For sometime, I have been thinking of buying a villa in Goa. I am not sure if I should opt for a ready to move in option or an under construction property. As far as my understanding, buying an under construction property is going to work out much cheaper.

I have done some research and it seems that South Goa is a much better option to North Goa, as it has become very commercial.

But I have no idea on the suburbs in South Goa and the costs for a 3-4 bedroom villa. It would be nice to have some views.
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  • Hi,

    Very nice thread and equally nice replies, which typiucally speak about everything under the sun apart from the actual question the thread was created for, which is, the prices of properties in GOA.

    Let me add my post to the growing list of replies, without any substance.

    Please, please discuss the ongoing rates of 2-3-4BHK villas ... in GOA !!!

    Thanks a ton
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  • Originally Posted by zorin111
    Hi,

    Very nice thread and equally nice replies, which typiucally speak about everything under the sun apart from the actual question the thread was created for, which is, the prices of properties in GOA.

    Let me add my post to the growing list of replies, without any substance.

    Please, please discuss the ongoing rates of 2-3-4BHK villas ... in GOA !!!

    Thanks a ton


    Hi Zorin,

    To answer your question on the real estate prices in Goa, we need be clear about the purpose of the acquisition. Mostly people buy a unit (flat/villa) in Goa, as a second DU (i.e. those from outside the state). So let me try to answer the query, from the perspective of an outsider (i.e. Non-Goan Indian).

    One has two options (1) Flats---which may be near city or near beach areas and (2) Villas--- which may be independent or in gated community/row-type of fully detached/etc.

    As a general rule, prices in North Goa are higher that those in South Goa (in most cases). As Goa is a prime beach destination, here the property prices (in any area/tehsil) start rising as soon as we start nearing the coast (depending on the quality of the beach or other infrastructure).

    So, the places demanding the highest prices are:
    (A) Prime residential areas of Panaji which are next/near to the coast(top being Dona Paula). There are other cities in Goa too (Margao being the second largest), but the prices are much below Panaji, apart from the ones in the main bazaar/street area.

    (B) Places Close to beaches. As a general principal, more renowned the beach, higher the prices (like, Anjuna, Baga, Vagator, Calungate in North Goa), Arabmol (Extreme North), Colva (Upper part of South Goa), Cavelossim, Mobor (Mid South) and Panolem (extreme south). And then there are (so many!) other coast touching localities too.

    Now, to answer your query on prices, let me talk about the Villa prices (as per my knowledge) of properties closer to the beaches. The price/rate is mainly discussed in Per Square Meter (PSM) of constructed area (i.e about 11 square feet) the price of the adjoining land and garden is normally much lower, its mainly about the construction area (not like in Delhi/Pune...where the whole plot is expensive).

    The best placed (location) villas (i.e. 200m - 300m from the beach) in the top areas are worth over 100k PSM (can go up to 125k-150k also...these will be mostly around Douna Paula and the top 2-3 north beach areas).
    In South Goa, Cavelossim-Mobor area in the best developed with the most 5-Stars (Leena, Holiday Inn, Donna Sylvia, Radisson----with Oberoi coming up). The independent Villa prices (those 200-300m from the beach, in developed surroundings) here are over 100k PSM (120k, as i heard).

