Traditionally an ideal place for holidaymakers and honeymooners, Goa has come a long way in terms of real estate development. With increasing purchase power and number of high net worth individuals (HNWIs) Goa has certainly become a destination for those willing to have a villa or independent bungalows at strategic locations in Panaji and other cities.
The reason for the realty rush is simple. The property prices are less compared to some of the Central Business District areas of Mumbai and Delhi NCR and HNWIs are making no mistake in investing in one of the fastest growing real estate markets.
A large number of investors from Goa and adjoining states are blocking their money in real estate, as they are sure of getting high yields.
Also, availability of large land parcels and unexplored locations are encouraging small and large real estate brands to launch residential and commercial projects offering wide variety of dwellings such as villas, single floor apartments, duplex and semi-duplex apartments, large and medium bungalows, beach facing and river-view apartment and bungalows featuring high-tech facilities.
Developers, both from local and national repute are vying to cash in on every profitable venture in Goa.
Leading builders from Goa including Kurade Builder, Akar, Commonwealth Developer Pvt Ltd, Crossroads Realtors, Umiya, Civil Engineers and Associates, Cityscape Developers, Prabhudesai Realtors Builder and Developers, Pradip G Naik Real Estate Developers, Prudential Developers and Sandeep Pol have launched at various locations in Goa and adjoining areas.
Leading builders from the state including Crossroads Realtors, Akar, Commonwealth Developer, Kurade Builder, Umiya, , Cityscape Developers, Civil Engineers and Associates, Prabhudesai Realtors Builder and Developers, Prudential Developers and Pradip G Naik have launched at various locations in the state and nearby areas.
Property investors from Mumbai were the first to explore the land of Goa in the 90s and bought properties ranging between Rs 12-15 lakh and gave it on rent for tourists. However, prospective buyers can be seen coming from further afield.
Majority of real estate investments come from Delhi and Mumbai as people from these states, who once used Goa as holiday destination, are now buying their own cottage, villa or luxury house in the enchanting Goa. Some even give these properties on rent to tourists to avoid being locked all through the year thereby generating a good income.
The ongoing trend is giving a big boost to luxury realty development as builders are concentrating on premium residential segments catering to the requirement of holiday enthusiasts. As per the current market condition, the price of a 100 sq m apartment in Candolim would cost around Rs 25 lakh and Rs 1.5 crore for a Portuguese villa or a bungalow.
From Dona Paula, an up market suburb of Panaji, till Palolem coast in the south and Morjem in the north, are all seeing frantic developmental activities.
Non Resident Indians are also seeing Goa as the best place to spend their retired life. They generally prefer sea-facing accommodation, which can either be an independent bungalow or semi-independent duplex apartments with lot of lung space.
Property prices are different as per the facilities available and distance from the beach. A 650 sq mt. plot with 300 sq. mt. bungalow in Calangute will cost around Rs 75 lakh when compared to a house with two cottages, a garden and a swimming pool in Anjum which cost around Rs 3.25 crore.
Other locations in Goa such as Ribandar, Taleigao, Santa Cruz and Old Goa are witnessing flurry of property development due to their proximity to capital Panaji.
Goa is undergoing a paradigm shift with companies buying large commercial spaces to develop attractive malls. Also, a number of international retailers are vying to launch their exclusive showrooms in Goa soon. This is likely to add to the land value with average prices now going from Rs 2500 to Rs 3000 per sq ft.