Panaji Properties

From a very long time, we have been observing that the Panaji property market is growing by leaps and bounds. It has been regarded as one of the hottest destination appealing to the builders, investors and developers from all around.

In fact, Panaji properties have been constantly attracting people who wish to enjoy the marine climate and scenic beauty of Goa. The growing demand for all types of commercial and residential properties in Panaji has led to the improvement of a heap of real estate action over the years.

Simultaneously, the general real estate trend of buying, selling and also renting has developed to an unparalleled level. As a result, many real estate professionals including builders, developers, architects, property dealers and interior designers have been able to identify considerable increase in demands in the Panaji real estate market.

Current Market Trends

During 2007, according to many leading market analysts, Panaji real estate land value was reported to have an average value of Rs. 2.5K to 3K per square feet, and it was expected to shoot up considerably over the next decade to about 4k-5k per sq. ft.

Panaji has been known by many different names, including Konkani and Panjim. It is the capital city of Goa state, and is also the third biggest city after Vasco and Madgaon. The state of Goa has a strong hold on Indian tourism with its many scenic beaches and rich culture, which are the main factors behind all real estate developmental activities taking place in the state, especially in the city of Panaji.

There has been a good 11-12% increase in the value of Panaji Properties in the last 12 months which isn’t too high when you compare at the growth rate of properties in places like Mumbai and Bangalore, but it’s certainly an encouraging sign for investors.

Growing Potential is the Key

Likewise, the growing traffic of visitors from all around the globe is creating huge potential for the improvement of many commercial properties so as to construct resorts, hotels, shopping complexes, etc. With clear intentions of cashing in on the flourishing trend of real estate property improvement in Goa, several developers are investing huge amounts on Panaji properties, and as a result many commercial as well as residential complexes are coming up at many places within the city.

When it comes to residential segment, in addition to apartments for auction and rent, there are many independent houses including villas and bungalows that are available for sale as well as rent.

In spite of being the smallest state in India, Goa has proved to have a strong potential for encouraging real estate activities. For this very reason, many bigwigs in the real estate industry including Parsvanath, Gera Developers and DLF have decided to expand their horizons in Goa.

Reasons for Property Growth in Panaji

Here are some important factors that have resulted in generating huge demand for properties in Panaji -

Presence of plenty of scenic beaches and locales
Presence of tranquil climatic conditions which strongly appeal for tourism
Huge land areas availability
Direct foreign investments, particularly by NRIs
Luxury hotels, malls, resorts and shopping complexes

These are some of the main reasons that have accounted for the improvement of the property prices in Panaji. The residential land value in this city is reported to have prices ranging from Rs. 2.4K to Rs. 3.6K per square feet, while the price for commercial plots varies from Rs. 3.0K to 4.3K.

Recent Development in Panaji

Due to the ever-increasing demand for the properties in Panaji, land prices have shot to skies which has made housing an unaffordable affair for the middle class section residing in the place.

So, in order to rationalize real estate land prices in Goa, the local government has planned to charge heavy tenure tax on all those dwellings bought by non-residents (non-Goans), and left vacant, quite often used just as holiday homes.

SLSC (State Level Steering Committee) is a team of experts that has been formed to construct regional plan for 2021, which is a futurist land-use graph for Goa. The members of this team have suggested tax as a restrain to rising real estate land prices and immense pressure on land resources. Against all odds, the Panaji real estate market is certainly growing pretty steadily, and you won’t repent investing on Panaji properties; just make sure that you go with a big brand like DLF to ensure high ROI.