Tag Archives: Goa’s real estate market

DLF is set to debut high-end villas in Goa, priced between Rs 40 and Rs 50 crore

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Approximately 32 kilometers from the Goa International Airport in Dabolim, the opulent project will have 62 villas atop Reis Mago, a hill in Goa. 

In the second half of the 2024-2025 fiscal year, 62 ultra-luxury villas in Goa, priced between Rs 40 crore and Rs 50 crore, are anticipated to be launched by Delhi, NCR-based listed real estate developer DLF, according to company sources.

The Goa International Airport in Dabolim is about 32 km from the luxury villa project, situated atop the hill of Reis Mago.

Ashok Tyagi, the managing director and chief financial officer, informed analysts on July 26 that the Goa luxury residential project would begin construction in the September quarter.

The distance between the Goa project site and Candolim beach is 4 km. The separation between Baga Beach and Calangute Beach is 10 and 12 km, respectively.

The definition of luxury homes has changed over the past two years due to a noticeable increase in buyer intent. Particularly Goa has become a popular choice for second homes due to a noticeable increase in opulent developments.

Accordingly, we declared our arrival in Goa earlier this year with the launch of a gated villa community project in Reis Magos, North Goa. “This will be DLF’s first ultra-luxury residential project outside of the National Capital Region (NCR) and will set a benchmark in the segment,” stated  Aalkash Ohri, DLF Home Developers’ joint managing director and chief business officer.

“Real estate is becoming popular among investors, particularly pricey vacation homes in remote locations away from cities. Ohri went on, “Due to this trend, there is a greater demand for luxury real estate, especially from corporate professionals, non-resident Indians, and extremely wealthy people. Goa’s appeal among India’s affluent is highlighted by the fact that about 35 percent of holiday home buyers chose the destination as a second home, according to Sotheby’s International Realty (ISIR)’s Luxury Outlook Survey 2024.

As part of their strategy to capitalize on the strong demand for luxury homes, DLF intends to offer approximately 37 million square feet of space for sale in multiple cities over the medium term, with a potential revenue of Rs 1.04 lakh crore. In their latest briefing, they discussed the April-June quarter of FY25.

Buyers of second homes continue to favor Goa.

According to a recent research report by real estate consulting firm Savilla India, young professionals find it appealing to invest in gated villas in Goa because the market offers appealing rental yields and capital appreciation.

Grade A locations like Anjum, Arpora, Baga, Calangute, and Candolim have seen a 22% capital appreciation in villa prices in the FY 2023-24, even though the return on rentals is only roughly between 5 and 8%.

According to a report on the top 10 tier-2 cities’ real estate growth, Goa also ranked second, with a 90% appreciation in launch prices of residential units in the second home destination over the previous five years. 

The top three places in North Goa to rent for a lot of money

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North Goa may be the best option if you want to invest in real estate in Goa and make significant profits. The area is an investment-friendly destination because it attracts large numbers of tourists year-round and because properties such as villas, staycation apartments, and homestays are in high demand. So let us investigate the top three places in North Goa with the highest potential rental income.  

One of Goa’s two districts, North Goa, is a well-liked tourist destination with plenty of space for sizable rental incomes. Mopa Airport and other infrastructure upgrades will help Goa develop. The region’s housing demand has been further positively impacted by the influx of industries and the start-up culture, providing investors with profitable opportunities.

Many localities rank highly in the liveability category, drawing in both end users and tenants with a wide range of property options available at competitive pricing. Let us find the most affordable places to rent in Goa.

North Goa’s best neighborhoods for the highest rental income

North Goa has a huge upside and nearly no downside regarding its rental income earning potential. Why do we say that? Go on to find out the response. 

Calangute, North Goa 

Calangute is a popular vacation spot, primarily because of Calangute Beach and other attractions like Aguada Fort. Due to this, there is a demand for vacation rentals and staycation apartments, which creates an opportunity to profit from investments through short-term rental income.

Calangute is one of the best places in North Goa for high rental income because of its closeness to business centers, which attracts long-term tenants like working professionals. Within a 5-kilometer radius are several industries, such as Maruti Industries, Steelmac, and Deepra.

Although the majority of the properties in Calangute are 1- and 2-bedroom apartments, the area also has residential lands, villas, and independent builder floors. The price range for a 1-BHK apartment is approximately Rs 41 lakh to Rs 1 crore, while a 2-BHK apartment may cost between Rs 82 lakh and Rs 1.5 crore. 

