New Property Developments
In Goa
Goa: Beach capital of IndiaMention Goa and the very first thing that crosses one's mind is one of the world's favourite beach destinations. A Portuguese colony until 1961, Goa has a mixed Indo-Portuguese culture that favours a joyful lifestyle. Located on the Western Ghats, it is the smallest state in India in terms of area and the forth-smallest in terms of population. With golden beaches, several places of worship, world heritage architecture, rich flora and fauna, etc, it attracts tourists of every type from across the world.
Current TrendsThe Goa State Infrastructure Development Corporation has been floated by the Government to speed up implementation of development projects such as hospitals, bus stands, bridges, parking lots, ropeways, golf courses, etc. Goa is well-connected with all parts of the world through a network of roads, railways, and air services. The Dabolim Airport links the major Indian states to Goa and it handles charter flights and cargo from several European nations while the Konkan and Southwestern Railway links the state to the other parts of the country.
Goa is ranked among the top five industrial destinations in India, with one of the highest literacy rates and per-capita incomes, lowest crime rates and best rail, road, air and marine network in the country. Many central and state organizations have been established and several industrial estates and parks have also been set up in places like Tuem, Thivim, Corlim, Colvale, Mapusa, Sancoale, Bethora, Kakoda, Honda, etc. Goa is also on its way for the IT industry, with the Rajiv Gandhi IT Habitat coming up in Dona Paula, North Goa, which is expected to attract investments of around Rs.500 crores in coming years. So prolific has been the development that there is today a strong local movement to prevent further erosion of Goa's natural charms.
The Realty ScenarioIt is a boom time for the Goan property market, with more and more investors set to park their money here, as they are convinced to get worthwhile yields in the long run. The major makeover that Goan property market is undergoing is because various conglomerates are purchasing huge commercial spaces for developing shopping arcades and other entertainment-related projects. Furthermore, homes in Goa have been in constant demand due to its scenic landscapes and fascinating beaches. Excellent rental from tourists is another attraction. In fact, residential property purchases in Goa register maximum beach property searches and the trend exhibits uniformity both among investors as well as home seekers alike.
Investing DestinationUnderstandably, Goa property rates have been going through the roof. Some of the most impressive locations for owning a property in Goa include Dona Paula, Panjim, Colva, Varca, Mapusa, Benaulim, Anjuna-Bardez, Nuvem, etc. Residential property rates in these area range form Rs.25000-Rs.75000 per sq. m., with expected appreciation of 20-30% over 2-3 years.
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