Read More About South Goa & it's Real Estate Property Market
Goa is located on the western coast of India in the Konkan region.
It was a former Portuguese colony for about 450 years, until it was annexed by India in 1961.
The ancient city of Margao still exhibits strong Portuguese influence who first landed here as merchants in the early 16th century.
It’s flanked by the State of Maharashtra to its north and Karnataka to its east and south while the vast expanse of the Arabian Sea forms its west coast.
Goa is the country’s smallest state by area and the fourth smallest in terms of population.
It is India’s richest state with a per capita GDP estimated to be about two and half times that of the country as a whole.
It was ranked the best placed state in terms of its infrastructure by the Eleventh Finance Commission and also bagged the top spot for the best quality of life in a survey conducted by the National Commission on Population which was based on 12 key indicators.
The city of Panaji or Panjim as it’s popularly called is the state’s capital, while Vasco da Gama is its largest city.
Goa is one of India’s most popular tourist hotspot and is visited by a large number of international and domestic tourists who flock its many beaches, places of worship and world heritage architecture sites.
POPULAR TOURIST ATTRACTIONS:
BAGA BEACH: One of the most popular beaches in North Goa, Baga beach offers a host of activities that include: dolphin spotting, parasailing, banana boat rides and the chance to sample local cuisine in addition to its salubrious atmosphere.
AGUADA BEACH: Known for its Aguada Fort, this sandy beach in North Goa is dotted with many historical attractions against the background of ancient citadels and a pristine landscape. The beach is also a favourite among couples and honeymooners.
ARAMBOL BEACH: Located on the north of Keri beach and south of Mandrem beach, this beach is also a traditional fisherman’s hamlet. With a sandy shore safe for swimming and cheap accommodation options in plenty, Arambol attracts a lot of foreigner tourists. Also available here is a slew of adventure sports activities that include; paragliding and kite surfing.
PALOLEM BEACH: Featured in the popular Hollywood thriller – The Bourne Supremacy – this beach offers soothing and serene ambience. Its beauty lies mostly in its unhampered shore and clear waters which are an equal favourite among local fishermen and foreign tourists who frequent it.
CALANGUTE BEACH: Situated approx 15kms from Panaji, its one of the most popular beaches in Goa and the largest beach in its north. The beach is constantly bustling with tourists looking to relax on its soft sand and foreigners looking for a good time especially during the summer and winter months.
BOM JESUS BASILICA: A UNESCO World Heritage Site and one of the oldest churches in the country, the church of Bom Jesus Basilica was formally consecrated in 1605 and is amongst the top places to see in Goa. An important pilgrimage for the Christians, it is here where the remains of St. Francis Xavier are kept.
FORT AGUADA: A Portuguese fort overlooking the Sinquerim Beach and the Arabian Sea, Fort Aguada was constructed in 1613 and since then it has become a prominent landmark or a reference point for ships visiting the Goan shores from Europe.
ANJUNA FLEA MARKET: Although Anjuna is a small village in Goa known mostly for its St Michael Church, its fame has travelled far and wide for its popular flea market as well. A weekly event made popular by hippies who used to sell items here procured from different parts of the world.
MAPUSA FRIDAY MARKET: A not-to-miss event hosted every Friday just outside the Mapusa Municipal market featuring a line of stalls selling local goods sourced from farmers and small entrepreneurs ranging from fruits, spices, pottery and carpets to home-made products like pickles and Goan chourico.
CURLIES: a famous beach shack at the Anjuna Beach is considered to be one of the orginal beach shacks here. Started as simple beach shack, Curlies has now become one of the major landmarks in Goa. Offering food and drink in a pleasant ambience, this is the perfect place to relax and unwind.
Population-wise, the state of Goa ranks 26th in India.
It has only about 15 lakhs of natives residing in it, making it a state of medium population density.
Its population density is almost 400 according to Goa census 2011, in a small area of mere 3000 sq kms.
