Real Estate Goa
It is an Axion truth that when you think of Goa, you think of the perfect holiday. Owing to this sentiment of Goa, it is the perfect tourist getaway that has caught the fancy of real estate developers far and wide.
Records reveal that around 75 per cent of Goa Properties are bought by people living outside the state. Most of the buyers are from the north of India- Delhi, UP and Bihar, since the north is deprived of a coastline. Several non-resident Indians also view Goa as a perfect place to retire as it offers a better quality of life than most states.
To cater the requirement of such buyers, a large number of prime developers like DLF and Parsvnath have bought large parcels of land in Goa. Most of the Goa real estate builders offer residential segments in the form of beach-front luxury apartments, Portuguese style villas and sea-facing bungalows.
Since the stamp duty and property taxes are comparatively lower, the demand for property in Goa is on higher side because of its obvious scenic appeal. In addition, commercial expansion within the state in the form of high-end malls and multiplexes and the state's plans to develop SEZs, IT parks and install high quality broadband connectivity is adding to the profitability of investment projects.
Despite all these things, there are some threats for real estate development in the state due to the concerns raised about environment protection amidst the massive development that is taking place. Moreover some Goans also feel that due to heavy outsider influx and commercialization the identify of state has been taken over by them & as a result it them which has given rise to the land disputes as most of the land is being acquired from local communities.
But the industry experts feel that the world-wide financial crunch and recession would initially affect the hotel industry and if it continued, it will affect the real estate, also. As a result all on going project are likely to slow down due to the global liquidity crunch. This will surely dampen the tourist scene in Goa during the otherwise peak season of October-December.
Beside this, the investigations into the recent rape and murder case of a British tourist Scarlett Keeling in Goa has compelled the govt to review their real estate policy and banned the sale of land /plots/ flats to foreign buyers to curb the menace of drugs and crimes which has hampered the real estate scenario to a greater extent.
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