Goa: The Next Big Investment Spot
With India's real estate market topping the list of most preferred destinations in Asia Pacific, the sector is currently flourishing and gaining new heights. Cities like Bengaluru, Ahmedabad, Pune, Chennai, National Capital Region, Hyderabad and now, Goa, are the most popular investment destinations. These destinations are a hit among not just local but also, non-resident Indians (NRIs) . However, while metro cities are considered to be a popular choice for a large fraction, owing to immense career opportunities, good quality education, wide range of social infrastructure, there are downsides to living in the city, too. The long distance to work and home, crowded spaces, traffic, pollution, lack of greenery and fresh air and hurried lifestyle leaves little time for some of the simpler things in life.
No doubt, getaways and holidays have always been a part of the culture. But, it can't be denied that the concept of travel is growing exponentially with more people realising the need to take a break from their fast-paced lives and enjoy the tranquility of a peaceful location. Many are choosing to invest in second homes – a place they can escape to without a second thought. One such location that has long boasted of being India's favourite holiday spot with its sandy white beaches, clean blue water and lush green fields is Goa. The Portuguese-influenced architecture, delicious food, relaxed lifestyle and pumping nightlife attract tourists from not just India but also from across the globe. The recent past has also witnessed to a steady influx of people exchanging their rapidly-engaging city lives for a more creatively satisfying and tranquil living experience as they transform Goa into an ideal holiday-cum-home destination with their small businesses, art, food, and culture. Here's why you should buy a retirement home in Goa.
Goa is currently being recognised as a state that has the makings of the next big investment destination. It is easily accessible to the rest of the country through rail, road, air and sea. The recent addition being the inauguration of the works of the Mopa Airport, a greenfield project. Once operational, according to Prime Minister Narendra Modi nearly 50 lakh people will visit the state, annually. The good level of infrastructure in the state, high standard of educational institutes and healthcare facilities are an added advantage. In 2015, Goa was recorded as the state having the highest per capita income in the country. This coupled with a growing economy supported by service and manufacturing industries, make Goa an attractive destination not only for domestic investors but also international. Moreover, the latest Goa's land acquisition policy makes the market furthermore lucrative.
One of the major positive aspects of Goa's real estate market is that there are options suited to every budget. Goa is divided into two distinct parts – North Goa and South Goa. While North Goa is considered to be livelier and more of an investment market, South Goa is peaceful and calm, making it an affordable choice for home seekers. North Goa, which offers better rental and resale avenues, was the first to see development in terms of real estate. Established realtors including Sumer Group, DB Realty, Gera, Concrete Developers, Prestige Group and Naik Navare are some of the names concentrating their efforts in the northern half of Goa. Currently, real estate development stretches right from Morjem in the North till Palolem coast in South. A number of investment options ranging from studio apartments to Portuguese villas are available along the famous beaches like Calangute, Candolim, Baga, Mapusa, Anjuna and other locations like Bambolim, Tuem, Amthane, Penha De Franca, Siridao, Ribandar and Merces.
A few years ago, Goa topped the list of second home investment destinations. However, post 2009; the real investment market in the state saw a fall in interest among non-Goans towards investment in the residential sector. In order to revive the market, the state government then increased the FSI (floor space index) in some prime locations including Margao. This led to the boost of new projects and the market developed considerably in 2011-2012.
In terms of pricing trends, property rates in and around Panaji stand at around Rs 6,000 per square foot. The rates of property near the popular beach of Candolim in North Goa are at Rs 5,500 to 6,000 per square foot. In comparison, coastal village Majorda in South Goa fetches Rs 3,100 per square foot. Property prices differ as per the facilities available and its proximity to the beach. A 650 sq mt plot with 300 sq mt bungalow in Calangute will cost around Rs 75 lakh when compared to a house with two cottages, a garden and a swimming pool in Anjuna, which cost around Rs 3.25 crore.
As tourism reaches new heights, Goa will continue to grow as a holistic environment for its residents.
Rahul Shah is the CEO of Sumer Group. With an experience of more than 11 years, he has expanded Sumer Group as one of the foremost real estate developers in Mumbai. He has largely steered the successful development of over 9 million square feet of land with an additional 14 million square feet area under construction.