Goa has been always tagged as the ideal holiday destination. For this reason Goa has become the prime destination for real estate. This state is further divided as per the real estate market. North Goa is favored for investment and South Goa is favored by home seekers considering its affordable rate.
As per the research from real estate experts, North Goa is preferred for investment because it offers better rental and resale avenues. It is more developed and popular with tourists. At the same time it gives better returns when the property is rented or sold. The value of property appreciates more in North Goa, which is why investors are more attracted there.
Some of the biggest projects are along the coastal belt of North Goa. Renowned developers from other states like Gera, DB Realty, Prestige Group, Concrete Developers, Remus Group and Naik Navare are also focusing towards North Goa.
Considering the high demand for residential property, builders have started expanding to nearby areas like Sangolda, Socorro, Saligao, Pilerne, Old Goa and Ribandar.
Builders are also altering their products by cashing on the destination factor and also on the fact that people are buying properties with an eye on appreciation. It is done by either pricing land at a premium rate or by offering lifestyle opportunities along with their projects.
According to a well known real estate site, the property rates in Panaji are around Rs 6,000 per square foot. A popular beach in North Goa called Candolim is at Rs 5,500 to 6,000 per square foot. Compared to this South Goa’s coastal village –Majorda costs around Rs. 3,100 per square foot.
The property rates in Goa are not fixed and they keep on changing with time. So it’s pretty difficult to provide the exact rate to a customer at a particular time. It also depends on the seller, the location, and also the facilities. Then you have the location, facilities, elevation which are also taken into account.
Experts also believe that the North-South bias is due to the difference in the preference of lifestyle. If a person is looking for tourism and better facilities than he will opt for North Goa whereas a person who wants to live in a peaceful, relaxed place will opt for South Goa.
Also North Goa due to its better accessibility, beaches and shopping facilities has become a preferred destination for investors.
Courtesy :Real Estate News and Trends in India
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