Buying Property in Goa

By: George Gonigal

The state of Goa, located along the western coast of the country, is divided into two districts viz. North and South Goa. With a number of initiatives taken up by the state government, Goa is emerging as an IT destination. The state has set up an advanced 46-acre IT centre called Rajiv Gandhi IT Habitat at Dona Paula.0020

Panaji has a number of government offices located at Patto while 18th June Road comprises the retail segment of the micro-market. Prime residential properties in Goa are located in Dona Paula, Miramar and Caranzalem along the northern coast, while mid-end apartments are present in Margao in the south. Being a tourist hub, the retail markets in Goa are largely unorganised and are located at beach towns of Calangute and Baga. Panaji will also witness hectic real estate activity in the forthcoming years as a number of national level developers have secured land here for their projects.

Goa has a number of office developments coming up in the next few years. Majority of the developments are clubbed with retail component on the ground floor. While Atria at Mapusa is a mix of retail and office, Crossroads Avenue at Margao has a mix of office, retail and residential units. Currently, high-rise office developments like Dempo Plaza and Myles High Corporate Hub are limited only to Panaji. Residential property market in the state will continue its upward trend with an increasing number of NRIs and High Networth Individuals expressing their interest in sea-facing villas and apartments in the region.

The government of Goa has proposed a number of plans to develop the state's infrastructure and thereby attract investment in various sectors. Currently, land has become a scarce commodity in the Goa real estate market. Till a few years back, flawed policy framework permitted foreign nationals to invest in local property but with recent reformed policies, restrictions have been set.

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