Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) who
are foreign nationals constitute 15 per cent of the demand for Goan
real estate, while the remaining is from within Goa according to
a report. While land prices in the rest of the country are likely to
fall owing to the recent hikes in home loan rates, it's quite the opposite
in Goa. A loan rate hike does not make much of a difference for NRI
investors, so the prices are still increasing, it says. Most property
buyers in Goa are high-end clients looking for a villa ranging between
Rs 80 lakh to Rs 1 crore, say senior officials of leading banks.
Panjim is the most expensive; the average cost of land in Panjim rose
from Rs 30,000 per sq m to Rs 45,000 per sq m, with prices ranging from
Rs 70,000 to Rs 1 lakh per sq m in elite localities like Dona Paula
and waterfront locations. Commercial properties go for between Rs 90,000
to Rs 2 lakh per sq m. Calangute and the north coastal belt have start
up prices around Rs 25,000 per sq m, which go up with greater proximity
to the sea. An apartment can cost anywhere between Rs 20 lakh to Rs
80 lakh. Villas cost upward of Rs 75 lakh. "With high incomes and
soaring salaries, land prices will only go up," says Kumar Gera,
MD of Gera Developments. Dynamix Group Director N P Bajaj says, "Since
the last five years, people are looking at Goa as an investment destination."
