Goa, India's hottest beach destination, emerges a luxury real estate hotspot
BENGALURU : 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. Also read | Rise of the uber-rich drives luxury brands in India “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.
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