In the post-pandemic economy, especially when lockdowns and restrictions were eased, real estate in India saw a real boom in prices. Experts say that this growth is only the tip of the iceberg and is expected to continue for a long time. That makes the real estate market a real gold mine for potential investors. Non-residential Indians (NRIs) have especially shown a massive interest in investing in property in India, especially Goa. The state’s real estate market is soaring and promises to offer an ideal and peaceful post-retirement life for many. However, no investment that was ever made flippantly has shown any growth. If you are an NRI looking to invest in property in Goa, here are some things you should know before you do:

Hire a Local Lawyer to Handle Things For You

The first thing as an NRI looking to invest in Goan real estate would be to find a local lawyer who will read the fine print for you. It is important to do a thorough background check on the property and its owners. The following documents are some that need to be in order:

• A nil Encumbrance Certificate

This document is proof that the current owner has not taken any loans against or for the property, doesn’t have any unpaid land taxes, and so on. 

• A Probated Will

This document is only necessary if the property has been inherited by the current owner.

• No Objection Certificates

NOCs regarding various land, water, and electricity-use permissions need to be procured from the municipality in order to begin construction and utilise said resources. Ensure that the current owner has the documentation necessary to prove that they have been granted the necessary permissions. Verify that the land is not classified as agricultural-use land.

Documents You Should Have On You For a Smoother Transaction

Once your seller is verified, you need to keep the following documents handy to be able to buy property in Goa as an NRI:

• PAN Card

Property purchased in India will be taxed or be expected to file income tax returns on as per the Income Tax Act of 1961. For these purposes, a Permanent Account Number (PAN) will be needed. A PAN Card can be availed through an online application.

• OCI/PIO Card

An Overseas Citizen of India (OCI) or Person of Indian Origin (PIO) card is mandatory for NRIs looking to invest in Goan property. While the former is applicable to Indian Passport holders or those eligible for one (but may not have), the latter applies to Indians who have passports from other countries.

• POA Certificate

In case you are avoiding travelling to India to do the needed paperwork, you will need to obtain a POA certificate. The Power Of Attorney will allow an individual to execute all the necessary transactions regarding the purchase of your property on your behalf. You do not need to be physically present to purchase the property if you have this document in place. However, it is important to ensure that these rights are given to someone trustworthy.

There will be Hidden/Additional Costs

Regardless of what kind of property you are looking to purchase and invest in, there will be some unspecified costs that will only be revealed later. In a ready-to-buy property, the following charges will be added to its base price:

• Stamp duty
• Registration Fee
• Legal fee
• Brokerage Fee
• Society transfer fee (If the apartment is part of a co-op. housing society)
• 3rd Party consent fee (where the conveyance deed is not signed)

It is important to stay abreast of these charges since there are multiple brokers / real estate agencies/ independent sellers looking to dupe individuals who may not be aware of these prices. Consult a lawyer to know what the exact rates are for Goa.

If you are planning to buy a property that is still under construction there might be several other charges levied as well. Moreover, property rates vary with location (city/village/beachside), floor (higher the floor, more expensive it gets), and view (eg sea-facing).

Goa is home to some of the most beautiful properties that make for a wonderful post-retirement or vacation home. Purchasing the right kind of space can really amp up your investment opportunities. However, it is important to have someone trustworthy to do the research for you since there are plenty of agencies looking to get a ‘dirty’ property off of their hands. Make sure you check with multiple sources, look for reviews, and get in touch with other clients of a particular developer. Here are some reasons why investing in a Kasu property is a great idea as well as some property investment tips for beginners.