VEFA Acquisition Process
The steps to buy property under VEFA in Mauritius
There are 3 steps to purchasing property under VEFA in Mauritius
If you dream of a particularly mild tropical climate, in an English-speaking country known for its idyllic setting and laid-back lifestyle, investing in a real estate project in Mauritius might be the right choice. It just takes a few steps to get there. The Heritage Villas Valriche team of experts will guide you through the process to purchase your IRS property in the heart of the authentic Bel Ombre region.
The VEFA system
Sale through a VEFA contract involves that:
- The seller immediately transfers to the buyer his property rights, as well as ownership of the existing structures,
- The purchaser bears all costs of the planned construction work.
- Payments are made gradually according to the progress of work, in accordance with the provisions of Articles 1601-1 to 1601-45 of the Mauritian Civil Code.
The GFA – My villa, no matter what!
In line with VEFA requirements, the property developer must first secure a performance bond (Garantie Financière d'Achèvement – GFA) from a reliable banking institution.
The GFA guarantees delivery of the property to the purchaser according to the provisions of the contract. In the event that the property developer does not meet his obligations, the bank will guarantee delivery of the property.
The buyer must provide a bank guarantee for future VEFA payments.
Instalment plan
The purchaser will make regular payments throughout the construction process under the Government-regulated VEFA (Vente en l’État Futur d’Achèvement) system.
15%
15%
5%
20%
15%
25%
5%
1. Payment of funds into an escrow account upon signing a Preliminary Reservation Agreement (Contrat de Réservation Préliminaire – CRP)
2. Upon signing the deed of sale (+ registration duty + other costs)
3. Upon completion of the foundations
4. Upon completion of the roof
5. Upon completion of doors, windows and waterproofing
6. Upon completion of the villa
7. Upon handing over of the villa keys
15%
15%
1. Payment of funds into an escrow account upon signing a Preliminary Reservation Agreement (Contrat de Réservation Préliminaire – CRP)
2. Upon signing the deed of sale (+ registration duty + other costs)
5%
20%
3. Upon completion of the foundations
4. Upon completion of the roof
15%
25%
5. Upon completion of doors, windows and waterproofing
6. Upon completion of the villa
5%
7. Upon handing over of the villa keys
Terms of payment
The total purchase cost of the property for the buyer (as indicated in our price list) includes :
- The selling price of the property and the taxes
- The registration fee
- Other costs (notary and administrative fees)
