Following is the basic procedure to be followed for buying property with us
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1. On receipt of your inquiry we will send you all the information required through email and other modes of communication if required.
2. In case you are down in Goa we will show you around our different sites and available projects by arraigning for your pickup and drop.
3. Once you decide to purchase a property with us a booking amount will have to paid to us to hold the property for you.
4. The "Agreement of Sale" needs to be registered at the Registrar's Office in Goa. You can come down personally for this or assign your representative a Power of Attorney to sign on your behalf.
5. Mode of Payment will be as mentioned in the Agreement for sale.
6. When the property is ready for possession the Sale Deed is signed. Government Stamp Duty and Registration Fees applicable at that point of time on the Sale Deed is payable to the Government by the purchaser. The final transfer and registration formalities are then completed and you take physical possession of your new property.
Purchasing Property in Goa by Non-Residents is Governed by certain Rules
Purchase and ownership of immovable property in India are governed by the Reserve Bank of India. To view full details of Reserve Bank of India's official website Click here.
Summary of the current prevailing laws.
1. Rules for NRIs (Non Resident Indians) and PIOs (Persons of Indian Origin)
A NRI is defined as a person resident outside India who is a citizen of India.
A PIO is defined as a person who has at any time held an Indian passport, or whose father or grandfather has been a citizen of India
NRIs & PIOs are permitted to purchase any number of residential/commercial properties in India. No special permission or filing of documents is required o with RBI.
Under the general RBI permission available to NRIs & PIOs, funds must be remitted to India through normal banking channel or funds held in his NRE / FCNR (B) / NRO account. No consideration should be paid outside India.
The NRI / PIO may repatriate the sale proceeds of residential / commercial property in India acquired by way of inward remittance through normal banking channels or by debit to NRE /FCNR (B) account. The amount to be repatriated should not exceed the amount paid for acquisition of the residential / commercial property.
2. Rules for Foreign Nationals of Non-Indian Origin
Foreign nationals are permitted to purchase property in India as long as they are "Resident in India". A person Resident in India means a person residing in India for more than 182 days during the course of the preceding financial year (April-March) and who has come to or stays in India either for taking up employment, carrying on business or vocation in India or for any other purpose, that would indicate his intention to stay in India for an uncertain period.
A foreign resident who has established an Office or other place of business in India in accordance with FERA / FEMA regulations is allowed to purchase immovable property provided it is necessary for or incidental to carrying on such activity and all applicable laws, rules, regulations or directions are complied with. The purchase price should be paid by way of inward remittance through proper banking channel. A declaration in form IPI should be filed with Reserve Bank of India within ninety days from the date of acquisition of commercial / residential property.
Foreign Nationals are also permitted to lease property in India for a period of 5 years without the need for any special permission from the Reserve Bank of India.
Home Finance for NRIs & PIOs
All major banks in India provide Home Finance for NRIs and PIOs.
Check the details below for an overview of home financing options available from ICICI Bank.
Loans are offered for purchase, construction, extension or renovation of a new house or apartment.
The management of the completed development is overseen by BFHomes and eventually handed over to a co-op. of the residents. The service charges cover the homeowner's proportionate share of the expenditure on security, routine maintenance, salaries of gardeners, pool attendant and estate manager, insurance, property taxes / rates, water supply and common electricity. Each resident pays their individual electricity, telephone and cable TV and for contents-insurance expenses.
