Goa has lately been in news for
all the wrong reasons but surprisingly its real estate industry managed to
survive most of the impediments except for the crime.
Notably, the international
tourist destination still promises to be a profitable endeavor for real estate
developers and investors alike, despite the local resistance and ban on SEZs.
According to industry sources, the real estate values in Goa have registered an
appreciation of almost 100% in the recent times.
Buying a property in Goa is not
an easy task, especially, for the foreigners after the ban imposed on them by
the government. But, the cost of purchasing property in Goa is the lowest in
the country. The stamp duty rate and registration charges accounts for only 2%.
Plus investment in Goa properties
promises enduring return on investments. It allows one to enjoy their vacation
while making arrangements for the year round lease accommodation. Research
analysis shows that, a property which cost Rs 55 lakh at the onset of
construction churns around Rs 70 lakh after completion. A 10% comes in as a
sure return, reveals researches.
But despite of the booming
prospect of the Goa real estate the increasing crime rate is emerging as the
biggest obstruction, which is restraining the investments and property
transactions to happen.
Furthermore, on account of the
increasing crime rate the hospitality industry of the city is suffering
particularly. Goa Real Estate agent, S Mohanty, says, "The number of
tourists visiting the city has decreased this time round. Moreover, it's not
only about the harm caused to the real estate market, but all these episodes
having brought bad name to Goa and its natives."
While real estate developers are
coming up with their new projects every so often, they too are unsure about the
gains from their Goa venture. With a number of impending cases of tourist
assault the visitors are anxious of coming to India's hottest tourist
destination.
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