Panjim is one of the landmark places on the real estate map of Goa. Being the state capital the real estate prices in the area are moderately higher.
Panjim witnesses maximum number of real estate transactions in Goa. Its proximity to the seaside has boosted real estate in the region. A growing number of people are purchasing property in Panjim, including Indian and foreign travelers. The trend has led to a significant rise in real estate prices in the area.
The demand is mostly for 2 BHK to 3 BHK apartments and villas in Goa. Although, owing a sea side villa in Goa is a dream everyone treasures but apartment trend is also catching up fast. The average monthly rental value for a 2 BHK apartment at Panjim is around Rs 20,000 to Rs 28,000 per month.
Presently, Panjim is the priciest place to acquire land. In the last one year the land capital value in Panjim has almost doubled, while other places across the state have seen a steady 20% increase, media reports. Other locations near the state capital, including Miramar, Caranzalem, Bambolim, Porvorim, and Dona Paula are also experiencing a similar trend in the property values.
Cashing on this, renowned real estate developers are coming up with their projects in Panjim and nearby areas. There is Jai Bhuvan developers, Sanatan Financers & Real Estates Pvt. Ltd, Sapna Real Estate and Chowgule Real Estate and Construction Pvt Ltd (CREC) to name a few.
Recently, Dubai-based multinational company Phoenix Group's subsidiary, Phoenix Realty, announced the launch of a high-class residential project in Goa with an investment of Rs 450 crore. The venture Phoenix Palms, in Panjim spread over 70 acre. It will consist of 200 villas and 100 apartments.
With such a dynamic property market where investments are pouring in far and wide by way of realtors, NRIs and HNIs, Panjim is leading the way for industry.
