Cited to be an ideal holiday destination for many go-getters and young married couples, Goa has come a long way from being just that. Today the state boasts of being an ideal investment destination for many property seekers who are willing to shell out extra money just to own a piece of land here.
Although it’s the tourism that is driving the ‘realty market’ here, the affordable prices are enticing many individuals who are not shying away from investing in the growing realty sector in the state. Goa is showing signs of positive development, despite the sand mining ban. Investors from across the country are now blocking their finances just to make realty investments here, and with capital values of properties staying lower than most of the CBDs in Mumbai and Delhi, the state is fast becoming a realty hotspot.
The picturesque view, the serene climate and the availability of land in large parcels has lured many reputed realty developers to come up with extraordinary dwelling spaces. Independent homes, opulent villas, sea-facing multistorey apartments, build-floor apartments, single floor condo, you name it and Goa has it. While most of the construction activities are concentrated along the stretches between Palolem, Dona Paula and Morjem, the lesser known vicinities like Taleigao, Old Goa, Ribandar and Santa Cruz too are witnessing active realty developments. Villas in Goa along all these localities are documenting a high demand and HNIs from across the country are now investing in properties here for its lucrative returns.
While the current going rates for properties in Candolim hover between INR 25 lakhs and INR 1.5 crores, it’s the rental yields from these properties that are making it attractive. On an average these properties are capable of generating rental yields which fall anywhere between INR 1,500 to INR 12,000 per night. Owners are of old heritage homes here are now renovating and converting them into lavish boutique hotels. Homes along Sangolda and Porvorim have a number of restored homes that are now successfully functioning as hotels.
|Property Type||Locality||Price trends- psqft rate|
|Apartments||Anjuna||INR 4,750 – INR 70,000|
|Calangute||INR 6,160 – INR 11,899|
|Villas/Independent homes||Dona Paula||INR 6,360 – INR 13,350|
|Panjim||INR 8,609 – INR 65,290|
|Plots||Dabolim||INR 1,000 – INR 13,941|
|Old Goa||INR 1,000 – INR 2,150|
Architects and reputed property developers are now showing a keen interest in owing or leasing Portuguese style heritage homes. They now want to buy living museums that boast of having ancient artefacts and old furniture as such homes lure many tourists. The restoration cost is not a hindrance as the high rental returns make up for that cost. The rent for Portuguese style properties stands at an average of INR 15,450 per night. Opulent beach-side properties and their intricate furnishings are some of the factors that are luring many tourists to reside here.
In the coming days, the state is expected to witness a lot of realty related developments and will grow into an ideal global investment hub that will always be driven by tourism.
Nidhi C Thacker for IndiaProperty.com
Image: By Dominik Hundhammer (User:Zerohund) (Image by myself) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia Commons