Real Estate in Goa
Why Invest in Goa?
Goa- the 'City of Beaches' comprises the administrative divisions
of North and South Goa, with headquarters in Panaji and Margao
respectively. Goa is well connected to other cities in India
and its hinterland through road, rail, air and sea routes.
Enjoying the status of having the highest per capita income,
Goa has a high rate of economic growth.
With the service sector contributing to 55 % of its Gross
Domestic Product (GDP) and 35 % coming from the manufacturing
sector, Goa is a flourishing state. To add to its economic
growth, the booming real estate in Goa is becoming a prime
area worth parking big money for investors. The positive aspect
of Goa real estate is that there is something for everyone,
suited to different budgets.
Goa is all set for a makeover. Locations that afford picturesque
surroundings abound in Goa which promises rich returns. Famous
builders like Gera Developers, Parsvanath and DLF are brightening
the prospects further with projects involving office space
and shopping arcades featuring some of the best global brands
Conglomerates are on a buying spree for commercial properties
in Goa to develop shopping arcades featuring world class brands.
Retailers see a great future for and are planning exclusive
showrooms. This will escalate land value with average prices
of Rs 2,500 to Rs 3,000 per sq ft. Market analysts see the
rates for Goa commercial property as shooting up further in
next ten years.
Goa is a hugely enchanting tourist destination in India.
The charm it holds for foreign tourists is set to attract
an investment of about Rs 200-230 crore over the next five
years, adding an additional 15,000 rooms over the same period
and 25 odd mid-segment hotels by the end of 2007. The real
estate market in Goa is sure to thrive on expected boom in
the hospitality business in India as it is going to retain
Goa is also fast emerging as a prime destination for buyers
looking at a second home and for those looking at long-term
investments in real estate. More than commercial and retail
development, Goa's residential property market has been consistently
luring buyers that include NRIs and foreigners mainly from
the UK and Europe whose preference for the peaceful life,
perfect landscapes and beaches and tropical climate have only
risen in all these years.
NRIs can take heart from the fact that they can make real
estate investments in India freely without any cap on the
quantity or the number of investments. As foreign nationals
they can own property in India but sell property only after
three years from the date of acquisition for the property
or from the date of payment of the final installment of the
consideration for its acquisition.
The issues in Goa particularly relating to infrastructure
- roads, pipelines, power and other supply cables which have
yet to achieve global standards of quality are being ironed
out gradually. This is evident from the road development activity
going on at a frenetic pace visible at several places in Goa.
Investors in Goa can look forward to whopping benefits that
will derive from this trend.