The average property price in Calangute is Rs 10,000 per sqft. And the rental rate is Rs 14,000-16,000. 

Real estate developers like Saldanha Developers Pvt. Ltd. and Pink Zebra Real Estate have chosen to establish their presence in North Goa due to the ongoing demand for real estate.

The social amenities that Calangute in North Goa provides also contribute to its livability. Popular hotels, shopping centers, and schools in around the area include: 

  • Educational Institutions: Green Meadows School and Narsaraopeta Engineering College are three kilometers away. 
  • Shopping centers: Valanka Shopping Mall and Calangute Beach Road Mall are nearby.
  • Hotels: Nearby hotels are Candolim Grande Resort and Hyatt Centric.
  • Hospitals and clinics: Yashraj and Bosio are two kilometers away.
  • Attractions for tourists: Aurelio Pinto, Memorial Park, and Candolim Park are among the parks in the area; Calangute Beach, Baga Beach, and Aguada Fort are 7 km from the center.

Mapusa, North Goa

It is easy to commute in about 30 to 40 minutes because the industrial areas of Verna and Kundaim are 35 km away from the location via NH-66. Due to this, Mapusa has become a popular place for working professionals to live, which may be the main reason for the high demand for rentals in this area.

Mapusa is a posh housing town with 2-BHK homes starting at Rs 46 lakhs; monthly rentals range from Rs 22,000 to Rs 26,000. The location also offers 1 and 3 BHK apartments, with prices ranging from Rs 36 lakh to Rs 44 lakh and Rs 65 lakh to Rs 3 crore, respectively, in addition to the 2-BHK units.

Furthermore, Mapusa is among the greatest places to get the most rental income because of the abundance of amenities and flawless connectivity. Here are some of its main points, in brief: 

  • Simple Connectivity: Calangute-Mapusa Road, Mapusa-Moira-Aldona Road, and National Highway (NH) 66 provide interstate and city connectivity, respectively. 
  • Easy Travel: NH-66 connects Thivim Railway Station, Mapusa Bus Stand, and Goa  International Airport, which are nine, four, and 37 Kilometers away, respectively. 
  • Educational institutions: Kupwara Public School, St. Mary, and St. Anthony, all within 4-6 km.
  • Hospitals in the area include Holy Cross General, Kenkre, North Goa District, and Ankur. 

Porvorim, North Goa

Porvorim provides easy access between Maharashtra and Goa and is located on the Mumbai-Goa highway (NH-66). Within a 10-kilometer radius are Pilerne Industrial Estate, Colvale Industrial Estate, and Goa Industrial Development Corporation, providing working professionals with easy access to employment opportunities and convenient commuting.

Its convenient location and abundance of business centers make it a valuable asset with excellent return on investment (ROI). The fact that this town is home to well-known developers like Syndicate Buildcon, Mohan Group, and Mehta Developers speaks volumes about the potential of residential properties and the rental incomes they can generate.

Residential apartments in Porvorim, North Goa, come with 1-2 and 3 bedroom layouts that start at Rs 38 lakh, Rs 70 lakhs, and Rs 1.19 crore, respectively.

The following facilities make it even more appealing as one of the greatest places in Goa to rent for the most money. 

  • Road connectivity: NH-66 provides interstate access to Maharashtra, while the Panvel-Kochi-Kanyakumari Highway connects Kerala with Maharashtra. 
  • Rail connectivity: The Karmali Railway Station, which is 17 km from the location, provides inter-city and inter-state rail connectivity to the Indian Railways.
  • Holy Family Primary School, Blooming Bud, and Shiksha Niketan School are the schools. 
  • Colleges: Ann Institute of Hotel Management and Vidya Prabodhini College. Mandovi Hospital, Holy Cross General Remaso Hospital, and Chodankar Hospital.
  • Aguda Fort, Candolim Beach, and Pilerene Sunset View Point are well-liked tourist spots. 

It is among the greatest options for investors seeking a high return on investment (ROI) because of all these factors.

The positive aspects of the region that the residents have praised are the lifestyle, environment, safety, and connectivity.

In summary, North Goa’s Calangute, Mapusa, and Porvorim are some of the best places to find high rental incomes. Ensuring the same requires the provision of social amenities, ease of connectivity, and proximity to commercial hubs.

These locations also welcome tourists throughout the entire year. Investors can thus profit from both short-and long-term rental income. You should still speak with a licensed property consultant and conduct in-depth research to make the safest and best-informed decisions. 