Goa is also the smallest state in India.
Urbanization growth has been rapid in Goa, with over 60 percent of the population living in urban areas here, while rest resides in rural area.
Major cities here are, Panaji, Vasco De Gama and Ponda.
The official language spoken is Konkani, which is widely used in the seaside areas of the west.
Konkani is spoken as a native language by about 61 percent of the people in the state, but a majority of Goans can speak and understand the language.
As per details from Census 2011, Goa has population of 14.59 Lakhs, an increase from figure of 13.48 Lakh in 2001 census.
In 2001, total population was 1,347,668 in which males were 687,248 while females were 660,420.
The total population growth in this decade was 8.23 percent while in previous decade it was 14.89 percent. The population of Goa forms 0.12 percent of India in 2011. In 2001, the figure was 0.13 percent.
Literacy rate in Goa has seen upward trend and is 88.70 percent as per 2011 population census. Of that, male literacy stands at 92.65 percent while female literacy is at 82.16 percent.
In actual numbers, total literates in Goa stands at 1,165,487 of which males were 615,823 and females were 549,664.
Total area of Goa is 3,702 sq. km. Density of Goa is 394 per sq km which is higher than the national average 382 per sq km.
The sex ratio in Goa is 973 i.e. for every 1,000 males, which is below national average of 940 as per the 2011 Census.
JOBS & EMPLOYMENT OPPORTUNTIES:
Tourism is Goa's primary industry.
As per industry estimates, Goa handles approx 12 percent of all foreign tourist arrivals in the country.
The land away from the coast is rich in minerals and ores and mining forms the second largest industry.
Goa’s massive Marmagao Port accounts for over 39 percent of the country’s iron ore exports
Agriculture and fishing offer part-time employment to a sizeable portion of the state’s population.
Rice followed by areca, cashew and coconut are the main agriculture crops here, while fishing employs an estimated forty thousand people, though official figures point to a decline in the employment generated by this once important industry.
Medium scale industries hosted here include manufacturing of pesticides, fertilisers, tyres, tubes, footwear, pharma, chemicals, steel rolling, fruit and fish canning, cashew nuts, textiles and brewery products.
Another source of cash inflow into the state comes from many of its citizens who work abroad and remit money to their families.
TRANSPORT & CONNECTIVITY:
Goa’s only international airport is located at Dabholim, near Vasco da Gama.
The airport caters to scheduled domestic and international air services.
Goa offers a wide network of air connections to cities Doha, Dubai, Sharjah and Kuwait in the Middle East and is serviced by leading airlines like Air Arabia, Air India, Qatar Airways, GoAir, Indigo, Spice Jet, Jet Airways and Jet Konnect among others.
The state’s public transport features a fleet of privately operated buses that connect major towns to rural areas. The Kadamba Transport Corporation, a corporation owned by the government, runs buses that connect important destination and cities in the state.
However a majority of Goa residents prefer to use their own transport resulting in a high-density of two-wheelers and small cars on the roads.
Goa has four national highways passing through the state.
NH-66 links Goa to Mumbai in the north and Mangalore to the south, NH-4A connects Panjim to Belgaum in the east, NH-366 connects the Marmagao Port from Cortalim, while the newly built NH-566is a four-lane highway connecting Mormugao Port to NH-66 at Verna via the airport.
Goa has a total of 224 km of national highways, 232 km of state highway and 815 kms of district highways.
However the National Highways in Goa are among the narrowest in the country.
Another popular form of transportation in Goa is the motorcycle taxi, operated by drivers called pilots.
River crossings in Goa are serviced by flat-bottomed ferry boats, operated by the state’s river navigation department.
Goa also has two major rail lines - one run by the South Western Railway and the other by the Konkan Railway.
Built during the colonial era, the South Western railway links the port town of Vasco da Gama with Belgaum and Hubli in the state of Karnataka. The Konkan rail line runs parallel to the coast connecting major cities on the western coast.
