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Real Estate Developments in Goa

Goa’s real estate market is clearly dictated by investors from outside Goa – Indians and foreigners looking for a second home or as an investment. Goa has become the realty destination for the young and trendy from India’s metros, causing an overall tripling of property rates over the last one year.

Apart from the physical charm that Goa exudes, the state’s property taxes also make it a very attractive destination for investment. Local residents initially responded to the property boom in Goa with zeal, and turned some residents into overnight millionaires.

Distant villages in Goa attracted foreigners who bought up old heritage homes willingly sold by locals. The State Foreigners Department has recorded approximately 5000 Britons who have bought property in Goa in violation of the provisions of the FEMA.

As a result, real estate in Goa has fueled a political crisis, with foreigners and officials facing the wrath of the locals. At the same time, the controversial Goa Regional Plan which sought to withdraw almost all restrictions on real estate development in Goa, met with flak from citizens who reacted with anger, forcing the plan to be scrapped.

A new Regional Plan for Goa will be prepared, taking cognizance of the sentiments of the protestors.

Appreciation

Large tracts of land are being purchased by builders like DLF, Gera and Parsvanth who are drawing up projects for office-cum-shopping malls. With branded showrooms setting up shop here, land values have increased 2 to 5 times over the last two years, depending on the locality.

The escalation of property prices in Goa is best exemplified by the purchase of land by DLF in Panaji for Rs.4.5 lakh per square yard in 2006 to build a mall and office complex. The state government owned land had no takers 2 years ago when the rates were around Rs.70,000 per sq. yard.

As an asset, serviced apartments in Goa have found favour with investors, who are assured of a rental income when the apartment is not used by them. Panjim has seen a lot of growth in this sector where property prices have appreciated by 300% in the last 2 years.

NRI Real Estate Trends
A haven for NRIs, builders in Goa have spared no efforts in combining convenience and lifestyle.

Aldeia de Goa from the Dynamix Group is spread over an expanse of 140 acres along a wooded ridge 11 miles from Aldona, An exclusive residential colony, bungalows cost as much as Rs.2.8 crore. Land rates in Aldona have doubled over the last two years, with NRIs investors forming a substantial fraction of the clientele.

Other properties of interest include the Joia Do Mar project by Kay Jay near the Calangute Beach which offers apartments and villas along with an array of conveniences, and the Peace Valley township which is under construction in Sirvoi, Quepem, which also offers a choice between 23 villas and 178 apartments.

 

 

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