It is said on a lighter side that the best time to invest in real estate is five years ago. The real estate era goes through a period of transition from time to time. Over the last two decades the rates of property in Goa are only increasing, they have nearly quadrupled. Small flats to large ones, row houses to big bungalows everything has a demand in Goa today. It is not just Goans and Indians, but NRI’s who account for a major chunk of investors in real estate in Goa today. Goa is perceived as a tourist destination, with lower costs of living hence Goa attracts investors in property very easily.
Real Estate Growth
Goa has a huge potential for real estate growth and 2023-24 is going to be the make or break year for the same. Goan property is divided into two markets, North Goa and South Goa. North Goa has a better demand for property as it is more tourist oriented, better shopping facilities while the south lags a bit behind due to a major semi-rural set up and quiet atmosphere.
If you are looking at purchasing residential property in Goa, do it now. You will get a better value for your property over a period of time as rates are already skyrocketing. If you are looking for cheaper options you can always invest in South Goa as with the new highways and bridges that are being built, travel has been considerably reduced between the two sectors.
Challenges
However, everything is not very rosy when it comes to the Real Estate Industry. Goa is witnessing a lawless gold rush. Due to unfriendly measures taken by some, a lot of illegal projects are on the rise. We advise you to look for transparency in all your investments as you may find yourself being duped in the long run. Make sure to inspect all documents; go with your lawyer who will have a better knowledge in making sure that you are entering into a legitimate purchase.
Rapid construction without application of mind and respect for nature has devastated our environment. We are facing CRZ violations, hill cuttings, felling of forests all in the name of development. We have to ask ourselves is it really worth building homes at the cost of the environment? While real estate is booming, a sustainable environment faces the threat of a downfall.
We at Classic Squares feel that being a part of the same fraternity that may be responsible for the challenges that real estate brings to the state; somewhere down the line we have to set course a correction path to undo the damage. We have been working on building environment friendly projects in order to play a role to reverse the damage done.