The Mormugao harbour near the city of Vasco handles mineral ore, petroleum, coal, and international containers.
Panjim, which is on the banks of the Mandovi, has a minor port, which used to handle passenger steamers between Goa and Mumbai till the late 1980s.
There was also a short-lived catamaran service linking Mumbai and Panaji operated by Damania Shipping in the 1990s.
Major infra development projects on the anvil here include the construction of a new International Greenfield Airport at Mopa in North Goa.
So far 16 infrastructure development companies from India, Germany, China, Korea, and Malaysia have shown interest in the project.
The airport will be developed in four phases:
Phase I will cater to 4.4 million passengers and is to be completed by 2020.
Phase II will cater to 5.8 million passengers and it should be ready by 2025.
Phase III should be ready by 2035 and will cater to 9.4 million passengers.
Phase IV will be ready by 2045 and cater to 13.1 million passengers.
The airport will be developed on a design, build, finance, operate and transfer (DBFOT) basis in a public-private partnership model.
Tourism infrastructure development projects worth s INR 40cr are set to be taken up by the Goa government in Pernem, giving a facelift to popular tourist locales including Keri, Mandrem, Arambol and Morjim.
The tourism infrastructure development project in Pernem entails providing toilets, changing rooms, lighting, pathways, illumination, cafeterias and more on beaches and other tourist spots.
The tourism ministry plans to take up areas of tourist importance in Bardez taluka next for infrastructure development.
The Goa state infrastructure development corporation (GSIDC) will take up construction of four new bridges in Goa including a new bridge between Panjim and Betim.
GSIDC’s finance committee has given its approval for four bridges, one each at Cumbarjua-Gaundalim, Amona-Virdi, Keri-Tiracol and Panaji-Betim.
REALTY MARKET OVERVIEW:
Property investors from Mumbai were the first to explore the land of Goa in the 90s and bought properties ranging between INR 12-15 lakh, before renting them out to tourists.
Property prices are much less compared to some of the Central Business District areas of Mumbai and Delhi NCR, thereby attracting a steady stream of buyers and investors from both cities.
The availability of large land parcels and unexplored locations are encouraging small and large real estate brands to launch residential and commercial projects offering a wide variety of options like villas, single floor apartments, duplex and semi-duplex apartments, large and medium bungalows, beach facing and river-view apartments and bungalows featuring high-tech facilities.
Edcon, Naik-Navare, Ashray Developers, Devashri Group, Acron India, Saldanha Developers, Risara Properties, B&F Realty and Horizon Group, are some of Goa’s leading developers.
Properties and residential projects located in the buzzing North Goa belt generate the maximum demand among buyers and investors.
Property prices here range from approx INR30 lakhs for a 100 sq mtr apartment in Candolim to approx INR 1.5 cr for a bungalow or Portuguese villa.
Preferred realty destinations here include the upmarket Dona Paula, close to Panaji, to the coast of Palolem in the south and Morjem in the north.
Non Resident Indians, a frequent buyer category in the state’s property market, are known to prefer a quadruplex with a spectacular view of the sea or a high-end sea-facing bungalow.
A 650 sq mt. plot plus a 300 sq. mt. bungalow in Calangute is estimated to cost approx INR 80 lakhs as compared to a bungalow with two cottages, a swimming pool and a garden in Anjum which comes with a price tag in excess of INR 3.5cr
Other locations in Goa such as Ribandar, Old Goa, Taleigao and Santa Cruz are also witnessing a spurt in property prices due to their proximity to the capital.
Goa is undergoing a paradigm shift with companies buying large commercial spaces to develop glitzy shopping malls.
An increasing number of retail chains are also considering ramping up their presence here with exclusive showrooms.
Given the growing demand, market analysts expect the rates for commercial property in Goa to witness a sharp increase over the next decade.