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IMPORTANT INFORMATION FOR PROPERTY PURCHASE IN GOA FOR FOREIGNERS/NRI'S/PEOPLE OF INDIAN ORIGIN

  • Are Non-Resident Indian's (NRI's) allowed to purchase a Residential Property in Goa ?

    Non-Resident Indian's and People of Indian Origin with Foreign Passports can purchase a residential property in Goa/India. They are treated wholly as Indian citizens and therefore don't require approval permission to purchase asset/land in India from the Reserve Bank of India.

  • How do you define a foreign passport holder but of an Indian origin?

    A foreign passport holder is deemed to be of Indian Origin if: 1) he held an Indian Passport at any time ii) he or is father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh , Afghanistan, Bhutan, Sri Lanka or Nepal.

  • How should the purchase price of residential immovable property be paid for by NRI's under the general permission?

    The purchase price consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR accounts maintained with banks in India.

  • Do you have to inform Reserve Bank of India when selling property?

    Yes. Reserve Bank has granted general permission for sale of such property. However, when the property is purchased by another NRI and he funds towards the purchase price consideration, it should either be remitted to India or paid out of balances in NRE/FCNR accounts maintained with banks in India.

  • What formalities have to be completed by NRI's to purchase residential immovable property in India under the general permission?

    They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property (Sale Deed) or final payment of purchase consideration along with a certified copy of the documentary evidence for the transaction and bank certificate for the money paid.

  • Through whom can we purchase an Apartment or Villa in the Project?

    You can purchase an Apartment/Villa directly with the Sales Team of SQUAREFOOT BUILDCON PVT. LTD. A Website is hosted which provides information regarding the various projects, site plans, etc.

  • What would be the total cost of purchasing the Apartment/Villa?

    The price will differ depending on the size, location and view of the Apartment, so only on enquiry one will know the exact price at the stipulated time, besides the cost of the apartment, there will be other incidental costs such as PLC,Maintenance charges, Registration charges, Local Taxes as applicable, etc. Details will be provided on request.

  • Will there be a Car Parking Area provided with the Apartment?

    YES ! Each Apartment will be provided with a Car Park and the cost of same shall be extra for each buyer.

  • What other expenses will I incur?

    The Purchaser has to bear the expenses pertaining to Registration and Stamp Duty of Value of the Apartment. There will be facing/pool PLC, I.F.M.S charges, E.E.C charges and Club membership charges.

  • How will the Apartment be handed over to us?

    The Apartment will be handed over unfurnished. For Apartment Specifications kindly refer to website.

  • Is the price of the Apartment likely to increase?

    The price as quoted may increase periodically depending on the market at the discretion of the Builder. Thus, the earlier you book the Apartment the better rate u will get.

  • What happens if I decide to withdraw from the Agreement to purchase the Apartment or unable to pay the installments in time to the Builder and the Agreement stands cancelled?

    The Builder reserves the rights to levy suitable interest as agreed upon mutually by both parties at the time of signing the sale agreement . On cancellation of a booked apartment/villa the builder will retain cancellation charges as mentioned in the agreement.

  • What is the current range of prices in sq. ft of the Apartments?

    The prices range from Rs.3700/- per sq. ft to Rs.5110/- per sq. ft. which will differ from location, floor or & view. The Complete cost of purchasing any specific apartment will be given upon request.

  • On or after booking/purchasing an Apartment/Villa, whether there will be any price variation on escalation?

    No, the price quoted for an apartment/villa, at the time of booking/purchasing will not change on escalation.

  • Can I rent my Apartment if I am not using it regularly?

    Yes, you can rent the apartment at your discretion.

  • Can NRI's obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?

    The Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, ICICI, SBI and various other Banks and authorized dealers to grant housing loans to non-resident Indian Nationals for acquisition of a house/flat for self-occupation subject to certain conditions.

  • If I require more specific details regarding Reserve Bank of India ?

    Please go to: http://www.rbi.org.in for the website of Reserve Bank of India , click on FAQ then again on Foreign Exchange under "Jan. 01, 2006 , Acquisition and Transfer of Immovable Property in India by a person resident outside India". This site gives a detailed account for all types of Foreign Nationals purchasing Residential Properties in India.
NOTE: This document has been prepared in accordance with Laws & Rules currently prevailing through local government and Reserve Bank of India. They can change any time in future and the website/company cannot take any responsibility for the information given above.

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