BUYING PROPERTY IN GOA

Rules pertaining to purchase and ownership of immovable property in India are governed by the Reserve Bank of India. A summary of the current prevailing laws are enumerated below.Click Here to view full details on Reserve Bank of India’s official website.

1. If you are Indian, living in or outside India you have general permission to purchase property in India applicable for Indian citizens, NRIs ( Non Resident Indians)

2.A  foreign national cannot buy property in Goa, unless they have completed 182 days stay or more in India in the proceeding financial year and intend staying in India. They have to be 'Resident of India'.

3. However foreign national are 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.

4. The next best thing to do then is to enter in to an Agreement of Sale with the seller entitling them to transfer the property on their name at a future date. In the meantime they enter into a lease agreemnt, renewable every 5 years, till the time they qualify for the Resident of India status.

Click Here to view full details on Reserve Bank of India’s official website.