Goa Invites NAREDCO Maharashtra Developers to Invest in the State’s Real Estate Sector

~ Goa plans to Release Unused Land Parcels on a PPP Model ~ 

Panjim, February 17, 2025: The Goa Rehabilitation Board and Goa Housing Board have called the Real Estate Developers’ Body NAREDCO Maharashtra to explore investment opportunities in the development in the residential, commercial, mixed–used, redevelopment and business parks segments of the State.

The senior representatives of Goa Rehabilitation Board and Goa Housing Board presented the landscape of ‘Unlocking Real Estate Opportunities in Goa’ to the developer members of NAREDCO Maharashtra, which organized its Annual Members Meet 2025 at Panjim in Goa to observe a successful milestone of completion of ten years of the trade body’s Maharashtra Chapter.

“Goa is not just a tourism destination now, but a fast-growing State for scaling businesses including the real estate offering an exponential potential to the developers who are looking for setting up of new residential and commercial projects along the coastline or in the States’ hinterland and also for the global investors who are willing to invest in second or leisure homes, luxury villas, rental homes or hospitality ventures”, said Mr Aleixo Da Costa, Secretary, Goa Rehabilitation Board while talking about the ‘Opportunities in Goa’.

Announcing the mega plans to release the unused land parcels for real estate development in the State, Mr Da Costa said, “The public sector is looking at redevelopment of its used land parcels combined with monetization of its unused land parcels through the public–private partnerships.” He mentioned that the places like Vasco, Sada Vasco, Baina, Zuari Nagar, Colvale have major unused land parcels making the scope for huge investments. “We are planning to take all these land parcels together, release the unused land in Sada Vasco for rehabilitation purposes first and then monetize the rest of the land parcels in a PPP model where private developers can participate. The tenders will be issued very soon for monetization of the land,” Da Costa informed.

The land parcels are mostly in Vasco City and within a radius of 1 to 2 kms from Airport, Seaport and Railway making these land parcels huge potential for investments. The land parcels mentioned are: Sada Vasco (24,580 sq mtrs, Used: 10,000 sq mtrs, Unused: 14,000 sq mtrs), Baina (4600 sq mtrs), Adarsh Nagar Chicalim (Vacant Land: 23,533 sq mtrs), Colvale (1000 sq mtrs) and Zuari Nagar (1800 sq mtrs).

Mr Sadashiv Gaonkar, Housing Engineer, Goa Housing Board, while talking about ‘Unlocking Real Estate Opportunities in Goa’ invited the leading developers and investors to participate in the strategic development of prime land parcels in the state. He said, “Goa’s real estate is experiencing an unprecedented growth driven by increasing demand by professionals, remote workers and institutional investors and the State is ready for investment, as there is a need to meet the rising demand for diverse accommodation options, residential development and mixed–use projects.”

According to the presentation by Mr. Gaonkar from Goa Housing Board, Goa’s real estate market offers excellent returns, especially in North Goa. Property prices in Goa are climbing at 15% to 30% each year, making it a high growing market. On an average, the properties in North Goa have appreciated by ~83% over the last 5 years, with Candolim (168.5%), Siolim (149.2%) and Calangute (83%) experiencing significant price appreciation.

Investors are eyeing Goa’s income generating properties, including commercial spaces and villas. Goa’s booming tourism guarantees strong rental incomes, with a return-on-investment (ROI) ranging from 4% to 10% each year. North Goa areas bring-in annual rental payouts of 8-9%, while South Goa offers 6-8% returns.

~35% of holiday home buyers prefer Goa as a second home destination, highlighting its appeal among India’s population. Real estate inquiries in Goa increased by 90% in the last five years, showing strong market demand. Rising Airbnb demand in Goa is driving residential property investments and higher prices. North Goa has ~14000 rental properties listed on Airbnb, with peak season occupancy rates reaching 80-90%, highlighting the strong demand for short-term rentals.

Goa is undergoing significant infrastructure expansion, making it a highly attractive real estate destination. The Goa International Airport, Dabolim handled ~35 lakh passengers while the new Manohar International Airport handled ~24 lakh passengers in the year 2024. The Mumbai-Goa Expressway and the Zuari and Mandovi bridge will significantly reduce travel time and open remote areas for development, providing a major advantage for the region.

Calling the Annual Members Meet 2025 of NAREDCO Maharashtra in Goa to be an opportunity to understand the State’s real estate landscape better and the Chief Minister’s approach towards the national real estate industry collaborative, Mr. Prashant Sharma – President, NAREDCO Maharashtra said, “NAREDCO Maharashtra is privileged to explore opportunities for real estate development in Goa to unleash the State’s potential. Goa is not just an international tourism destination now, but it is transforming into a real estate development hub attracting global investors moving its property markets northwards. Goa’s initiative to invite the developers to tap the real estate opportunities in the State is a welcome step.” 

Mr Rajan Bandelkar, Vice Chairman, NAREDCO said, “With the Central Government’s impetus on infrastructure growth, even smaller states are transforming significantly with better connectivity and accessibility. Goa is the perfect example of how a state can bolster other businesses including real estate by keeping tourism at the centre. NAREDCO Maharashtra will cement its collaboration with Goa to take the State’s real estate sector on a fast-track mode.” 

Mr Niranjan Hiranandani, Chairman Emeritus, NAREDCO Maharashtra said,  “Completing  a decade-long journey in Maharashtra, it is now time for NAREDCO Maharashtra to support other cities, regions and the States in growing the real estate sector. Being a neighbor, Maharashtra can always join hands with Goa in exploring common opportunities for the real estate industry’s growth banking on its sound infrastructure, international connectivity and new development regions opened for the investors. Goa is soon set to top the charts of the best preferred market for second and leisure homes, luxury villas, vacation homes and hospitality businesses for the global investors.”

Mr Hari Babu, President, NAREDCO said, “Goa has been witnessing real estate investments by affluent Indian and overseas buyers in recent times owing to their inclination for acquiring income-generating commercial assets or second homes alongside their primary city homes.”

When India’s mainstay property markets are expanding beyond Mumbai, New Delhi, Bengaluru, etc., the states like Goa are gaining prominence. The real estate investors are bullish on Goa’s potential to offer attractive property destinations along its coastline and even in the hinterlands owing to its charm as an international tourism centre. Offering sound returns on investments by way of capital appreciation and rental yields, Goa has been witnessing real estate investments by affluent Indian and overseas buyers in recent times owing to their inclination for acquiring income-generating commercial assets or second homes alongside their primary city homes.

According to a study conducted by NAREDCO Maharashtra, Goa is gaining prominence in the NRI community as a preferred choice for investing in second homes back home owing to favourable factors such as the State’s dynamic culture, climate, beaches and ‘ease-of-life’ quotient. Added Mr Sharma, “NRIs are driving demand for luxury villas, contemporary condominiums, which is compelling the developers to develop upscale properties tailored to these preferences of NRIs. Vagator, Morjim, Mandrem, a micro-market of Dona Paula are some of the significant potential property destinations in the State. The homebuyers are searching for tranquil areas with a different kind of a lifestyle.”

Corporate Comm India (CCI Newswire)