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Goa is a hugely enchanting tourist destination in India bringing large investments to the state. It is well connected to other cities in India through rail, road, air and sea routes. Goa enjoys the status of having the highest per capita income in the country with a growing economy supported by service and manufacturing industries.
The government of Goa plans to attract 6 million tourists in the next 5 years from 2.6 million currently through improved tourism infrastructure and entertainment facilities. The real estate market in Goa is sure to thrive on expected booming the hospitality and tourism business in India as it is going to retain its positioning.
The booming real estate in Goa is becoming a prime area worth parking big money for investors. The positive aspect of Goa real estate is that there is something for everyone, suited to different budgets. Goa is also fast emerging as a prime destination for buyers looking at a second home and for those looking at long-term investments in real estate.
Non Resident Indians (NRIs) can make real estate investments in India freely without any cap on the quantity or the number of investments. As foreign nationals they can own property in India but sell property only after three years from the date of acquisition for the property or from the date of payment of the final installment of the consideration for its acquisition. It is hard to think of a better way to take advantage of the appreciated dollar.
Supply is lower than demand in Goa due to the following factors:
Clear title of land ownership is scarce.
Goa follows complicated Portuguese land laws which make it difficult for major players outside Goa to get into and control the supply rate of local real estate market, unlike other Indian states.
Experienced developers based in Goa like Risara Properties and a few others maintain supply in proportion to demand.
Goa has a plenty of sloping sites which, either cannot be developed by law or are not financially feasible for development, thus keeping the supply rate in check.
Risara House,Vasudev Dempo Marg, Tonca -Caranzalem, Goa, INDIA 403001