22nd December 2017
For many people, buying a house will be the single most expensive purchase they might ever make in a lifetime. Some take months to find their dream house, others years. Whatever your style of decision-making, the important thing is to ensure that all your paperwork is in order and examined, preferably by a legal expert.
Horror stories in the daily newspapers may lead us to believe that the world is divided into unscrupulous builders and innocent investors. Truth is, unscrupulous people exist in every industry and it is up to an individual to watch his/her back especially with investments involving large sums of money.
Check all paper work before buying a flat in Goa
The government’s institution of RERA is a boon for both investors and builders and it should go a long way in reassuring investors of the safety of their investments. As an investor, it pays to stay informed about all the legal documentation and approvals essential to a new construction, before you proceed with a purchase.
All builders are required to secure permissions from various boards before proceeding with construction. Check if your builder has received an approval from these boards below. If they are struggling to get permission from any of these, consider it a red flag and do not proceed further.
Tremonte: Modern flats in South Goa
If your builder has indeed received all the requisite permissions above, your next move is to check if the following are in place.
All good? You seem to be doing very well, so far. If the residence is a second/third sale then the following set of documents needs to be checked.
As a real-estate advisor I advise all my clients looking to buy a flat in Goa to see that they have answers to the above questions before they finalise their decision. The best time to have any doubts about a purchase is before the purchase and not later.