Luxury real estate segment in Goa soars
The COVID pandemic has come as a godsend in disguise for the upscale luxury segment in the real estate sector in Goa. The demand for high-end properties, whether luxury bungalows or expansive plots in Goa, was in high demand. However, at the same time, due to the size of the state, stocks with developers would be very low. The increase in demand had been sky-high soon after the first wave of the pandemic, but after the second wave of the pandemic, activity dropped significantly by more than 90%. VIKANT SAHAY spoke with players in this sector to take the pulse of the market
You name it, and Goa has it. Internationally renowned real estate companies operate in the state with their head office in India in Mumbai or Delhi and are busy negotiating high value properties that are for sale. Be it a world-renowned stock company that also deals with real estate, Sotheby’s, JLL, Savills, eXp, international real estate players and several other international property consulting firms (IPC) are present in the state and are busy attracting celebrities and high end clients who are inclined to buy property in Goa.
Lately, Goa has seen high-value properties sold like the Kingfisher Villa in 2017 or the iconic Jimmy Gazdar Villa this year. Internationally renowned architect Gerard da Cunha, who was recently commissioned to design the newly purchased Jimmy Gazdar bungalow by GVK, told Herald: âI was approached and invited to make a new vision of this iconic villa and a requirement for a kind of resort well-being but at the same time not to lose the flavor of the original bungalow. â This villa was built almost 30 years ago i.e. before CRZ regulations were imposed and it was made of natural shapes and very little concrete.
Suraj Morajkar, managing director of Sun Estates Developers and Hilton Goa, who regularly deals with high-end clients, defines “high-end” as anything that has a beach view, a touch of the beach, a touch of the river. , a view of the river and there is a substantial amount of land on the property where the FAR is only used by 10-15% can be classified as ‘high end’.
The demand for these high end properties which has recently increased in Goa has left developers with a very small inventory. âCurrently there is not a lot of inventory on the market, but people who have traveled to Goa are coming to build a vacation home because there are very fewer properties under construction,â said Suraj Morajkar.
He added that âYes, celebrities are coming, but there are also many industrialists, educators, etc. famous. They have their specification which is mainly a lack of large land with panoramic views. There is a constant demand for such homes and properties, but there is less inventory in the market. I would say there is no more inventory on the market. During the pandemic, clients realized the importance of working from home and hence they are looking for properties in Goa. “
Amit Chopra, president of the Goa Association of Realtors, strongly believes that selling properties has a ripple effect and one sale leads to another because word is spreading everywhere. âWe have recently seen some really big deals happening in recent times after the pandemic. Jimmy Gazdar’s bungalow was one of the main ones and would sell for around Rs 91 crore. Previously it was Villa Kingfisher. You name it and they are here. Celebrities like Akshay Kumar, Abhishek Bachchan, cricketers like Sachin Tendulkar in South Goa, Ajay Jadeja, Yuvraj Singh, etc.
He added that when people start living here, the state will obviously benefit. âMy point of view will be simple, such transactions will continue to occur. When such a chord occurs, it attracts another. More such offerings are sure to occur in and around Goa. Big projects are coming, Mopa airport to come and in the field of infrastructure, many developments are underway like the expansion of national highways etc. will attract more buyers to Goa. Large land transactions have also taken place in recent times. People are now interested in building their own houses, and land of 4000-6000 square meters has been purchased. They all come out of the âghettosâ to have a much better living space. These people also provide jobs for residents, âadded Amit Chopra.
Architect Manguesh R Prabhugaonker, National Council Member of Indian Institute of Architects, believes that since pre-liberation and post-liberation times we have been blessed with a rich architectural heritage which offers enormous potential to the world. Tourism model of Goa with direct impacts on housing and real estate in Goa. industry. To focus primarily on the modern architectural heritage in India, which needs to be listed and a study of its potential, one would realize that these structures within huge properties, large and small, in some of the places the most exclusive of Goa’s natural landscapes, have been offering enormous potential.
“Such modern heritage properties need attention in terms of maintenance and operation and also require planning strategies that could be exploited for its rehabilitative uses, especially built and natural heritage for the commercial income industry. in Goa. It requires large investments, which becomes financially a little difficult to maintain with current financial resources and to renovate or restore or readjust to infrastructure based on futuristic technology applications according to global trends. Concepts of the nature of entertainment, vacations and lifestyle have changed on a global scale, which is reflected in the inbound investments in Goa which are sure to influence the nature of the futuristic technological infrastructure that is to be created. The change is visible in the traditional Goan model which goes beyond sea, sand and sun, âsaid Manguesh R. Prabhugaonker.
Analyzing Goa’s globally established brand and its potential for attraction, Manguesh Prabhugaonker believes it is attracting the attention of several stakeholders in and around the world to explore all of these properties in order to step in and buy or s ‘adapt on a long-term lease. âDue to such demands, it can be seen that most of the modern heritage structures built after liberation are undergoing a transformation, both in terms of concept-based architectural designs and also infrastructure based on global digital trends. Working from home or from your private space with the challenges of the digital world also seems to be an additional factor that creates a demand for new trends in housing policy from Goa to Goa which certainly opens up new opportunities for employment and development. ‘long-term investment in various aspects of the service industry,’ said the architect.
Manguesh Prabhugaonker also mentioned that “such transformations are accompanied by a cascading effect on the real estate and housing industry, which also generates a need for demand for high-stake high-end properties in Goa. , which requires a planning mechanism to closely monitor and review in terms of where Goa is heading. I guess this is the start of a new emerging Goa.
eXp Realty is one of the fastest growing real estate brokerage firms in the world. Founded in 2009, it is located in 14 countries around the world with a community of more than 50,000 real estate professionals, all connected via a single cloud platform, eXp World. Goa is also on their priority list.
Sachin Taneja, who worked for Sotheby’s about a year and a half ago, now works for eXp Global Realty, an India-based American company active in Goa. He told the Herald that âduring the post-pandemic period, demand in Goa has increased. People are flocking to Goa as a second vacation home they need as a getaway and people also want to spend money and enjoy. During the pandemic, they realized that if they had the money, why not spend it and enjoy life. Yes, demand increased shortly after the first wave, but now, after the second wave of the pandemic, the business is all but dead. “