign National of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan can acquire residential properties on lease in India. If the lease does not exceed five years, he/she does not require any prior permission from the RBI.
Yes the projects are maintained by Models till the formation of the society*