If you ever thought of buying property in Goa, after being captured by the breathtaking natural beauty of this place called as Beach Capital of India, perhaps you were on the way of making a sound business decision.
You can easily imagine the economic state of Goa by the fact that it receives as much as 12 per cent of the total foreign tourists in India. Such dominance in the tourism sector positions Goa as a state with one of the highest per capita incomes in the country altogether.
As a matter of fact, the GDP (Gross Domestic Product) Per Capita of Goa is 2.5 times the average GDP Per Capita of India.
It simply gives the idea about the financial vibrancy floating across this state. The purchasing power of the residents here is by far at decent levels. And so, if you are interested in buying commercial or residential property in Goa ,it can fetch you a good return on investment over a period of time.
A Backgrounder on Goa Situated along the Arabian Sea, the western coast of India, the state of Goa is divided into two districts- North Goa and South Goa.
Its capital city of Panaji locates at the Northern one, housing all the governmental and administrative offices within it while at the latter one, Margao is a busy commercial center with concentration of business activities. However, it is Vasco De Gama that is the largest city in Goa, vis-à-vis area.
Remaining as a Portuguese colony for about 450 years, Goa was taken over by India in 1961.
No doubt, most of the building structures here are Portuguese style and architecture.
Commercial Real Estate in Goa
Besides being an international tourist hotspot, Goa has gained the attention of IT and ITenables Services (ITeS) companies of late.
A 46 acre IT park has already been set up at Dona Paula, a city flocked by Business Processing Outsourcing (BPO), and multimedia software companies. Indian software heavyweight Wipro has also sauntered into the state, acquiring 25 acre of land near the proposed IT Park site at Soccorro in North Goa.
Not just this, as many as six Special Economic Zones (SEZs) have been approved to be established all across the state, with thrust on development of commercial infrastructure.
Definitely, these trends have underlined the growth potential of commercial property in Goa & property in Panaji, and the prices are virtually moving up side at emerging business destinations of Dona Paula, Margao and Vasco.
The capital prices of retail space in Goa are marked between Rs 5,500 and Rs 11,500 psft at towns like Margao and Mapusa.
At the other end, the rental values of office property in Goa's prime retail and commercial locations like Panaji and Dona are recorded at Rs 40 psft on an average.
Moreover, the retail market in Goa is unorganized at the moment with shops scattered at beach property sides like Baga and Calangute.
A peep into future
Goa holds the rare combination of strengths in tourism and business potential. The corporate bigwigs have already expressed their confidence in Goa real estate while India's prestigious real estate developers like DLF, Parsvnath and Rahejas, have lined up sizeable projects in commercial and retail segments.
No doubt, properties in Goa are soon to be set up on the high-growth trajectory and it is not too late to buy real estate here, at this moment.