Real Estate Market Scenario in Goa
The real estate sector is one of the most significant contributor to the growth of any country globally. Despite the ups and downs arising out of key policies and reforms the country is developing mixed economy and has witnessed significant rise in GDP. The real estate sector is flourishing and unprecedented development has opened up a huge market for investment in the country. The evolution is no longer limited to the metro cities like Mumbai, Delhi, and Bengaluru etc. Tier II cities like Ahmedabad, Chennai, and Pune are the most popular investment destinations. One more emerging name in this list is the smallest state of the country – Goa.
Acclaimed as “A Tourist Haven” for its swaying palms, white sands, and sparkling waters, Goa is a tiny yet glorious slice of India, hugging the country’s western coastline. This essence has drawn millions to its shores, from far and near. The delicious food, amazing nightlife, Portuguese-influenced architecture and relaxed lifestyle attracts tourists from all over the globe. Recently, the place has also witnessed a steady influx of people who traded their rapidly-changing city lives for a more tranquil yet creative living experience. These people have invested in either a second home or businesses of food, art or culture in Goa.
Once known a land of Portuguese and Konkan culture the state has transformed into a one of the best places to live in! It enjoys well-developed social, physical and industrial infrastructure and ultimate connectivity. An international airport in line with its importance as a globally-recognized leisure destination and significant port infrastructure the city has so much more to offer. The third longest cable-stayed bridge in India, Mandovi which connects two of the most vital areas in Goa Panaji and Porvorim. With an established base for the pharmaceuticals industry and an IT hub it offers multiple growth opportunities for working professionals. The most positive aspect is the access to all major metropolitan cities in India and the airport which is currently situated in the middle of North and South Goa, making both districts easily accessible. With the new Mopa airport scheduled to open in 2020, the city will witness influx of domestic as well as international tourists on a larger scale. The added advantage to the connectivity is the high standard educational institutes, a good level of infrastructure and healthcare facilities.
There has been a conscious move by the developers to provide projects of high quality that add value to the investor’s property portfolio. The demand for built-up property is higher in addition to year-on-year value appreciation of the asset, most properties also offer great potential for earning rental income for a longer period as well as short holiday rentals. High cost and a shortage of hotels rooms during holiday season further fuel the demand for holiday villas, row houses, hotels, guest houses and apartments in Goa. With the trend to buy second home or a holiday home the city is not only attracting the emerging buyers with disposable income but also NRI’s & HNI’s. While people with disposable income look at investing in affordable homes, the NRIs and HNIs look to invest in more luxurious properties that match their lifestyle.
Split into two districts; North & South Goa the state has enough to cater to all needs. North is livelier and more of an investment market while south Goa is calm and peaceful and a more affordable option for home seekers. North Goa offers better resale and Rental Avenue and was the first to witness development. Many established developers are concentrating their efforts on north Goa. There are a number of investment options from Portuguese villas to studio apartments along the beach. The competitive real estate prices of Goa has made it feasible buying a second home as compared to the other urban counterparts. Basis the budget a person can choose between Northern or Southern Goan belts. North Goa is more commercial with access to multiple entertainment and recreational activities whereas South Goa is more conventional albeit affordable. Some areas that are showing the upward trend in Goa include Siolim, Nerul, Candolim, Assagao, Tivim, Alto Porvorim and Marcel.
Real estate has become a level-playing field in the new regulatory regime and the developers are able to cater to various budget needs. Since price is the determining factor and larger, branded developers are also selling projects at a discounted price to up their bet. The residential sector witnessed an uptick of 5-7% in many areas of Goa. The real estate prices in Goa range from Rs 4500 p.s.f. to Rs 8600 p.s.f. The average price of property in Goa is 1.62 crore. A water front villa in Goa can fetch one about 2 crores. Property on the beach will certainly cost one more than a village property. Property prices fluctuate as per the available facilities and the proximity to the beach. As mentioned earlier, Goa properties range from 1-2BHK apartments to bungalows with beach or field view. One can find a property of their liking within their budget as Goa has a plethora of choices to provide when it comes to real estate properties. Whether it’s an NRI, a celebrity, an entrepreneur, an industrialist or businessman, everyone is fond of Goa as a leisure place or an investment harbor since it generates great returns to its investors in the form of rentals. *Source 99acres, Makaan.com
Whether someone is looking at spending lazy relaxing weekend at home situated in idyllic places with family and friends or an investment that will yield higher returns Goa is the place to be! So where is your next home going to be?
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