20/02/2014
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Investment in Goa’s real estate by pensioners and wealthy individuals from neighbouring metros have hiked the prices of homes by almost 100 per cent in the last five years, according to industry experts.
Real estate industry players confirm that the prices of flats, apartments and bungalows in the tourist belt and urban areas of Goa have got hotter in the last five years. Land prices are also being revalued every six months, inevitably escalating the cost further.
Experts admit that the prices in localities like Dona Paula, near Panaji, which is overlooking the Arabian Sea have gone out of bound for middle or upper middle class families.
“Places like Dona Paula are for elite class to live. We are getting inquiries from Bollywood celebrities, industrialists and NRIs for properties here as they are priced high due to amenities provided with them,” an official from Mathias Constructions Private Ltd told PTI.
Mathias is developing ‘Ocean Park Residency’ which is priced between Rs 65,000-90,000 per square metre as it overlooks the sea and is fully loaded with amenities required for a plush life.
“The rates of the apartments and flats entirely depend on the location and amenities provided by the builder,” said Mr Ratesh Valvaikar, Manager (Marketing and Sales), B&F Realty.
Prices of projects at places like Siolim, which is a tourist hub, are approximately Rs 36,000 per square metre while it is much lesser for the towns like Mapusa, whereas flats are sold for Rs 33,000 per square metre. Properties near Baga beach in North Goa are priced at Rs 55,000 per square metre, considering the tourism quotient.
Mr Valvaikar said prices of properties in the last five years have suddenly boomed from Rs 35,000 per sq.m. to Rs 70,000 per sq.m., a straight hike of 100 per cent.
Mr Sameer Mirajkar of Horizon Land Development Private Ltd says that the revaluation of land prices contribute for the rise in the property rates.
“The land prices are being revalued every six months, which does not happen anywhere in the country.”
He said there has been an increasing trend of looking at investing in the properties rather then stashing money in the bank accounts, which has minimal growth.
“I would say, it is wise investment considering the escalation in the prices,” Mr Mirajkar added.
Horizon has developed a property in a sub-urban locality near Panaji where bungalows are ranging between Rs 1.75 crore and Rs 2.75 crore.
With no space left in the cities to convert, the builders are now eying the sub-urban locations, which are the next growth centres.
Mr Vinay Bhasin, Director, Palacio Group, which is developing retirement homes at Goa Velha, just 10 km away from Panaji, said the developers are looking at spaces little away from congested cities.
Palacio has pioneered the concept of retirement homes, which means all the amenities required for retired life, would be available here.
As an exception to the rat-race, Mr Bhasin’s firm has aimed that 80 per cent of the property should be sold to locals and hence they are priced at lower ebb, somewhere Rs 23 lakh onwards.
He said the main aim of the property is to provide better homes for the retired people with amenities like ambulance at their disposal, chemist in the project among other things.
