Real estate goa india
Think of a place where the fun never ends. A place, which is pulsating with life even after the sun, has gone down. A place where religions co exists with each other and where the people treat you as your long lost friend. A little paradise that allows you to sit back and leisurely spent your time under swaying palm trees. Are you thinking that such a place is not possible? Well, let me tell you there is such a place and it's called GOA.
Situated in the western coast of, Goa is the tiniest state of India. As legend says, the great mythical warrior-sage Parashuram snatched this piece of land from the Arabian Sea. From it's mythical origin, Goa passed from the hands of Hindu kings to the Bahamani empire and from them to the Portuguese who ruled till 1955 until Indian army liberated it from foreign rule. First it was union territory along with Daman and Diu and was granted statehood in 1987.
Goa has been the favorite tourist destination for foreign as well as Indian travelers for many years. It became notoriously famous as a Hippie Joint in the 1970's. That image has changed now, but tourism still is the revenue earner of the state and the state actively promotes its beauty. Foreigners feel free here compared to other tourist places and the party atmosphere of the place draws the young crowds of India. The carnival during December is a big tourist attraction as is time when the casket of Saint Francis Xavier is put up for public display in the Basilica Church.
Quite a many people who come to Goa instantly fall in love with the place and settles there. So the real estate of Goa is a booming market with world-class real estate developers coming to the market. Most of them are looking for large spaces to develop into commercial as well as residential hub. Following are some basic FAQ's that you should know about the scenario of real estate in Goa.
How can I buy a property in Goa?
If you are an Indian citizen, you can buy a property here as you could in any other part of India. But if you are a foreign citizen or an non-residential Indian, you have to stay a minimum 180 days in Goa, in any kind of visa, before you are eligible to buy a property. After that you have to go back to your country of origin and ask for permission to buy a property to Reserve Bank of India. After seeing all the papers, RBI will give you a 5-year residential visa, only after which you can invest in the real estate market in Goa.
Is there anything else I should know?
Yes, Portuguese. Jokes aside, it is very important that you contact a lawyer who knows Portuguese, as the documents regarding property will be sourced from Portuguese records.
Which is better north or south Goa?
Every part of Goa has it's own charm; no matter where you buy your house, villa, flat or condo, you will be a winner.
How is the real estate market in north Goa?
Beaches are the main attraction of Goa, and the beaches of north Goa are Sinquerim, Candolim, Calangute, Baga, Anjuna, Vagator, Morjim and Arambol. Anjuna and vagator are the most famous twin beaches. They are known for their hippie atmosphere and a great bargain flea market. Panaji the main city of Goa is in north Goa. All of the beaches are located at easy distance from the city. The price of residential property in Panjim or Panaji is between Rs.2400 to Rs.3600. in Calangute, the first beach everyone goes to, the price is between Rs. 1700-2000. In the "taluk" of Bardez which has the twin beaches Vagator and Anjuna, the range is between Rs.1200-1800. Miramar, the beach nearest to Panaji is in the price range of Rs.1900-2200.
How is the price of property in other north Goa towns?
The price range for real estate in other towns of north Goa are: - in Mapusa it is between Rs 1400-2000, in Ponda it is Rs900-1700 and in Dona Paula it is Rs.1550-1900.
How about the beaches of south Goa?
The beaches of south Goa are more tranquil and exclusive than their northern counterpart. They are still comparatively undeveloped and hence a great investment opportunity. The beaches in this area are Velsao, Majorda, Betalbatim, Colva, Benaulim, Varca, Cavelossim, Mobor and Betul. The main city in south Goa is Margao and the price for residential property there is in the range of 1400-2000.
How is the commercial real estate in Goa?
Growing in leaps and bounds. As the number of tourist in Goa increase in number, so have the demand for more malls, shopping centers, hotels. Big real estate developers are turning to this tiny state and new projects are starting practically every day. But the aesthetic beauty of Goa is always kept in mind before new projects are approved. So the development is not turning Goa into a concrete jungle (as they generally do) but making Goa more beautiful.
What kind of properties are in sale?
Every kind, starting from large tracts of land for commercial developments to flats, residential condos with all modern amenities, villas, and even old Portuguese era houses that have typical European architecture.
Can I rent the property when I am not using it?
Absolutely, you can put up your property for rent. That way your investment is doubled. First, you will save quite a lot of money that you could have spend in the ever increasing room rates (you will, come back to Goa, there is no doubt in that) and plus when you are not using it, you can put it in the market for rent.
If I sell my property, do I have to sell it to Indians?
No you can sell it to anyone you like. If the buyer is a foreigner, he has to follow certain rules as said before. The resale value of your place will be more, as the tourism industry in Goa is a ever-growing market. With the slashing of Air tickets and the commissioning of Konkan railways, access to Goa is becoming easier. The infra structure of the state are also top class, which will help in the booming of real estate in Goa.
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