Goa real estate market: Young professionals are buying more and more villa properties due to the appealing rental yields

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Gated villas in Goa are an appealing investment option for young professionals due to the segment’s attractive capital appreciation and rental yields. Grade A locations like Anjum, Arpora, Baga, Calangute, and Candolim have seen a 22% capital appreciation in villa prices in the FY 2023-2024, even though the return on rentals is only about 5-8%. 

According to data supplied by Savills India Research, some of the newly built villa properties in Goa are priced between Rs 7-10 crore, comparable to apartments in South Delhi and South Mumbai. 

Younger professionals are increasingly relocating to Goa, particularly from large cities like Bengaluru, Delhi, Mumbai, and other well-known cities. According to the data, these new residents frequently work in creative industries or are digital nomads looking for a better work-life balance. 

According to Savills India’s research, buyers are mainly people in their 30s to 60s, including business owners and salaried professionals. These purchasers seek wealth diversification opportunities with gross yields of 10-12% annually, drawn by the prospect of capital appreciation and rental returns. 

It was evident that buyers of the second homes were not only end users but also retail investors looking for both capital appreciation and rental returns due to the emergence of asset management companies and hospitality operators managing individual properties. 

Savills India’s gated villas with three to four bedrooms and sizes between 2,000 and 4,000 square feet are becoming increasingly popular, according to Savills India. Savills India research provided data indicating that the plot sizes of these gated villa projects range from 190 to 400 sq m. 

Villa sizes decrease as a result of rising land costs. 

Due to higher land prices, the standard size of villas in Goa has fallen over the past five years from 500 square meters to 250 square meters, according to the data. 

Although still in demand, premium views are becoming increasingly rare, and investment goals frequently take precedence over end-use goals. According to the data, Assagaon and Siolim are popular with lifestyle-conscious buyers who value address and quality over beach access, even though beach proximity is still preferred. 

While larger properties are still available in emerging areas, the average size of a home in prominent locations has decreased to 300 square meters. The data indicated two primary buyer categories: end-users, professionals, industrialists, those looking to deploy capital gains, and investor-aspirational buyers. 

High rental income from vacation rentals in well-liked micro markets gives investors a competitive return on investment and a consistent. Families and groups are increasingly choosing private villas, according to the report. 

This is how Goa’s villa capital values compare. 

During the fiscal year 2023-2024, villa prices in grade A locations such as Anjum, Arpora, Baga, Calangute, Candolim, Vagator, Morjim, Assagao, Siolim, Mapusa, Pilerne, Reis Margos, Caranzalem, and Dona Paula– went up by 22%. The average capital rate in Q2 2024 was about Rs 25,504 per square foot, while in Q2 2023 it was about Rs 20,914 per square foot. They were Rs 15,6667 per square foot in Q2 2022. 

In the 2023-2024 period, prices at Grade B locations like Aldona, Moira, Nachoinola, Panjim, Chapora, Nerul, Mandrem, Parra, Saligao, Verla Canca, Saipem, Guirim, Tivim, Bicholim, Penha de Franca, Sangolda, and Bambolim changed by 30%. Rs 17,286 per square foot in Q2 2023 and  Rs 22,410 per square foot in Q2 2024. The cost of a villa in Q2 2022 was Rs 14,564 per square foot. 

As a component of Goa Home Fest 3.0, we offer a venue where sellers can highlight their finest properties and buyers can look for properties that meet their needs. It includes more laid-back coastal areas like Nachinola, Moira, and other North Goa neighborhoods, alongside more upscale ones like Anjuna, Vagator, and Candolim. It also includes ready-to-move-in and under-construction homes in Goa. According to Shveta Jain, MD of Savills India’s Residential Services division, the showcase highlights Goa’s rich history and culture in addition to independent bungalows and Portuguese homes. 

A fascination with commercial property 

Goa’s market for commercial real estate has been expanding along with its growth and tourist appeal, according to the data. 

Goa’s transition from tourist destination to luxury real estate haven

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Goa, once known for its sandy beaches, vibrant nightlife, and as a popular tourist destination, is undergoing a remarkable transformation. This coastal paradise is now an appealing option for wealthy Indians investing in luxury real estate, transforming it from a vacation destination to a prestigious investment haven. 

