All The Sweetest Winds in Goa Blow Across The South”. This interesting quote emphasizes the genuine fact that South Goa is where the rhapsody of the ocean ushers in all its glitz and extravagance.
Looking for a sunset-facing apartment in Goa as a second-home or as an investment? - South Goa is the best repartee for all your questions pertaining to purchase of real estate in this coastal retreat.
This guide scrutinizes the major parameters that need to be gauged while purchasing your dream home in South Goa.
- DEFINING YOUR BUDGET & INVESTMENT GOALS: Comprehending the financial framework is the most critical aspect of purchasing a home in South Goa. The realty market of Goa has evolved in the past 20 years on a colossal scale. Real estate buyers in Goa can now claim the luxury of choosing from a diverse set of properties - apartments, penthouses, Independent Villas, Row Villas, Commercial spaces, industrial sheds and N.A. plots.
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- Each of these property types comes with its own price tag and methods of payments. Apparently, the price of a premium 2BHK apartment in South Goa starts from approximately 99,00,000/- Onwards and moves forward in multiples..
- Mortgage or home-loan is the most secured way of realizing one’s real estate dream. The 20-80 concept is popular while purchasing real estate in India and the same is being implemented in Goa.
- 80-20 PRINCIPLE: It is a financial structure whereby the purchaser makes a payment of 20% of the property value as a down-payment and the lender finances the remaining 80% through a mortgage loan.
- ROI CALCULATIONS: HYPOTHETICAL SCENARIO An individual purchases a premium property with modern amenities for ₹ 9900000/- (All Incl) with the dual objective of achieving a monthly rental income and price appreciation. If the property yields an annual rental income of Rs. 5,40,000/- it works out to approximately 5.45%.
- This percentage is as in tune with the standard expected ROI of (4% to 8%) for real estate investments in Goa.
- CHOOSING THE RIGHT LOCATION: The charm of South Goa is hidden in its natural surroundings; free-flowing rivers & lakes, abundant greenery, scenic countryside and medieval churches which are a perfect example of European architecture. South Goa is the most-preferred choice for purchase of residential properties for residential and investment objectives.
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- SOUTH GOA AND ITS VARIED TRAITS
| Location | Vibe | Best For |
|---|---|---|
| Zuarinagar | Upscale & Accessible | Families and retirees. |
| Dabolim | Pristine & Secluded | High-end sea-facing apartments and HNIs. |
| Margao | Vibrant & Convenient | Investors looking for high rental turnover. |
- VERIFICATION OF LEGAL DOCUMENTS: Purchasing a property in Goa comes with its challenges and legal obligations. Buyers need to exercise caution and verification of legal documents is more critical than just looking for a property with a seaview. In Goa, property laws can be a bit complex due to historical Portuguese records. Property-seekers need to be show awareness towards the following mandatory documents:-
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- RERA REGISTRATION: First and foremost requirement is that the property needs to be registered with the Goa Real Estate Regulatory Authority (RERA). This certification safeguards the buyer against delays.
- THE SALE DEED: Another core document that needs to be considered is the sale deed. It is the only document that indicates a clear transfer of ownership. Buyers need to be vigilant about the fact that the chain of titles is clear for the last 30 years.
- FORM I & XIV: This is another critical document that provides details of the land, the owner, and any encumbrances or tenants.
- OCCUPANCY CERTIFICATE (OC): An OC is issued by the local Planning and Development Authority (PDA). This document is a confirmation that the property was constructed according to the approved plan and is ready for occupancy.
- NIL ENCUMBRANCE CERTIFICATE: This document is a conformation that the property is free from any legal dues or mortgages.
- ASSESSING BUILDER REPUTATION: The Goan Property Market is dominated by a large number of developers looking to make a mark in this ever-growing domain. Choosing the right builder for your dream home is half the battle won.
- PAST PROJECTS: The quality of construction of a builder’s past projects can be used as an indicator of their new projects. Poetree Homes excels her as well. Poetree Homes is formed under the aegis of Essen Group, a business Group founded in the year 1974 has constructed numerous architectural marvels in Goa and neighbouring states. A visit to these past properties speaks volumes about the top-class quality of construction of Poetree Homes projects.
- FINANCIAL HEALTH : Real estate developers need to display financial stability through a low debt-to-equity ratio. A fiscally-sound construction company assures the buyers that their projects will be completed and handed over within the stipulated deadlines.
PRO-TIPS FOR THE SAVVY BUYER
- UNDERSTAND CRZ RULES: Properties located close to the sea need to be complaint with the Coastal Regulatory Zone (CRZ) requirements.
- CHECK THE WATER SOURCE: Buyers need to verify with the builder whether there is a water treatment plant installed at their project and need to check for availability of a reliable municipal water connection.
- RESALE POTENTIAL: Buyers need to evaluate the resale value of their property, even if it is for own use. A property with features such as a scintillating view of the waterfront and with proximity to essential services fetches a higher resale value than inland ones.
Conclusion: Aproperty in South Goa is an investment of a lifetime. Investment in real estate helps in increasing one’s networth and provides passive income in the form of rental income. Buyers need to verify the legal aspects and reputation of the builder to endure that their fairytale abode in South Goa is a source of joy and profit for them and their future generations
