Posted by: Neeraj Sharma
11 Nov, 2023
Introduction:
Dreaming of owning a piece of paradise in Goa? The allure of sandy beaches, vibrant culture, and a booming real estate market has made Goa a hotspot for property buyers, especially those eyeing second homes. In this guide, we'll walk you through the essential steps and considerations for purchasing property in the Land of Beaches.
Unlocking the Potential:
Goa boasts a lucrative real estate market with rental yields ranging from 4% to an impressive 15%, particularly for luxurious sea-facing properties. The recent operationalization of the Mopa airport has further fueled interest, making it an opportune time for potential homebuyers to dive into the market.
Celebrity Endorsement:
The charm of Goa extends beyond its scenic beauty, attracting Bollywood stars and business magnates alike. Celebrities like Abhay Deol, Celina Jaitley, Priyanka Chopra, and Akshay Kumar have made Goa their second home. Even Pinky Reddy, wife of GVK Group Vice Chairman Sanjay Reddy, owns the extravagant Palacio Aguada in North Goa, purchased for a staggering Rs 80 crore in 2021, as per media report.
Navigating Legalities:
Before sealing the deal on your dream property, it's crucial to be aware of the legal landscape in Goa. Unlike some North Indian states, Goa doesn't provide stamp duty waivers for female buyers. The stamp duty is also determined by a slab system based on the property's cost. Seeking legal advice to vet the property title is imperative, especially considering the significant number of land parcels owned by local Goan families.
Coastal Considerations:
With the sea being a prime attraction, it's essential to understand Coastal Regulation Zone (CRZ) norms. Ensure that any sea-facing property adheres to the stipulated setback of 500 meters from the coast. This precautionary step ensures compliance with regulations and protects your investment.
Prime Locations:
Popular destinations in North Goa, including Porvorim, Anjuna, Assagao, Siolim, and Morjim, offer not just scenic beauty but also easy access to the sea and thriving social scenes with cafes and restaurants. These locations are known for being easy to buy, rent, and potentially flip. Luxury properties in these areas can range from Rs 5 crore to Rs 30 crore, with returns starting at 15% per annum.
Parting Advice:
As you embark on your journey to own a piece of Goa, remember that research and due diligence are your allies. Engage with a reputable Real Estate Adviser to navigate the intricacies of the market and make informed decisions. The Land of Beaches awaits, ready to turn your property dreams into reality.
