Goa’s appeal is now extending beyond holidaymakers and retirees. Real estate developers from across the country are gearing up to launch projects in the popular holiday destination, led by high demand from wealthy individuals and non-resident Indians.
The launches lined up include luxury villas, apartments as well as plotted development projects. Not only large developers such as DLF Ltd and Prestige Group, but even mid-sized firms such as Eldeco from Delhi-National Capital Region are looking to launch projects in the coastal state.
Goa emerged as a favoured second-home market post-covid as demand for holiday homes soared, and that trend is gaining further momentum.
As per property advisory Savills India, Goa has emerged as a destination of choice for second homebuyers owing to high rental yields, ranging from 5-8%.
Goa, once primarily known as a retirement destination for older generations or a holiday destination, has seen a shift as younger professionals from cities such as Mumbai, Delhi and Bengaluru are moving to the state that’s bound on one side by the Arabian Sea and on the other by the Western Ghats. It still bears a strong hint of its Portuguese colonisers.
“There are ₹1 crore apartments and there are also HNIs (high net worth individuals) willing to shell out ₹50 crore for a second home,” said Karan Singh, vice-president, India Sotheby’s International Realty, a luxury real estate broking and marketing firm.
“Over 90% of the demand is from outside Goa. There are buyers from Indore, Surat, Ludhiana, Jharkhand, Ahmedabad, Kanpur and many other cities,” he added. “A number of developers from Delhi-NCR are launching projects in Goa. In the next 3-4 years, we will see many more developers entering the Goa market.”
Gurugram-based DLF Ltd, which plans to enter the Mumbai property market this year, is also looking to launch its first project in Goa. The uber-luxury project, which will be sold ‘by-invitation only’, will have 62 luxury villas on a 38-acre hill.
Priced at ₹40-50 crore each, the project will be one of the most expensive in Goa.
The project will be the Goa version of Lutyens’ Delhi, a prime piece of real estate, Aakash Ohri, joint managing director and chief business officer of DLF Home Developers Ltd, told Mint in a recent interaction.
Bengaluru-based Prestige Group, which has completed one residential project in Goa, has multiple launches planned in the coastal state, as per its latest investor presentation. In the coming quarters, the developer said it plans to launch ‘Prestige Biosphere’, a villa project.
Also read | For DLF, luxury is the flavour of the season
Eldeco, under its vacation home segment Terra Grande, will launch its first project in Goa this year.
“Goa's holiday home market has shown remarkable growth in recent years, with increasing demand from both domestic and international buyers,” said Amar Kapoor, CEO, Terra Grande by Eldeco. “We are excited about the potential this market holds and are planning to tap into it by planning exclusive luxury villa projects.”
The spurt in demand and sales has led to a rise in both land and property prices in the western Indian state.
Abhinandan Lodha, chairman, House of Abhinandan Lodha said the demand for plots in Goa has been good.
“We launched our third project, ‘One Goa’, in Bicholim in May, and the response was excellent. We sold around 600 plots in two phases. The price of a 1,500 sq.ft. plot that was priced at ₹74.99 lakh in the first phase, was revised to ₹84.99 lakh in June-July,” he said.
“In the context of Goa’s ecology, this project will also be carbon-negative.”
