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  • Zakiya Sayed

THE TURNING POINT OF REAL ESTATE IN GOA

Updated: Sep 2, 2020




Goa, once known as the land of Portuguese and Konkan culture, has recently become a thriving Real Estate Hub. Goa has historically always been known for its serene beaches and historic villages but has increasingly evolved in terms of property development.

For other cities, property prices hit the sky as opposed to Goa. Goa has a very decent price which is why people from big cities are investing in Goa's small and big properties.



TREND OF RETURNS IN GOA

Goa has recently had a lot of investors investing their capital in immovable properties. Goa being a tourist destination has a number of holiday homes and hotels to sell. Therefore people invest in this type of property mainly because it has a strong rental income.

Another phenomenon observed in recent years is a wide area of land that has attracted developers of real estate to create residential and commercial projects. Single apartment, small and large duplex homes, villas, bungalows, beach houses, and penthouses are available on these projects.


Non-resident Indians (NRIs) are also seen investing in the Goa property market besides markets such as Bangalore, Delhi, Pune, and Mumbai. Goa is an unrivaled investment destination for many, two reasons. Others have an ancestral link to the city while others believe that making an investment here is bound to boom, planning Goa’s potential as the ultimate destination for tourism. NRIs have been particularly interested in Goa's commercial real estate since there is much greater growth potential in this segment.


In terms of financial, physical, industrial, and virtual connectivity Goa is also well developed. It is of global significance to have an International Airport. New pharmaceutical, IT, and biotechnology industries have also established their base in Goa.


CURRENT DEVELOPMENTS:

• Mopa is developing yet another international airport.

• The State is also planning a new export strategy to encourage exports for manufactured goods and surplus agricultural produce.

• As of February 2020 Goa had seven officially authorized Special Economic Zones (SEZs) and three notified.

• Five islands in Goa, namely St George Island, Grande Island, Pequeno Island, Conco Island, and Bhindo Island, have been established by the Union Ministry of Home Affairs (MHA) to perform holistic development.


KEY SECTORS:

• The state is developing the logistics sector at Goa by setting up a special logistics group and building several bridges to resolve existing logistics and warehousing deficiencies.

• The State had received 8.01 million tourists by December 2018. During this period 28 cruise ships with 38,543 passengers entered the state.

• Goa has approximately 104 km of coastline, and 250 km of inland waterways. The coast is full of rivers created by creeks and estuaries. In 2019 they harvested 72,09 thousand tons of marine fish.

Whether someone is looking to spend lazy relaxing weekends at home with family and friends in idyllic places, or an investment that will yield higher returns, Goa is the place to be! Why are you waiting for, then?

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