Tips For NRIs buying Property In Goa

Goa, also known as the Pearl of the Orient, is the pride of India. With its growing popularity, more and more foreigners and NRIs are looking to buy property in Goa. Thus, Goa real estate has seen a sudden surge in the past few years. To foreigners, it looks like the perfect retirement destination as it is cheap and scenic at the same time. For NRIs, who want to spend holidays in India or want to finally settle down here, Goa is a beautiful option. It offers beauty, beaches, beautiful sun and a colourful culture. It is located on the western coast of India in the Konkan coastal belt.

NRIs and foreigners throng to Goa to buy property smitten by not just its beaches but also the architectural splendours of its temples, churches and old houses. It has a deep and unique history, a culture to boast about and some of the breathtaking natural scenery that India has to offer. The ancient Goa properties are beautifully built and are a unique blend of Portuguese and Indian culture. Those who own coastal properties in Goa feel blessed watching the sun set over the beach while sipping a feni by the pool, in complete privacy.

Goa is slowly becoming the next big international property destination as it promises a mixture of cultures, excellent climate and a laid-back lifestyle. Foreigners prefer this location as the properties are available at very reasonable prices as per their currencies and they find it easier here with household help readily available at very cheap prices. The people here are friendly and the crime rate is considerably low.

To westerners, Goa offers low risk investments coupled with a chance to taste its tantalising oriental lifestyle. In the most popular areas, such as Calangute and Baga, a lot of developmental work is happening and properties are ofcourse a little more expensive here. But in the interiors, the tranquil countryside and jungle stretch retain an impression of old India.

For those NRIs or foreigners looking to buy a property in Goa, there are a few things to watch out for. It is always handy and helpful to have a good broker or real estate agent who can take you through all the formalities and complications of buying a property in Goa. They help you locate the best property in your budget and as per your needs. These professional agents have the relevant knowledge and expertise about Goa Properties and India property .

The prices range as per the location, size and the construction of the property. Of course, the coastal properties are more expensive than the interior ones. Also, the ancient and heritage-type buildings are available at a much higher rate. But a lot of new construction is also taking place in Goa these days and modern 1 BHK, 2 BHK and 3 BHK apartments can be found.

Old Goan or Portuguese homes consist of verandas and pillars, a garden with fruit-laden trees and a well. They have their own unique charm and take you back to the old lifestyle of Goa. These days, Goa also offers a variety of new properties. One can find good economical studio apartments and use them as holiday homes or there are a plenty of luxurious villas or bungalows with beautiful landscaping and swimming pools. Whether to buy an old house or a new apartment is dependent on a person's choice and budget constraints.

However, for NRIs and foreigners looking to buy property in Goa , there are many legal processes and formalities to go through. Although any Indian citizen can easily buy a Goa property, but for foreign nationals and NRIs there are stringent laws. The law stipulates that one shouls have stayed in Goa for at least 180 days on any type of visa prior to buying property in Goa. After this period, foreigners and NRIs have to return to their country of origin. Then, they need to apply for permission from the Reserve Bank of India. RBI, then, grants them a 5-year residential visa. It is only after this permission that the process of purchasing a property in Goa can begin. All transactions have to be ratified and channeled through the RBI. Another guaranteed way of owning a property legally in Goa is to open a properly registered business.

Now there is some political agitation against too many foreigners settling down in Goa. Also, earlier there were loopholes in the system, exploiting which properties in Goa were bought illegally. Government has taken adequate steps to prevent all this now.
So, one must survey the area and the documents properly before finalizing to buy any property in Goa. Any legal shortcomings can ruin the experience of staying in Goa. But, one can say this thing for sure that those who buy properties in Goa now even for investment purposes will reap rich benefits in near future. Thus, Goa is the place to be is one dreams of settling down after retirement in the lap of oriental beauty.

Sukhpreet Kaur writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estateindustry. It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property in india , search for a property, browse through Goa Real Estate and Properties.