The Change in Investment Motivations 

Lifestyle upgrades have traditionally fueled real estate investments in Goa. Buyers were primarily drawn to the region’s picturesque landscapes, laid-back lifestyle, and distinct cultural blend. However, recent trends point to a significant shift in investor motivation. Capital appreciation has now surpassed lifestyle and distinct cultural blend. However, recent trends point to a change in investor motivation. Capital appreciation has now surpassed lifestyle as the primary driver of real estate investment in Goa. This shift represents a broader return of investors to the market, fueled by the prospect of high returns on investment. 

Why go to Goa? 

Several factors contribute to Goa’s growing importance as a real estate hotspot. 

  1. There is a strong intrinsic appeal to Goa, despite capital appreciation. The picturesque coastline, lush greenery, and serene environment continue to attract buyers seeking a peaceful and luxurious lifestyle. 
  2. Economic Growth and Infrastructure Development: Goa’s economy has been steadily growing, supported by improvements in infrastructure. Enhanced connectivity through new highways, and bridges, and the development of a second international airport in Mopa have made Goa more accessible, further boosting its real estate market. 
  3. Regulatory Support: The state government’s pro-investment policies have helped to attract high-end real estate investors. Investment in Goa has become more accessible thanks to streamlined processes and developer incentives. 
  4. High Returns on Investment: Goa has significant capital appreciation potential. Properties in prime locations have appreciated significantly over the years, making them an attractive option for investors seeking high returns. 

The Boom in Luxury Real Estate 

The luxury segment of Goa’s real estate market has grown particularly well. High-net-worth individuals and celebrities are increasingly investing in luxury properties. Luxury real estate in Goa is in high demand, and choices vary from opulent villas with beachfront views to high-end apartments in gated communities. 

Developers are capitalizing on this trend by launching exclusive projects tailored to the tastes of the elite. These properties frequently feature cutting-edge amenities such as private pools, landscaped gardens, advanced security systems, and personalized services, which comply with global luxury living standards. 

Long-term Investment 

 Property in Goa is not only luxurious; it also represents a long-term investment. Three strict environmental regulations balance economic development with environmental preservation in the region. As a result, Goa’s natural beauty is protected and its property values are raised in the long run. 

Goa’s transformation from a tourist destination to a luxury real estate haven is a testament to its enduring allure and evolving market dynamics. As capital appreciation becomes the mainstay of investment motivations, Goa continues to attract the country’s wealthy promising both lifestyle upgrades and high returns on investment. 

A premier destination where natural beauty meets modern luxury, Goa stands out as an unbeatable investment choice in this evolving landscape. 

Formerly a part-time courier, now a luxury real estate mogul: Meet Suraj Morajkar, a pioneer of innovation in India’s luxury

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Growing up in Goa, he witnessed the influx of tourists seeking luxurious accommodations amidst the pristine landscapes and saw an opportunity to combine luxury with Goan heritage. 

Suraj Morajkar, the visionary behind Sun Estates Developers, set out to redefine luxury housing development through a deep passion for architectural elegance and an unwavering commitment to excellence. Discover his inspirational journey from humble beginnings to pioneering luxury real estate professionals. 

Venture into Luxury Housing Development 

Suraj Morajkar’s move into luxury housing development was a natural progression, motivated by a deep appreciation for architectural elegance and a desire to redefine luxury living. Growing up in Goa, he witnessed the influx of tourists seeking luxurious accommodations amidst the pristine landscapes and saw an opportunity to combine luxury with Goan heritage.  Establishing himself as a pioneer in this segment necessitated meticulous attention to detail, an unwavering pursuit of excellence, and a dedication to providing unforgettable experiences. Suraj became known not only in Goa, but throughout India, for infusing each project with innovative design concepts, superior craftsmanship, and a keen understanding of client preferences. 

Designing for High-Profile Clients 

Building luxury homes for affluent individuals necessitates a highly collaborative approach centered on understanding their distinct tastes, preferences, and lifestyle requirements. Suraj starts by encouraging open communication channels to learn more about their vision for their dream home. Using his extensive experience and expertise, he meticulously curates every aspect of the design process, from concept to execution, ensuring that each element reflects its uniqueness and goals. 

Preserving Goan History

Suraj’s commitment to preserving Goan heritage permeates all aspects of Sun Estates Develeper’s luxury housing projects, forming the foundation of their design philosophy. They approach integration with reverence, drawing inspiration from Goa’s rich tapestry of culture, architecture, and traditions. Whether incorporating Goan motifs, using indigenous materials, or embracing vernacular architectural styles, they strive to create harmonious spaces that honor their heritage while offering a modern take on luxury living. 

