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Realty Scenario in Goa by Amit Chopra

THE REALITY OF REALTY

WITH ITS HIGHS AND LOWS, KNOWING THE CURRENT AND FUTURE SCENARIO OF REAL ESTATE IN GOA WILL HELP YOU MAP YOUR INVESTMENTS BETTER: BY AMIT CHOPRA

Alas, there is but one…

GOA!The very word transfixes and transports one to a magical world.Goa has so much to offer; the World Heritage Sites of Old Goa and Fontainhas, some amazingly preserved Heritage Portuguese Houses, the churches & temples (many of them being more than 500 years old),beautiful beaches, stunning views, meandering rivers, charming islands, Bird & Wildlife sanctuaries, verdant fields, sweeping meadows of grasslands, wooded hinterlands, the amazing Sayadhari Mountain Ranges and a wondrous green cover.

Not to forget the deliciously celebrated variety of catholic and Hindu vegetarian and seafood offerings along with an eclectic array of restaurants that serve international cuisines of the likes that attracted Master Chef Sarah Todd; Goa is a real Foodies Heaven.

To Goans it is their home,the place of eternal succor; whileto others, a land of dreams and fun and parties.The culture and the people living the sussegado life is what makes Goa unique.

Goa is one of India’s most literate states with the highest per capita income. It’s home to some top colleges & institutions like Goa Medical College, BITS Pillani- Goa Campus, Goa College of Engineering, Goa Institute of Management Sciences, myriad Hotel Management Institutes, and of course, the-soon-to-be-opened IIT Goa.

No wonder this all makes Goa the cake, pieces of which are desired by all leading to the factor that governs Realty; ‘DEMAND’. Goa is a small state with over 80% of the land reserved for green areas. India is the world’s fastest growing economy with high population densityin the urban areas so everyone wants to take a break in paradise once in a while, and everyone who comes to Goa wants to live here forever. This is in turn leading to an ever increasing demand for homes of all varieties and massive investment opportunities.The demand for beds/rooms to fulfill the rise in the tourist footfalls has lead to construction of newer and better quality of Hotels/Resorts of all kinds be it Star, Boutique, Mid-Range, Budget, or even Backpacker. While earlier the focus was dominantly towards the Beaches, now the hinterlands are also becoming hot destinations with Eco-Tourism slowly becoming a very lucrative segment. Another segment that is gaining ground is Medical Tourism which is driven by Goa’s sunny moderate weather for those wanting to escape the biting cold. Moreover, with affordablemedical facilities in India, Goa is starting to develop as a base for Medical Tourism and for facilities like Holistic Health Centers and luxury Retirement Homes.

All these factors are however coupled with the fact that there is very little developable land on offer at any given point of time making Goa the best destination to invest in. The huge demand and sparse supply will ensure the stability of the market and fuel further growth.

If the market holds true, it is predicted that the boom can start as early as middle of next year with growth as seen in 2006-2008. One can choose to invest now when the overall rates are not very high or rue one’s foolhardiness when manifold increase in prices stares one in the face.

Goa offers something for everyone right from the lower end of the market to the ultra luxury segment. Good quality construction at affordable prices for the aspiring lower middle class, to unique and exclusive homes for upper middle classes, to ultra luxury products for the uber rich and celebrities are all available here. The locals, the ones wanting to live in Goa permanently, or the ones who want to make Goatheir second home; all should peek into this promising market.

A word of caution: Please engage the services of a reputed realtor whose expertise and local knowledge will help you secure your investment. Do too engage the services of a competent lawyer as it will make your life easier in the long run; the money spent today would pay off in the future by translating your investment into a lucrative, clear and marketable property.

Amit Chopra is the Director of Escala Realty India Private Limited, also the founder Chairman of the “GOA ASSOCIATION OF REALTORS” and the Member of the Governing Body of the “NATIONAL ASSOCIATION OF REALTORS – INDIA”.

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Corona Virus Impact on Housing Trends

Housing Trends are constantly changing, generally based on upcoming localities and the income of people. The trend from about a few months ago was small or compact budget apartments within a secured complex. However, with the onset on the Corona Virus Pandemic, and the drastic changes in the lifestyle of many people, we see that the requirement of buyers is beginning to change.

The questions that buyers now ask are more toward the spaciousness of rooms and the health facilities being provided by complexes.

Some pointers to keep in mind about this post-pandemic housing trend:

More Space

Due to the lockdown effected to try and curb the spread of the Virus, and the fact that the children seem to be on an extended vacation, home buyers are now looking for properties that are spacious, so as to allow for the freedom to Work in a room without being disturbed.

Multiple Uses

Can one corner in a room be used as a virtual classroom seat, and a study table? Can this balcony be used as a small workshop? People are now looking to see how they can make use of every corner of their house. Especially since the parents’ work timing may coincide with the child’s classes or the home maker may want to keep an eye on the child as they are attending lectures.

Greater Number of Appliances

With the push for staying at home as much as possible, people are searching for things to do, or are going back to hobbies that they have neglected for so long. This can sometimes lead to multiple gadgets being used in the home at the same time. In small apartments, the number of electrical fittings are limited, and there are only so many extension boards you can use. Thus the requirement for more electrical fittings in the prospective property is one thing you must keep a check on.

Access to Health Facilities

Can an ambulance get through to the complex easily? Is there a proper first aid kit on hand in the complex for emergencies? Health benefits and proximity to medical facilities is another query that may come up.

Proximity to Retail and Essential Services

During a lockdown sometimes the main issue is the procurement of resources to run a house, be it groceries, stationery or even mini electrical appliances. Thus the shift of housing trend towards properties within the vicinity of retail shops, and other facilities is apparent.

The Corona Virus Pandemic has had a massive impact on the economy of the world, but the real estate industry has managed to stay afloat, by shifting to virtual tours of properties, and by keeping most of the interaction and transaction online.

We, at Escala Realty India, have a Sales Team who have always prioritised the client and delivered. Even during this pandemic, to ensure that you do not face any risk, we give you the offer of checking the property virtually, and wherever required site visits are done maintaining social distancing and proper sanitation. No matter the real estate trend, we are always ready to provide options based on what you need and what you want. Escala Realty India will help you find your best match in properties, and will help you right up to the final stage.

All you have to do is… Stay Safe! Stay Home!