Goa occupies a unique place in history. The British ruled India for many centuries. However, they did not enter Goa at all. Goa has always been under the control of the Portuguese. Even after India gained independence, Goa was under Portuguese rule for a further fourteen years. In 1961, the Indian Army stepped in to clear the Portuguese from the place. Hence, you find the Portuguese influence a lot all around Goa. You can see that in the architecture as well as the laws. Even today, Goa follows Portuguese laws on succession, marriage, as well as divorce. This makes it difficult for investors to buy any property for sale in Goa.
The Government of India has granted statehood to Goa very recently. At that time, it reworked some of the laws including the Transfer of Property Act and brought it in tune with the rest of the country. This makes it that much easier for a resident of Goa to sell his property as well as to buy any.
These tough laws had made many native Goans flee the place and seek refuge in the neighbouring states of Maharashtra (Bombay, at that time) and Karnataka. The change in the laws enabled these persons to come back to Goa and invest in apartments in Siolim and other places.
The other benefits:
Subsequent to the tweak in the laws, people from other states could also venture in and purchase property in Goa. Thus, you find many people residing in Mumbai and elsewhere pitching in and going for the purchase of luxury apartments for sale in Goa.
The real estate developers got a free hand to enter Goa and develop properties thereby improving the landscape of the State as well as augmenting the income from the tourism sector.
Investors started investing in property in Goa. They started renting out their flats and villas to tourists for a fixed sum. The tourists would also not worry about paying more as this could guarantee their accommodation and safety as well. They could lease out the apartment for a whole week and roam all over Goa and come back to rest for the night. This was any day better for them that renting a room in a hotel. Here they have an entire villa or apartment with all the latest amenities for them.
Investors could thus earn a decent return on their investment whereby they could recover their entire investment in as quick a time as possible.
The biggest advantage of investing inthe real estate Goa sector is the cost factor. The land rates in Goa are very cheap if you compare them with that in Mumbai or Bengaluru etc. The stamp duty rate in Goa is also reasonable. This makes investing in property in Goa a profitable proposition.
Goa has always depended on its tourism industry for its income. The changes in the laws go a long way in encouraging real estate development and thus help in augmenting the income from the tourism sector.
Rio Luxury Homes Pvt. Ltd.
Marna,B1, REDROCK ELEGANCE,
Near Petrol Pump,
Siolim, Bardez, North Goa,
India – 403517.
Tel : (0832) 2272222
Mobile: +91 8888900043