Changing Paradigms of Goa Real Estate

Goa real estate seems to be undergoing a transition and eventually entering into new arena. Goa residential and commercial sector are witnessing a substantial change in the demand by the end user. In residential sector Goa properties are offering a wide range of housing from modern apartments to quaint Portuguese villas which is catering to the need of upper class Similarly, Goa commercial sector is also experiencing a paradigm shift in demand.

Big companies are buying large commercial spaces to develop glitzy shopping malls. Industries such as Lakme Lever Ltd, Binani Industries Ltd, FDC Ltd, and Indian Oil Corporation have approached the government to initiate some new business ventures in Goa. These projects will fetch a total investment of more than Rs 21 crore and will also create employment for the people.

Realty majors such as DLF, Gera Developers, Parsvnath are coming up with their commercial projects to be launched in Goa. The Goa real estate market is eyeing for a quantum leap in property value of both commercial as well as residential properties.

This is likely to increase the Goa property prices by 10-15%. At present the rental value of Goa properties is up to Rs 1 lakh of that of a villa while the apartment capital value ranges from Rs 2, 400 to Rs 3, 000 per sq ft. On the other hand the commercial Goa property rates vary from Rs 3,000 to Rs 4,250 per sq ft.

Huge amount of investments are being made by the domestic and international buyers because of the emergence of world class facilities in almost all the upcoming projects. Goa Real Estate is developing at a fast pace in terms of physical and social infrastructure. A new airport is expected in Goa by 2014 which will further open up new channels of growth. All this makes Goa property a sound place for investment which is going to yield high returns in future.

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