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Why are land prices hitting the ceiling in Goa?

SOURCE :Economic Times

After being homebound during the pandemic, High Networth Individuals (HNIs) are rushing to buy second homes in Goa, driving up land prices according to real estate developers and property consultants. The lack of land with clear titles has also led to the rate hike by 20-30%.“The land which was available for Rs 20,000 per square metre is now going at more than Rs 25,000 per sq mt. While people from Mumbai always liked having a holiday home.

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Interview with Amit Chopra, Director, Escala Realty Pvt.Ltd

The most expensive investment any individual makes in his/her lifetime is undoubtedly the “Roof above the head” i.e. the home. While, we take a a legal advice before filing a case, consult a doctor before jumping to any medication, when it comes to the biggest investment of the life most home buyers neglect taking a professional advice.

Nowadays, there are many legal complications involved in purchasing a property. The detailed knowledge about the legal permissions, complexities of the titles, knowledge about the market price for better investment, likely demand in future for similar properties and whether to invest or not in the property is possessed by a professional who is into the sector.

When home buyers look out for the advice of experts in the real estate sector, they often look up to the developers to get the right advice. But, how many times a buyer is able to meet the developer of the project? They most often end up dealing with the sales and marketing advisors. To get the right advice property buyers should seek the realtors. The certified realtors primary business is real estate brokerage or consultancy.

But, one needs to be cautious of the fly by night operators or part-timers who are into the business and promise to get the best deal in discounted price. Availing the services of a certified professional eases the process of financial and legal transactions. Also, a certified realtor belonging to a professional body can give the buyer a platform of recourse and redressal if required.

A realtor as a certified real estate broker/agent/consultant is a member of NAR-India (National Association of Realtors) and its state or city chapter. The members within six months of joining undergo a stringent test designed and conducted by Indian Institute of Real Estate to test all aspects of the person’s knowledge and proficiency in real estate.

THE TRADITIONAL MINDSET

The sum that a buyer spends as the fees of a realtor is only a small part of the savings that one can make by getting the best property at the best deal with an additional benefit of having peace of mind in future. We pay a doctor or a lawyer in advance, even a mechanic or technician is paid for his visit but a realtor is paid only on the completion of the deal and that too many a times in installments.

A person forgets that a realtor has to make many expenses while making a deal. The expenses are in form of maintaining the office and staff, promotion and advertisements and showcasing the property to the buyers. Moreover, he has to use his knowledge to the best of his ability to complete the deal in a competitive price.

We need to understand the amount of effort that realtors push in and ensure the timely payment for the same. The realtors a too need to educate themselves on the need to enter into a binding a contract with whosoever they represent to ensure that they are not cheated for all the hard work they put in.

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Goa-ing Beyond

AUTHOR : Chanda Chaudhary

SOURCE :Times Now News

Wander into Goa’s historic and idyllic heart to discover two distinct flavours: heritage and authentic cool
‘YOU HAAAAAAVE TO be kidding me!’ was the universal response when I announced my decision to move to Goa two years ago. My well-wishing friends and concerned family could not understand why an urban creature like me would leave her successful design practice in Mumbai and even consider living in India’s smallest state, generally associated with sleepy beaches, aggressive parties, laid back shacks, prawn curry and quasi-retirement.