    NOW, we need to understand something here, to rationalize these high prices (in a place where the general land costs are rather low).
    (1) The current Coastal Regulatory Zone (CRZ) guidelines prohibit any construction with in 500 meters from the High tide line of the adjoining coast. So, the Villa already constructed within this zone are highly valuable, as nothing new can come up around them. In some places in North Goa & South Goa, there are rivers running parallel to the coast (distance between the two being ~400m-500m in Cavelossim), here the River CRZ (of 50 meters from river line also applies). This again makes such areas "Exclusive" and hence expensive. So, the CRZ rule along with the quality of the locality determines the price. These Villa localities are normally "Cosmopolitan in nature" with good infrastructure of shops & hotels, and frequented by high-end tourists (mainly foreigners or rich Indians) and have "high" rental rates of 5k-25k (per day). Here it needs to be noted that other Independent houses (being converted into Villas of late) in these very localities, off the main areas in a more "traditional set-up" (with little tourist interaction) can have considerably lower prices. What the prices are...well there in no fixed rule, it depends.
    (2) Goa is "expensive" and "labor" is "super expensive". This increases the cost of construction considerably (or even small renovations). This again adds to the price of the Villa.
    (3) Regulations & Existence: Why don't I just buy a piece of land (say 1,000 Sq. meter) about 2-3KMs from a good beach (for say ~5,000 PSM) and construct my own Villa/vacation home/dream house/etc. Well there are the following issues: (a) local panchayat/municipal clearances are required, and the same are very hard to get (expically if you are an outsider). (b)The construction procession "will need" to involve "locals", else it won't be easy. (c) After the Villa is ready to live in, you will have to adjust to the locality, which might not be easy, as local communities do not like outsiders moving into their areas (this is true for traditional/close-set communities in India, nothing special about Goa). (d) You might surrounded by green fields and thick foliage, with hardly 2-3 houses to ur left and right, so shops or so (in the immediate area, 2-3 km away), the whole house can turn into a Bhoot Bangla :). (e) Villas in Coastal region require maintenance as it rains a "lot" and the house needs to generally have a house keeper, else things rot and their can be thefts too (so off-hand areas can pose a issue in these cases).

    Villa in other local areas are less expensive (the range is very elastic 20k-60k, it depends on the general area ans local amenities).

    Hope this gives you some idea about Villa Prices in Goa.
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  • Where should I buy a Villa in Goa?

    Yes south Goa is better than North Goa but little bit expensive too.
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  • Hi All,

    Just a little on my background for Goa: I have toured Goa extensively for a decade now, having visiting most of the "good" areas and possessing fairly decent knowledge of Goa's geographic layout.

    Some more pointers for locating "good villas" in Goa:

    1. Avoid Off-hand locations: Over the last decade I have seen many nicely built villas and gated communities across Goa (both North & South). One thing that I have consistently noticed is that many of these off-hand localities (i.e. off the main beach areas and tourist areas) are in rust/poor shape now, due to (1) poor society maintenance infrastructure (2) poor construction quality (3) heavy rains and salinity in the air (4) Bought as investment properties, i.e. irregular visits by owners (5) Not all Villas sold in the Gated community giving the place a haunted look and difficult maintenance for promoters, owners, etc.

    If you buy in off-hand locations, the return on investments are expected to be weaker, as compared to properties in "good locations".

    2. Go to the beach: Goa is all about beaches, esp. the good ones. Good beach-front/near-beach (up to 300m from coast via proper access road/path) properties are limited (fairly limited), so efforts should be made to locate a deal in these areas. No doubt, these localities will be more expensive, however, (1) the quality of living in these areas will be much better, (2) these areas will be cosmopolitan in nature i.e. you won't feel like an outsider as non-state Indians and foreigners are always frequenting and staying in these areas (3) Investment returns will be amongst the best in Goa. Unlike Delhi/Bangalore where you have to see future viability of an area (i.e. potential for offices, shopping centers, etc) to forecast how well it will develop, to estimate its investment upside. In Goa, keep it simple, find a "good" location near one of the good beaches and be assured of good returns for all times to come, as in the next 5-15 years more and more rich Indian/foreigners will want to have second/third homes in these very locations (as rest everything else will be "away from beach") so the property owners in these "locations" will get good rental and capital returns. Mind you, rental Income will be inflation-adjusted, so it will keep moving up along-with the general accommodation pricing pattern of 3/4/5 star hotels in Goa...obviously depending on the quality of your asset.

