The untapped real estate jewel of Konkan
North Goa and Sindhudurg are already developing into booming areas for gated villas, second houses, retirement residences, farming communities, and planned complexes. Additionally, the airport will promote local real estate development and rekindle investor and purchaser enthusiasm. Goa’s legendary status, in addition to the abundance of natural beauty and peaceful climate (the area’s average temperature is between 20 and 33 degrees Celsius), can also contribute to the need for fuel. The epidemic has taught us the value of proudly having a second home outside of busy cities, where there is less noise and pollution. The Konkan and North Goa region, which is endowed with lush environmental reserves, lovely mangrove forests, enormous huge natural lakes, and much more, provide a natural setting for second homes, cottages, and villa-based fully residences.
Additionally, the area is close to Maharashtra and Mumbai and has easy access to the majority of significant southern metropolises. Entrepreneurs and running corporations alike are placing big wagers on the retirement and second domestic markets in North Goa. Owning a villa or a cottage nearby is a fantastic way to connect with nature, and people are suddenly becoming aware of this.
Additionally, because it is a developing area, residences there are significantly more affordable than in other well-known hill stations and second-domestic areas like Lonavla, Alibaug, Ooty, etc. Amazingly, you might imagine proudly owning property in this area even with a budget of Rs 1–1.5 crore.
There may be a tonne of headroom for investor manipulation aside from end-use. Real estate prices are likely to soar dramatically, with the fastest growth occurring near the airport project and the Sindhudurg area because those are the micro markets where the real game may be played. Positive effects could also be felt in nearby communities. After the airport eventually enters the scene, it is anticipated that average expenses would increase by 27–30% annually. Early-moving investors can benefit from the significant increase in asset prices and earn high profits.
The area is becoming more and more popular as a destination for weddings and other special occasions. Similar situations will arise with long leases, workation, etc., providing the condo markets a strong boost. Currently, the typical condo yield for residential properties is between 4 and 7 percent, and this trend may continue.
The second market to seriously benefit from the airport may be the hotel sector, after real estate. Goa’s tourist industry is already recovering quickly; by 2022, the average occupancy rate will be 72.5 percent. The MOPA and Sindhudurg area’s tourism industry will continue to grow, which will enable you to rise to the level of the aviation challenge.
Due to its potential for connectivity with the rest of the world, the region’s breathtaking beauty and cultural allure will draw more visitors from both inside and outside of India. According to research done by the AXON Business Intelligence team, by 2030, just the MOPA location would attract investments in the hotel industry worth Rs. 2,700 crores (USD 341 million). There will be 1500 rooms as a result (3000 nights). While there will undoubtedly be a significant increase in the number of five- and four-star hotels, there will also be a gradual push toward concept tourism. This will include jungle cottages, spas and wellness centers, eco-resorts, lake hotels and resorts, and much more.
Motels are expected to see 100% occupancy during peak seasons and weekends due to the high demand and limited availability. A fantastic outstanding asset can record occupancy levels between 57% and 70% in several situations.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
