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Goa: Real Estate Investment In Travel Paradise
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Goa is generally known for its beautiful beaches but and few know that the State’s GDP rate is higher than the country’s GDP growth. Also, Goa remains one of the wealthiest Indian states. This proves that Goa has much more to offer beyond tourism, it has numerous MSME in the sectors of pesticides, tyres, Pharmaceuticals, etc. and to enhance commerce and industry the State Government keeps implementing more corporate friendly laws and policies.
Real Estate in Goa got a boost when the State Government gave approval to Special Economic Zones (SEZs) very early on. This led to a number of national and international companies congregating to set up their offices in Goa. The added advantage of having a seaport further increased the trade and commerce in the State. When the infrastructure boom happened in the country, Goa was ready with open arms to welcome further development of its real estate.
Almost all of the major cities of Goa benefitted from the infrastructure growth and cities like Condolim, Taleigaon, Carazalem, Marsur, Bardez, Dona Paula, Mapusa, Panaji, Vasco Da Gama, Ribandar and Old Goa, and Santa Cruz etc. became tourist, industry and development hubs.
Real Estate in Goa benefits from its booming economy and huge consumer demand based on increased earnings and infra growth. The current property prices are in the range of Rs 3300 per square feet to Rs 8000 per square feet (March to June 2013 figures). The rates vary city wise and location wise but almost all areas are getting good returns and value for money.
The same is case with commercial property as well and Goa being a commercial hub the rates range between Rs 4500 per square feet to Rs 8000 per square feet (March To June 2013 estimates). The commercial properties rake in huge profits too and are very much in demand.
Property Trends Property
The trends indicate growth for the smallest State in sub-continent. The State’s economy is strong and has a bright future and is likely to generate demand for more houses, commercial spaces etc. Realtors see a growth in residential property in the range of 3 to 8 per cent and for commercial property; it is a little more; in the range of 5 to 12 per cent per quarter (March to June 2013). The figures are approximate with some areas clocking more they said numbers and some areas clocking less than the figures quoted above.
But overall the Real Estate in Goa is booming at the moment and will continue to do so, unless the slowdown in the National Economy doesn’t affect the demand and supply in the State. With a robust economy and a flourishing tourism industry, Goa is likely to sail through even if a slowdown happens and cruise away to glory.
Investing in Real Estate in Goa is therefore a wise decision as the State treads towards further growth and expansion, the property prices are bound to rise and so will the returns on the properties. It may be wise to invest now, as the property rates are stable, and then reap rewards when they start giving hefty returns in three to four years to come.
Anupam is a professional writer who loves to write on various real estate topics for 99acres. The above article offers an idea about the real estate scenario in the city to help you find an affordable and beautiful house in Goa.
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