    So, if you are prepared be shell out in the range of 90k to 130k PSM (per square meter) now, then you will be assured of decent capital returns in the medium to long term with "Excellent" rental income scope - Example---If you buy a near beach villa for say. INR1.0Cr...this can have potential net rental income of 3-5 lakhs per annual (lpa) currently, depending on how you manage it. The price appreciation in these areas will be seller determined (unless distress sale) given limited quantity, and should follow a step-ladder increase pattern i.e. little for 1-2 years and then 30-50% in the nest 1-2 years. The prices should surely double in 5-7 years (on conservative basis, given previous trend). In such a scenario your rental income will grow along with the Villa price & hotel tariffs, so in 5-7 years of investing INR1.0Cr you have the potential of earning 6-10/lpa, with little risks of swatting by seasonal tenants/tourists (unlike traditional rental related risks....fairly safe). Though it should be noted that strong economic downturns also negatively impact these rental incomes, however over the long term, the returns will be good.

    There are not many places in India, wherein we can be assured of steady tourist foot falls, and with domestic cum foreign tourist flow into Goa projected to rise at a healthy pace of the medium to long term, a beach property in Goa makes a strong case for a "good & safe income stream" for yourself and your kids.

    Hope this helps.
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  • That is ridiculous! I am based in Goa myself and I have never come across such a claim that property cannot be inherited by one's children. Disputes may be between the inheritors. Goa is nowhere as bad as you have been led to believe.
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  • What will be the impact of the recent Nigerian problem in Goa?.
    Is it really safe to buy and land with such drug related elements from across the world.
    Why Goa is allowed to deteriorate into this kind of law and order situation.
    People from other states may think twice before investing in RE in Goa.
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  • Well, there are plenty of good villa developers here in Goa
    a couple of the sites of builders are as follows
    highlandvillasgoa.com
    ashraydevelopers.com
    pintorosario.com

    they all have really great villas available.
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  • Originally Posted by vaibav123
    What will be the impact of the recent Nigerian problem in Goa?.
    Is it really safe to buy and land with such drug related elements from across the world.
    Why Goa is allowed to deteriorate into this kind of law and order situation.
    People from other states may think twice before investing in RE in Goa.


    The Nigerian community in Goa is a minority Mr. Vaibav, and as such, there is no current problem with the few antisocial elements within that community, that is too drastic to handle.

    I can assure you that it is safe to buy land or property in Goa. And with respect to drug related elements, as you have cited, I would like to inform you that Goa like all other states in India has it's own problems with regards to narcotics. Goa is no exception to any other state in this matter.

    Also, Law and Order does not have permission to deteriorate and so it is not allowed to deteriorate. The Nigerian problem was a first in Goa and thus the Authorities could not handle it as efficiently as an experienced and seasoned team could.
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  • Magia Arr in Goa

    TNS

    Vianaar Constructions launched villas at its Magia Arr project at Salvador Do Mundo in Goa. The construction work at the project will commence from January 2014 and the villas would be ready for possession by July, 2015, according to a statement issued by the builder.

    Magia Arr will have 12 luxury fully serviced villas situated amidst the serene village of Salvador Do Mundo. Salvador Do Mundo is Portuguese for savior of the world. This majestic and ethereal village in Goa, was colonised by the Portuguese in 1565.

    Speaking about the project, Varun Nagpal (Managing Partner, Vianaar Constructions) said, “The breath- taking drive though the backwaters will make one fall in love with its natural ambience. Magia in Portuguese means magic that is how we describe the experience for this project. Each refined villa under Magia Arr is named after a famous magician. The villas have been designed to fit into the surroundings, making the best possible use of all the existing resources — light, terrain and the vistas”.
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  • The Magia Arr project sure sounds interesting. Any information with regards to the project details as such Manoja?
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  • Dear MaxDon
    your comprehensive reply was remarkable.
    Would like your opinion on seascapes row houses by umiya group and arabian sea view by micon group.
    appreciate the help.
    Thanks
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