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Goa, beyond tourist destination

Goa, beyond tourist destination

The inflow of domestic and foreign tourists in Goa has established a flourishing hospitality sector.

Goa, beyond tourist destination
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While the inflow of domestic and foreign tourists in Goa has established a flourishing hospitality sector, improvement in infrastructure and moderate property price is now attracting developers in residential and commercial real estate too.

Price Propellers

Some projects underway that could influence real estate prices in future

1. Transport

The state government is investing Rs 68 crore for development of roads, bridges and bus stands to improve connectivity along the beach and within the state to boost tourism

2. Airport Upgradation

Upgradation of the existing international airport at Dabolim is underway. Feasibility of a new international airport at Mopa in north Goa is also being studied

3. Goa Broadband Network

The project plans to integrate all state and taluka-level departments and all households through optic fibre cables.This will open a market for IT-enabled online services in addition to boosting tourism. It will be completed by December 2008

4. Panjim City

The state government has prepared a city development plan for Panjim to access Rs 286 crore from the Centre for improvement of urban infrastructure and governance

Highways of Growth

Highways of growth

Over 70% of the road traffic in Goa by 2011 is projected to be handled on the national and state highways. Construction of new roads and two- and four-laning of highways is one a priority

New Residential Projects

Builder
Project
Location


Price (Rs)*

Monoo Const.Elvira de Goa
Sarzora
28 lakh
Ratan HousingRatan Exotica
Corlim
30 lakh
Naroo Const.Seawood EstatesVanguinim32 lakh
Casa de Goa
Casa de Goa Residency
Cansaulim36 lakh
Dynamix GroupAldeia de Goa
Bambolim42 lakh
*Average price of a 3-bedroom apartment

 Prime properties are located along the northern coast, while mid-end properties are in the southern part

Retail Space By 2008

Dona Paula 20%
18th June Road15%
Margao15% 
Calangute10% 
Patto25% 
Candolim5% 
Mapusa 10% 
Total retail space supply by 2008: 1 million sq ft

 

 

Being a tourist hub, the retail markets are largely unorganised and are mostly located at beach towns though Margao is now emerging as the new hub

Residential prices

NORTH

2007: Rs 2800
2008: Rs 3300*

SOUTH

2007: Rs 2500
2008: Rs 3000*

CENTRAL

2007: Rs 3200
2008: Rs 3800*

Avg price in per sq ft
* Expected

Properties along the beach and in south Goa will be in greater demand as prices in these areas are still low compared to Panjim

Buying Options

AreaCheapPriceExpensivePrice
Central Calangute
3,500
Dona Paula5,500
NorthPernem2,000Mapusa3,500
SouthCanacona2,200Margao 3,200
EastSanguem2,000Ponda2,500 

Prices of residential properties in Rs/sq ft