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Interview with Amit Chopra, Director, Escala Realty Pvt.Ltd

Goa is a small state with about 3,700 sq km area. Of these, green areas, beaches, etc. comprise about 80-85 percent, road/rail network covers about two percent, and public utility land or government buildings are another two to three percent.

About 8-10 percent of developable land remains, out of which about six to seven percent is already developed. Only two to three percent is available for further development or redevelopment. Then we have to factor in titles not being clear or the owners not being willing to sell/develop their plots. So hardly one percent is actually available, making clear title land or developed property in Goa a very scarce and valuable commodity in view of the demand by the 1.25 billion Indians as well as multitude of expats/foreigners who want to live or invest here.

There is no restriction on any Indian from purchasing property in Goa. PIOs or OCI card holders can invest in non-agriculture properties, even resident foreigners with long term resident/business visas are allowed to purchase non-agricultural property as long as the money is brought in legitimately after following RBI’s FEMA regulations.

One should engage a professional Realtor* in Goa as they have thorough knowledge about titles and permissions required and shall be best placed to help one with the growth areas.

The thing to remember is that even in the realty slump, the land prices in Goa did not go down, underlining that Goa is the best place to invest in India and as India is considered one of the best places to invest in the world currently, we can rightly say that Goa is the best place to invest in the world.

Goa offers land in all kinds of sizes and locations. Developers also offer plots and independent bungalows, but mostly one finds independent villas, row villas and apartments. Gated complexes seems to be the flavour of the day with amenities like swimming pools, gardens, play areas and parking being offered even in the mid-budget developments, with even lifts and top-end fittings as standard specifications. One can see a lot of these in the Kadamba Plateau, the suburbs of Panjim, around Margao and the beaches.

There are developments targeted towards the holiday crowd in the vicinity of beaches offering mostly studio apartments or 1BHK units with a few 2-3BHK units or row villas.

Then, there are the high-end developments with bungalows/villas/apartments either in the posh areas of Panjim or with a view – mostly the scenic ‘river views’ of the Mandovi or Zuari or few with ‘sea/beach view’. Another popular kind offers either a ‘field view’ or ‘valley view’; these kinds of developments command a premium and mostly have constructions with the best specifications, offer amazing amenities and are considered value for money. Many of these developments also offer inducements like high-end cars or yachts on sharing basis or even ownership basis to the buyers in addition to all the standard amenities like club houses, spa, gym, covered parking, 24×7 security, etc.

The hinterlands have also recently started to look like great investment opportunity with Dhargalim and Dodamarg emerging as hot destinations, being in close proximity to the upcoming Mopa Airport.

Traditionally, property has been one of the best ways of investment, beating even gold and the share market in the long term. Therefore, educated investment in properties is a very sensible decision. It is prudent to buy when the market is down or slow and the current financial scenario offers one a great window of opportunity for long term investment.

There are many opportunities available for investment in Goa, namely:

NORTH GOA:

Panjim Area-

Miramar, Campal and Altinho (posh areas)
Kadamba Plateau i.e. Ribandar, Baingunim
The suburbs of Caranzalem, Taligaon, Donna Paula, Bambolim, and Ribandar

North Goa cities-

Mapusa and suburbs
Ponda and suburbs

North Goa beach belt –

Candolim, Calangute, Baga, Anjuna, Vagator
Arpora, Assagao, Siolim.
The upcoming areas in the vicinity of the beaches of Morjim, Arambol.

New focus areas –

Ela or Old Goa and its surroundings especially Corlim and Karmali.
Divar and Charao Islands
The hinterlands of North Goa, notably Aldona, Moira, Dhargal and Dodamarg.

SOUTH GOA:

Margao area-

Margao town
The suburbs and vicinity specially Fartoda, Gogol, Navalim, etc.

Vasco area-

Vasco town
The area between Dabolim Airport and Sancole, especially that overlooking the Zuari River

South Goa beach belt –

Between Utorda and Colva beaches
Between Benaulim and Varca-Mobor beaches
Area near Palolem Beach

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