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South Goa : Suggestions for 3 - 4 BHK Villas

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South Goa : Suggestions for 3 - 4 BHK Villas

Last updated: February 20 2014
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  • #11

    #11

    Re : South Goa : Suggestions for 3 - 4 BHK Villas

    Sir i want to purchase one bedroom flat can someone advice
    Garg

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    • #12

      #12

      Re : South Goa : Suggestions for 3 - 4 BHK Villas

      Originally posted by Goa_Lover View Post
      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.
      Hello,

      I think you should also give a thought and look at Sol Sienda Apartments. My brother was looking for an apartment flat in goa last year and he finally settled with the one named as Sol sienda near Panaji in north goa. As he has told, those Sol sienda apartment flats have got fabulous architecture done with high end finishes.

      Beside that, it’s in good location close to a number of beaches, river and hills. I suppose builders name is Vianar Constructions. I guess price quoted by them are also quite reasonable.
      Cheers

      Preet.

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      • #13

        #13

        Re : South Goa : Suggestions for 3 - 4 BHK Villas

        Originally posted by rku281 View Post
        Hi All,

        I have heard that Goa local property laws are very difficult. The level of disputes are also very high. Also there is some rule that Goa property cannot be passed on to ones children. Would appreciate if some one with first hand experience of owning property in Goa could enlighten all of us.
        Goan property rates are highly overpriced. People there have no clue how to realistically price a property. I am sure others in other cities would say the same thing about their city but the thing with Goa it has no economy other than tourism - that too highly seasonal. A no economy and high real estate prices makes it ludicrous. I am more comfortable buying in a large metro city where the overpricing may be 300-400 rupees extra. But in Goa, people can ask for double what its worth. I once went to Bambolim to look at a cottage advertised. It was in pretty bad shape - probably in 25-35 lakhs range. The owner was asking 58 lakhs. How can even one bargain on this?

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        • #14

          #14

          Re : South Goa : Suggestions for 3 - 4 BHK Villas

          i have personally viewed a project named Horizons Azura at Pilerne by Horizon Land Developments ...The specs are great and the quality of construction is one of the best i have come across in goa...no idea about availability but i guess you could check with the developers or their website www.horizongoa.com

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          • #15

            #15

            Re : South Goa : Suggestions for 3 - 4 BHK Villas

            Hi GoanInvester,
            suprising u saw everything ,but no idea about availability,strange,r u invester or builder????? ooops.

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            • #16

              #16

              Re : South Goa : Suggestions for 3 - 4 BHK Villas

              Originally posted by rku281 View Post
              Hi All,

              I have heard that Goa local property laws are very difficult. The level of disputes are also very high. Also there is some rule that Goa property cannot be passed on to ones children. Would appreciate if some one with first hand experience of owning property in Goa could enlighten all of us.
              Hi It is not true,u can pass on ur property to kids,n also if no will is made in a particular name ( child ) the propery belongs to all kids ( eg,boys or girls ).

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              • #17

                #17

                Re : South Goa : Suggestions for 3 - 4 BHK Villas

                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
                If it was easy, everybody would be doing it.

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                • #18

                  #18

                  Re : South Goa : Suggestions for 3 - 4 BHK Villas

                  Originally posted by zorin111 View Post
                  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.
                  Last edited January 20 2013, 03:28 AM.

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                  • #19

                    #19

                    Re : South Goa : Suggestions for 3 - 4 BHK Villas

                    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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                    • #20

                      #20

                      Re : South Goa : Suggestions for 3 - 4 BHK Villas

                      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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