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Realty Scenario in Goa 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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