The real estate market of Goa

Goa reminds us of beaches, lush forested hills, shiny sand, swaying coconut tress, and charming faces enjoying and partying. The magnificent scenic beauty coupled with the architectural splendors of temples, churches and old houses have made Goa a favorite destination of millions of travelers around the world.

But then, this state is much more than just beaches and sea. Goa has a soul that is rooted deep into unique history, rich culture and some of the prettiest natural sceneries that only India can offer.

Since years, Goa has been attracting tourists from all over the world but now this state a lot more to boast about. The real estate market of Goa is anticipated to grow by leaps and bounds in the coming times. Here, the market is shinning as more and more realtors are coming up with various attractive projects. Realtors are confident to get lucrative yields from this state. Undoubtedly, everyone tries to opt for sites that are situated strategically, afford scenic surroundings and possess great potential to yield high returns. And, availability of such locations provides excellent investment prospects to investors. So, a lot of investors consider Goa as the perfect choice for property investment.

Everyone knows that land rates in Goa are flying high. Yet, buying a property in Goa is not as hard as it is buying in metros or other big cities.

The list of the famous real estate developers developing properties in Goa includes Gera Developers, Parsvanath, DLF and many more big players, who are coming up with offices cum shopping malls in Goa. These developers aim not only to cash in on the sprawling beach attraction of the state for higher returns but also plan to target a huge market that includes both national and international buyers. These real estate developers are looking to provide a value-add on the basic amenities of everyday life-style to buyers. All those who are planning to buy a property in Goa, a whole package of attractive amenities will be thrown open to them. Real estate builders in Goa are currently looking to provide basic amenities like a good pressured central overhead tank to facilitate water supply. The focus is also on modern kitchens as well, as a good kitchen has the capacity to attract all the more buyers. These kitchens are decked with granite cooking platform with one stainless steel sink, garbage crusher below the sink and hot / cold water mixer. Kitchen cabinet, cooking range, chimney, fridge or even a microwave is an added value. With developers like Gera, Parsvnath and DLF focusing on the Goa property market, the real estate market of Goa is, undoubtedly, transforming fast.

The real estate developers in Goa not only aim at domestic buyers but also try to tap foreign and NRI buyers. Although, foreign ownership of real estate is, technically, not allowed in Goa, many foreigners have somehow managed to purchase apartments, villas, penthouses and holiday homes in the state. However, the state government is now rising to this challenge and is taking measures to intervene in such illegal activities.

Price Details of the property market of Goa

Realty prices in North Goa like Dona Paula and Miramar are around Rs 25,000-30,000 per sq m, up from Rs 15,000 a sq m a year earlier.

While, in South Goa, around the beach belt comprising Benaulim, Colva, Majorda the rate is about Rs 20,000 per square meter, more than the price band of Rs 10,000 to Rs 15,000 a sq m a year earlier.

Looking at the rate at which property prices are rising, it is quite likely that Goa could be going Mumbai’s way.

Prices in metros:

Prices of properties available near sea-side are not over the top.

As per a survey, built up property prices in elite locations of Mumbai and Delhi has touched Rs 2.35 lakhs and Rs 2.10 lakhs per sq m respectively.

In Bangalore and Chennai, property prices have shot up to Rs 60,000 per sq m while prices in the IT hubs of Hyderabad and Pune range around Rs 40,000 and 52,000 per sq m respectively.

If compared to other cities, buying a property in Goa is a much more practical choice. Though prices are going up in the state, they are still very much within the reach of a normal buyer.

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Source by Sukhpreet Kaur