Goa Realty To Ride On Startups, NRIs
Party capital of India Goa is not just that. Apart from its booming tourism sector that provides jobs to umpteen numbers, the city is also home to prestigious educational institutes. Of late, several startups have also chosen it as their main office. Little wonder then that Goa is emerging as a major real estate market now.
Economic opportunities on the rise
For any city to replicate the success that Bengaluru and Gurgaon have witnessed, it must have jobs. The Goa state government is doing exactly that. Last month, giving a push to the startup ecosystem, Union Minister for Commerce, Industry and Aviation Suresh Prabhu launched the Goa Startup Policy. The aim is to help Goa garner a spot among the top-25 startup destinations in Asia.
In the next five years, almost a 100 startups may set shop here with support from the authorities. Technology and incubation centres set across an area of two lakh sqft will generating employment and research opportunities for thousands in Goa. Apart from that, startups that show promise would be granted subsidies of up to Rs 10 lakh. Realty boom here is then imminent.
Growing NRI interest
Apart from markets such as Bengaluru, Pune and Mumbai, non-resident Indians (NRIs) are also seen investing in the Goa property market, too. For many, Goa is an unrivaled investment destination for two reasons. Some have an ancestral connect with the city while others feel that making an investment here is bound to boom, conspiring Goa’s potential as the ultimate tourism destination.
NRIs have been particularly interested in Goa’s commercial real estate since growth potential in this segment is much higher. While NRIs investing money in Goa real estate might be expecting an average return between seven and eight percent, they are actually able to earn return on investment as high as 18-22 per cent annually.
From residential plots starting at Rs 8 lakh to plush villas that can command as much as Rs 30 crore, the Goa real estate market has a plenty of options for homebuyers.
If you are looking at plots, consider areas such as Quepem, Saligao, Dodamarg Kasai Road, Veroda Road, Margao, Tivim. These areas have plots in affordable range.
If you are eying luxury apartments, turn to Pale, Dona Paula, Candolim, Dabolim, Panjim, Aldeia de Goa, Carenzalem. These areas have properties starting at Rs 1 crore onwards.
On the whole, majority of the properties are in the Rs 42-52 lakh budget segment.
Makaan.com data suggest that prices have gone up by 20.83 per cent annually while the annual rental yield stands at 4.58 per cent. Typically, if you put your property for rent in Goa, you can recover 4.58 per cent of the property cost per year. This calculation is based on the average rental values and varies, depending on the exact location of the property.