Goa Real Estate Trends

Goa – It is certainly a time to rejoice for property developers in Goa, thanks to the state’s real estate market, which is on a roll nowadays. The scenario has encouraged a multitude of investors to shell out large money, as they are confident to get high yields in long run.

Moreover, large availability of strategic locations that are expected to attract more real estate projects in future is one of the underlying reasons for prominent builders and investors to take a look at Goa properties. It can be an apartment on the beach or one with a river view, or an exclusive bungalow featuring top-notch facilities or a 300-year-old villa. Developers are eyeing at every profitable property in Goa.

Mumbai people unveiled the land of Goa in the nineties and bought rent back accommodation for between Rs 12-15 lakh. However, prospective buyers can be seen coming from further afield.

A major portion of demand for Goa Properties is from the north, mainly New Delhi. Delhiites overlook Goa as a real tourist paradise and generally come here for a month or less but they want their own homes. For the high middle class, first it is an accommodation unit in the Capital city, then a farmhouse on the outskirts to for a weekend getaway, and finally a luxurious house in alluring Goa.

The ongoing trend is boosting the builders and developers to come with premium residential segments in Goa, which envisages catering to the demanding requirement of such holiday enthusiasts. And the prices hover around Rs 25 lakh for a 100 sq metre apartment in Candolim to Rs 1.5 crore for a bungalow or a Portuguese villa.

Property prices in Goa are going through rooftop. Some major locations including Dona Paula, an upmarket suburb of Panaji, to the coast of Palolem in the south and Morjem in the north, are all witnessing frentic development activities.

Non Resident Indians looking forward to retire back to the roots see Goa as one of the best places to retire. They prefer to either buy a quadruplex with a spectacular view of the beach or a top class sea-facing bungalow.

Buildings are seen sprouting all around in Goa, which has put Goa real estate on a roll.

A 650 sq mt. plot plus a 300 sq. mt. bungalow in Calangute will cost around Rs 75 lakh as compared to a bungalow with two cottages, a swimming pool and a garden in Anjum which is no less than Rs 3.25 crore.

Other known locations in Goa such as Ribandar, Old Goa, Taleigao and Santa Cruz are witnessing a spurt in property prices due to their proximity to the capital.

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Goa is undergoing a paradigm shift with companies buying large commercial spaces to develop glitzy shopping malls. Also, a number of retailers enjoying great name and fame are considering coming up with their exclusive showrooms. This is likely to add to the land value with average prices of Rs 2,500 to Rs 3,000 per sq ft. Market analysts see the rates for Goa commercial property to shoot up further in next ten years.

Upcoming Real Estate Projects in Goa

Shopping Mall in Goa: DLF is all set to come up with a glitzy mall in Panaji’s Patto.

Residential Projects:
A prominent Indian real estate developer, Parsvnath Builders and a clutch of other builders want to transform Goa’s scenic locales into huge housing segments featuring health clubs, tennis courts, malls, hospitals, and schools.

Indianrealtynews.com tracks the real estate development in some of the cities of GOA.

Cities of Goa
Arambol (Harmal)
Margao
Betul
Mormugao
Bicholim
Panaji
Canacona
Pernem
Candolim
Ponda
Collem
Quepem
Dona Paula
Vasco Da Gama
Mapusa