Why should I invest in Goa?

February 18, 2007	(2 votes, average: 5 out of 5)  Loading ...
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Goa – India’s ‘must see’ destination is fast becoming a ‘must have’ for tourists who want to own a permanent place under the Goan sun. Goa’s alluring beaches and palm fringed countryside has so much to offer that one cannot have enough of it, and for every tourist, it’s a case of “yeh dil maange more”!

And what better way to get that ‘more’ than owning a slice of that paradise? From modern apartments to quaint Portuguese villas, Goa has every reason to be a sound place for investment. You will be spoilt for choice with the range of residential properties that Goa has to offer – from Aguada Anchorage’s immaculately furnished detached villas adjoining the Fort Aguada resort to the Three Kings sea front project on Quegdevilim beach

Stamp duty and property taxes in Goa are lower than in other states, making the investment easier on the pocket. Expenses on a 3-bedroom villa, for example, would add up to Rs. 30,000 annually, covering round-the-clock manned security, maintenance expenses, salaries of gardener, pool attendant and other estate staff, insurance of the structures and common areas, and property tax / rates.

If you’re a regular tourist to Goa, mounting hotel rates can be exasperating, restricting your stay to 2-3 days, and before you’ve even begun to savour the spicy delicacies on the beach, it’s time to pack your bags. Your own apartment could offer you all the space you need to unwind, and earn for you when you’re not on vacation, for Goa homes offer rentals upto Rs.1 lakh a month. Goa is an excellent return on investment which few other properties can match.

What lends appeal to this enchanting city is the “live and let live” lifestyle of the local population. At peace with nature, Goa has a low crime rate, and no history of communal or religious unrest. Rated as one of the best states to live in, Goa is unpolluted and not overcrowded, and offers a better quality of life.

Driven strongly by tourism, real estate investment in Goa offers excellent appreciation. Besides, the expanding hotel industry is on a constant search for land, and prices have appreciated by 25-30% in areas fringing Panaji, the capital, where mega luxury projects are coming up.

Rates for residential property in Goa range from Rs.2, 400 to Rs.3, 000 in Panaji to Rs.900 to Rs.1700 in Ponda, the industrial hub. As for commercial spaces, Panaji is again most sought after by corporates, commanding rates between Rs. 3000 to Rs. 4250. Ponda is the home of industry in Goa, so commercial rates are higher than residential properties between Rs. 2000 – 3000.

Commercial projects in Goa are driven by the ‘Meeting-Incentive-Convention-Exhibition’ (MICE) destination project of the state tourism ministry started in 2002. Corporates use Goa for their off-site workshops and business conferences, and the hotel industry dominates the commercial activity here.

Malls and multiplexes co-exist with flea markets, and Advance India Projects has plans for a theme mall in Goa. Parsvnath Developers Limited is also in the process of building a mall in Panjim.

With the best of both worlds that Goa has to offer, what are you waiting for?

Submitted By Saroj

News Published Under:   Real Estate India, Members Contribution |

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