We at Acron Homes are proud to announce that we were the TITLE SPONSOR for the Modern School Vasant Vihar Annual Alumni event, which took place on the 24th of December 2022. Acron homes was able to showcase our current on-going developments in North Goa to over 900 distinguished attendees or "modernites" as they like to be called, with our very own director Dr Joseph Britto delivering an informative speech regarding navigating the many quandaries of buying a home in Goa and the kind of research regarding titles, land zones etc that has to be done when it comes to acquiring a property. We are grateful to have been so graciously invited to be a part such an amazing evening in Delhi and are looking forward to future events!
Q: When buying a home in Goa, what are the crucial points to keep in mind before investing?
A: There are 3. Firstly the title of the land: knowledge of inheritance and ownership plays a crucial role, secondly quality of the developer and knowledge of the developers history as well and finally invest in a home that only appreciates in value.
Q: Why is knowledge of title important in the home-buying process?
A: When it comes to title you need to pay very close attention to title of the land, remnants of Portuguese law have been incorporated into the Goa Succession Act of 2012, implemented in 2016. Goa is unique and very different from the rest of the country when it comes inheritance & ownership. It's not enough that a project is RERA - (Real Estate Regulation and Development) Act - registered, and even if a project is too small to come under the remit of RERA insist that the developer show you bank approval on the current and previous projects..
Q: Are there any banks that you recommend?
A: The four entities that pay very close attention to title are the four major banks: HDFC, ICIC, State Bank of India & Axis bank. These 4 banks do detailed diligence going back to the old Portuguese records. Insist that the developer show you approvals from any of these banks.
Q: Why is the quality of the builder an important deciding factor?
A: Goa is India's smallest state by area 105 kms North to South and 55 kms East to West but only 8% of Goa's land is in settlement zones - a zone in which you can reside in - of which 4 - 6% approximately is already settled in leaving just a couple of percentage points of good clear title land. The Floor Space Index(FSI) in Goa is 0.6 which means if you have 1000 square meter plot you can only do 600 square meters. Outside of the 4 towns of Goa there is a height restriction of 15 meters - 4 Floors for residential developments. And there is no transfer of development rights you cannot buy FSI from one area of Goa and move it to another area of Goa. Also Coastal Regulatory Zone(CRZ) is 500 meters from the high tide mark where no new residential development is permitted but bear in mind it also applies to to all estuarine waterways as well and Goa is full of them.
For the reasons mentioned above land cost in Goa is relatively higher that it is in other cities and dont let the developer compromise on the quality of your home. Go look at older developments, something that the developer has done 10 - 20 years ago before you make your decision
Q: Why is it necessary to choose a home in Goa that has an appreciating value?
Make sure you don't end up with a home that is a depreciating asset. If you make good quality decisions with a good quality developer you should expect both capital appreciation and if you are looking to rent, rental returns.
Acron homes in Goa for over 35 years has delivered both capital appreciation and good rental returns!
Explore our ongoing villa projects in Goa Here!!
