Goa property market on the rise

India's most sought after party zone is fast becoming a place to settle down but a home next to the sea or to the dance floor does not come cheap. Prices are rising notwithstanding the decision to scrap the controversial regional plan which has blocked many big ticket construction projects.

The scrapped plan allowed almost all of Goa's land to be converted for construction projects, this led to the country's top builders grabbing Goa's real estate pie. In June 2006, a one-acre plot along the busy Calangute beach in North Goa cost Rs 80 lakh, 11 months later the same property fetched Rs 4 crore.

Other Up market locations in North Goa like Dona Paula and Miramar are around Rs 25,000-30,000 per square meter, up from Rs 15,000 a square metre a year earlier.

On the other hand, in South Goa, along the beach belt comprising Benaulim, Colva, Majorda the going rate is about Rs 20,000 per square meter, more than the price band of Rs 10,000 to Rs 15,000 a square meter a year earlier.

"I don't see the land prices going down so immediately they might be inflated so while the excitement of buying land in Goa is still there people are just over quoting and keeping the price high," said Dean D'Cruz, Architect.

Prices in metros
But a home by the sea in Goa still does not cost you the earth. If you look at prices in the metros and that keeps the interest in Goa properties high.

According to a survey, built up property prices in upmarket areas of Mumbai and Delhi had touched Rs 2.35 lakhs and Rs 2.10 lakhs per square meter respectively.

In Bangalore and Chennai property prices have risen to Rs 60,000 per square meter while the tech hubs of Hyderabad and Pune cost Rs 40,000 and 52,000 per square metre respectively. But the rate at which prices are rising, Goa could be going Mumbai's way.

If sun sea and sand or whatever is left of it beckons you, then its best to buy now. Though prices are going up, they are still within the reach. For who knows years later Calangute could get almost as expensive as Cuffe Parade.

Courtesy: NDTV

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