The Vision of Sun Estates Developers 

Suraj envisions Sun Estates Developers focusing on innovation, sustainability, and long-term growth over the next two years. They are preparing to launch an ambitious expansion strategy, leveraging emerging trends and market opportunities to diversify their portfolio and achieve new milestones. With several exciting projects underway,  including luxury residential developments and boutique hospitality ventures, they hope to redefine luxury living experiences while adhering to their core value of integrity, excellence, and customer service. 

Influence of Previous Experiences 

Suraj’s experiences with part-time jobs and cricket taught him invaluable lessons that continue to shape his approach to entrepreneurship and leadership at Sun Estates Developers. From the discipline and perseverance he learned on the cricket pitch to the humility and work ethic he developed through humble beginnings, these formative experiences instilled in him a strong sense of resilience, adaptability, and tenacity. 

Advice to Aspiring Entrepreneurs

Suraj advises aspiring real estate entrepreneurs, particularly those interested in luxury housing development, on the following: Stay true to your vision, view challenges as opportunities for growth, and prioritize integrity and excellence in everything you do. To stay ahead of the competition, you must constantly educate yourself, stay current on market trends, and innovate. 

Outstanding legacy 

Suraj’s ultimate goal for Sun Estates Developers is to redefine luxury living experiences while contributing to the community and industry. He hopes to set new standards for excellence in the real estate industry by delivering iconic projects that transcend mere structures and become timeless symbols of elegance and sophistication. Their dedication to social responsibility, environmental stewardship, and community development is just as important. They hope to leave a lasting legacy that enriches lives, lifts communities, and inspires positive change for years to come by empowering future generations, preserving cultural heritage, and promoting sustainable practices. 

Goa remains the most popular destination for vacation homes, with 71% of wealthy Indians wishing to invest in luxury real estate in the next two years.

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Compared to lifestyle upgrades last year, capital appreciation currently outweighs the primary justification for purchasing real estate. 

Up to 71% of wealthy Indians plan to make real estate investments within the next 12 to 24 months, demonstrating an abundance of confidence in the real estate market. According to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024, capital appreciation is now driving real estate investment more than lifestyle upgrades, which is why investors are returning to the market.  

High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) expressed confidence about investing in the real estate market, according to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024. A startling 79% expressed confidence in the economy’s positive trajectory in 2023-24, up from 59% the previous year.  

Regarding home loan interest rates, the Reserve Bank of India (RBI) expected 56% of NHIs and UHNIs to begin lowering rates in 2024, which bodes well for mortgage and financing prospects. 

Diversified holdings in real estate 

A startling 83% of wealthy Indians, according to the survey, own several homes, indicating a trend of diversifying real estate portfolios among the affluent. 

Aside from primary residences, 34% own business property, 25% vacation homes, 21% farmland, and 20% farmhouses. 

Up to 35% of vacation home purchasers stated that Goa was their first choice for a second residence, underscoring the city’s ongoing appeal to India’s affluent. 

At 12%, the desire to invest in properties abroad stayed consistent, with the USA and Dubai, United Arab Emirates, being their top choices. 

Consolidation of real estate portfolio 

Up to 43% of HNI and UHNI respondents said they to focus on higher-quality properties and assets that generate income to consolidate their portfolios. One-third of UHNIs and HNIs now use electronic tools like walkthroughs and 3-D virtual reality for research and property viewing. 

“Record-breaking home sales figures in Indian real estate in 2023 and an all-time high stock market are indications of the growing economic momentum. In the next 12 to 24 months, the top end of the real estate market will gain the most. Goldman Sachs Group Inc. projects that the number of people in the affluent class will almost double to 100 million over the next three years. The ultra-wealthy in India are increasing. The ranks of the ultra-rich have continued to rise due to the strength of start-up ecosystems and the increasing number of unicorns. Amit Goyal, Managing Director of India Sotheby’s International Realty. “Our Luxury Outlook survey results show a renewed and heightened interest among investors who now view real estate as a compelling avenue for long-term wealth creation.” 

“The resilience and potential of the Indian economy is evident in the remarkable shift in economic sentiment we are now witnessing. This increase in luxury projects in the top seven cities is not surprising. Alongside a wider understanding of real estate’s enduring value and potential for long-term financial growth, there is also a shift in mindset. The CEO of India Sotheby’s International Realty, Ashwin Chaddha, stated, “We think investors are strategically positioning themselves for wealth accumulation and creating multi-generational wealth through real estate investments.”