Goa is a one-stop destination for both party animals and peace seekers. The property boom in Goa has attracted a lot of investors over the years. With elegant sea-facing apartments and villas, Goa has been attracting a horde of people who are looking forward to buying a property. Although it is the ideal time to invest in Goan property, a few unscrupulous developments have also crept in, making the purchase process rather lengthy and complicated. The non-acceptance of non-Goans buying property in Goa adds to the problem. Whether domiciled in Goa or outside it, every Indian citizen has the right to buy land in Goa. Here are a few rules that each non-Goan must follow when buying a 2 BHK flat in Goa or perhaps a luxury villa-

Rules for NRIs and PIOs

Any person possessing Indian citizenship and residing outside India is considered to be an NRI.

If a person’s grandfather or father had been a citizen of India or he, at any time held an Indian passport, he is considered to be a PIO.

PIOs and NRIs can buy as many Indian commercial or residential properties as they want. No special permission from the RBI is required for the same, nor do they need to fill any special form.

According to the general RBI authorization accessible to NRIs and PIOs, no consideration can be paid outside India as the funds can only be transmitted to India through normal banking funds or channels held in his NRE/FCNR(B)/NRO account.

The sale proceeds of immovable property in India can be procured by PIO/NRI by internal settlement through normal banking channels or via debit to FCNR(B)/NRE account. The sum to be repatriated must not exceed the amount paid while purchasing the immovable property. Not more than 2 sale proceeds of residential properties bought by NRI/PIO out of foreign exchange can be repatriated.

Rules for Foreign Nationals of Non-Indian Origin

No special permission from the RBI is required for foreign nationals to rent a property in India for up to 5 years.

Immovable property can easily be acquired by any foreign organization or company wishing to open an office in India.

Although foreign nationals residing in India are allowed to purchase property in India as per the RBI rules, they need to get approvals and satisfy the prerequisite, if any, prescribed by the concerned state government. Foreign nationals are advised against buying property in Goa via this route at present.

Whether you have been dreaming of buying a luxury apartment in Goa or a simple flat, going by these rules shall help you if you are a non-Goan.