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Frequently Asked Questions When Buying an Apartment in Goa

a hand holding-forward a wooden carved question mark and a similar looking home beside it

Investing in real estate is one of the biggest financial decisions one can make, and when it comes to buying an apartment in Goa, the process can raise many questions for prospective buyers. Whether you’re a first-time homebuyer, a non-resident Indian (NRI), or someone looking to invest in a vacation home, it’s important to have clear answers to the questions you may have.

In this blog, we’ll cover some of the frequently asked questions when buying an apartment in Goa, along with elaborate answers to help guide you through the process.

  1. Who can buy an apartment in Goa?
    Goa, like other parts of India, allows both Indian citizens and NRIs to purchase property. If you are an Indian citizen or a person of Indian origin with an OCI (Overseas Citizen of India), you can easily buy an apartment in Goa. For NRIs and OCIs, the process is relatively simple, but it’s essential to comply with the Foreign Exchange Management Act (FEMA) regulations. Consulting a legal expert can help you navigate the documentation and legalities involved in buying any property.

  2. Are there any restrictions on property purchases in Goa for non-Goans?
    No, there are no restrictions on property purchases for non-Goans as long as they are Indian citizens or NRIs. Non-Goans are free to purchase apartments or other properties in the state without any special permissions. However, if you’re considering buying agricultural land or farmland, certain restrictions may apply for OCIs/Foreign Citizens. So investing in an apartment is a safer and easier option for all.

  3. What is the process of buying an apartment in Goa?
    The process of buying an apartment in Goa involves several key steps:

    1. Property Search: Begin by researching available apartments in your preferred location. Engage with reputed real estate developers like Raj Housing to explore ongoing and upcoming projects.

    2. Title Verification: Before proceeding, ensure that the property has a clear title. This involves verifying ownership records, and checking for any legal disputes or encumbrances.

    3. Agreement of Sale: Once you’ve chosen an apartment, the builder or seller will draft an agreement of sale. This document outlines the terms and conditions of the sale, including the sale price, payment schedule, and possession date.

    4. Due Diligence: Conduct legal and financial due diligence. Have a lawyer review the sale agreement and ensure compliance with local property laws.

    5. Registration: After fulfilling the necessary legal and financial formalities, the sale deed is registered with the sub-registrar of properties.

    6. Possession: Once registration is complete and the payment is made, you’ll receive possession of the apartment.

  4. What are the legal documents required to buy an apartment in Goa?
    The key legal documents required when buying an apartment in Goa include:

    1. Title Deed: This is the most important document that proves ownership of the property.

    2. Agreement of Sale: A contract between the buyer and seller outlining the terms of the transaction.

    3. Encumbrance Certificate: This document verifies that the property is free of any legal dues or loans.

    4. Sale Deed: A legal document executed after the sale is finalized.

    5. Occupancy Certificate: Issued by the local municipal authority, this certificate proves that the building is ready for occupancy.

    6. Approved Building Plan: Ensures that the property was built in compliance with local regulations.

    7. NOC from the Society or Builder: In some cases, a No Objection Certificate (NOC) is required from the apartment’s society or the developer.

    8. Other documents: Depending case-by-case basis.

  5. What is the cost of buying an apartment in Goa?
    The cost of buying an apartment in Goa can vary significantly depending on the location, size, and type of property. For instance, apartments in North Goa, especially in tourist hotspots like Mapusa and surrounding areas, are likely to be competitively priced compared to those in the interior regions or smaller towns.

  6. What taxes are applicable when buying an apartment in Goa?
    When buying an apartment in Goa, several taxes and fees apply:

    1. Stamp Duty: Stamp duty in Goa is specified by the Govt of Goa depending on the property’s market value.

    2. Registration Fees: Registration fee in Goa is specified by the Govt of Goa depending on the property’s market value.

    3. GST (Goods and Services Tax): For under-construction properties, a GST is applicable. However, ready-to-move-in apartments are exempt from GST.


    It’s important to factor these costs into your overall budget.

  7. What are the financing options available for buying an apartment in Goa?
    Several banks and financial institutions offer home loans to buyers in Goa. Most banks provide loans covering up to 80% of the apartment’s value, and loan tenures can range from 15 to 30 years. The interest rates typically vary between 7% and 15% depending on the lender and the borrower’s credit profile. To secure a home loan, you will need to provide documents such as proof of identity, proof of income, bank statements, and property-related documents (such as the sale agreement and approved building plan).

  8. Are apartments in Goa a good investment?
    Yes, apartments in Goa can be a very good investment. Goa is one of India’s most popular tourist destinations, and the demand for rental properties is consistently high. Investing in an apartment in a prime location like North Goa or near key attractions can generate good rental yields. Additionally, property values in Goa have been appreciating steadily over the years. With ongoing infrastructure developments like the Manohar International Airport (GOX) and improved road connectivity, the future looks promising for real estate investors in Goa.

  9. What are the maintenance costs for an apartment in Goa?
    The maintenance cost of an apartment in Goa depends on several factors, such as the size of the apartment, the amenities offered, and the location. In gated communities, maintenance charges typically cover services like security, landscaping, garbage collection, swimming pools, and gym facilities.

  10. What are the benefits of buying a home during the festive season in Goa?
    The festive season, particularly around Diwali, Dussehra, and Christmas, is considered an auspicious time to make large purchases in India, including real estate. Banks may offer lower interest rates or special loan schemes during the festive season, making it an ideal time for buyers to invest in their dream home. Buying an apartment in Goa is a dream for many, and with the right guidance and knowledge, it can be a smooth and rewarding process. Goa offers a variety of options to suit different preferences and budgets. By addressing these frequently asked questions, we hope to have provided you with valuable insights into making an informed decision when purchasing an apartment in Goa.