Kadamba Plateau, Goa is fast emerging as the hottest destination for residential real-estate in Goa. While, most parts of Goa have seen haphazard development, builders are focusing primarily on upmarket residential complexes to lure the outstation crowd. Goa’s appeal as a holiday spot is fast giving away to a Real Estate destination as consumers understand the opportunity to generate income from a sharing economy sliced open by the likes of AirBnB and Oyo.
INVESTING IN GOA
North Goa is probably one of the most diverse real estate markets in the country. With the real estate market becoming enormous in certain parts of the state, the locals have also seen their income levels rise. Considering Goa is an attractive investment option for people around the country, the market offers different kinds of projects. Demand for serviced apartments and studio apartments have increased over the years as it doubles up as a source of steady income for investors. Goa’s premium property market offers the highest rentals and the best resale values. A well-located, sea facing property in Goa can fetch as much as Rs.1.5 lakh per month as rent. Similarly capital values of property have seen close to 15% to 20% price appreciation per annum. Certain localities like Dona Paula and Calangute have seen close to a 50 % price appreciation. This has created a stronghold for the resale property market in the state. The key reasons for more investments happening in the northern territory of Goa are because of the excellent tourism and commercial activities taking place there. North Goa is a diverse investment destination because of the lifestyle value it holds for many home buyers.
As Goa became more popular and accessible to tourists in the sixties and seventies, in came an influx of hotels and restaurants to serve every kind of traveller. This was supported by burgeoning tourist markets and word spread quickly propelling Goa into a top holiday destination. Services, and supporting industries grew manifold around Goa’s tourist locations, thus increasing the State’s coffers to spend on infrastructure and development. But Goa’s economy did not grow only on account of tourism; agriculture and mining also contributed greatly leading to the establishment of trade and commerce.
The availability of infrastructure, high literacy rates, good educational and healthcare facilities, meant that Panjim was a central attraction to the development of Goa. IT and Manufacturing industries were also set up here. This has Panjim is bursting at it’s seams with all the necessities of an urban city. Real Estate prices have sky rocketed and the city has witnessing increased traffic and congestion.
Dubbed the New Panjim, the Kadamba Plateau is seen as a welcome respite to this situation. With a more orderly approach to development and infrastructure, New Panjim boasts of better roads and connectivity. This has also earned it a new tag of ‘Upper Panjim’, a play on it’s affluential appeal although prices are yet to reach the maddening levels, Panjim has seen. While still a part of Goa’s urban development, ‘Upper Panjim’ has the old relaxed ‘feel‘ that Panjim was once famous for and is close to places like St. Cruz, Porvorim, Taleigao, Ribandar,Merces, Dona Paula, Bambolim and more. In this report, we’ll take a look at Upper Panjim in the Kadamba Plateau, what to expect and the truth behind the region.
The Retail Landscape
India’s current retail market is pegged at an average annual growth of 16-18%. Driven by income growth, urbanization and attitudinal shifts, the retail market is expected to double to $1 Trillion by 2020. With a population of 15 lakhs, Goa’s population is currently under-served and many people have to travel long distances to specific areas for significant purchases.
The Real Estate Landscape
Arguably India’s most popular destination, Goa is an attractive destination to own Real Estate for investors and Second Home aspirants. Popular with the NRI Community, the state has also seen an influx of interest from people in Delhi, Mumbai and Bangalore seeking second homes that offer a tranquil getaway. The average age of Real Estate buyers has also come down with Goa now perceived to be a vacation spot amongst millenials. The property market is divided into micro markets in the North and South. North Goa is more popular owing to it’s tourist hotspots and prices here are higher compared to the South which is more affordable but lacks the infrastructure and lifestyle options of the North. Areas like Anjuna Candolim and Panjim are popular amongst Real Estate buyers in the North.
- 2nd Highest Per Capita Expenditure
- Retail Growth of 20% p.a.
- 40% Expenditure from Panjim
Retail witnessing a boom in Goa
Couple of more malls are expected to be set up in the State. Asked about the kind of sales that could be generated by small retailers, anything between `10-12 lakh a month could be expected whereas the bigger national chains could generate revenue to the tune of `4 crore a month.
Retail is in a race to expand in Goa as shops turn to stores and in turn into supermarkets. The searing pace will continue as new players enter the fray and existing players continue to invest in new outlets.–
The Navhind Times
In 2014-15, the state attracted 3.54 million tourists, of which 0.51 million were foreign tourists. With its tranquil charm and party tag, Goa is seen as a prime destination and it is these very traits which are giving shape to two distinct real estate markets within Goa. –
Even those looking to relocate to Goa from other parts of the country prefer to settle around Panaji and Porvorim, because of the lifestyle opportunities on offer.
– The Times of india
Projects located in Kadamba Plateau have an average pricing of Rs 4,629 per sq.ft. The ticket size of these apartments ranges from Rs 45 Lakhs–4.34 Crores. Prices have seen a 14.2% upward appreciation over the last 50 months.
The Social Landscape
The North of Goa is better connected and offers more options than the South. Established developers from other states like DB Realty, Gera, Concrete Developers, Prestige Group, Remus Group and Naiknavare are also concentrating their efforts in the northern half of Goa owing to it’s superior infrastructure. The presence of major companies and educational institutes as well as malls, hotels and newer attractions has paved the way for a cosmopolitan lifestyle.
Educational institutions in the area include Sunshine Worldwide school, Progress High School, Goa Institute of Management and Goa College of Fine Arts.
Hospitals, Banks & Restaurants
Hospitals in the locality include Vintage Hospital and Medical Research Centre and Military Hospital. Banks like South Indian Bank and Goa Urban Co-operative Bank have branches here. Popular restaurants in the area include Ritz Classic Restaurant and Bar, The Upper House, Hotel Venite and more.
The locality enjoys easy connectivity to other parts of the state. The Karmali Railway Station, the Vasco Da Gama Railway Station and the Thivim Railway Station are close to Panjim. The Goa International Airport is few kilometres away. Winding highways connect this city to the state of Maharashtra towards north and Karnataka towards south. National Highway – 4 A and National Highway – 17 pass through Goa’s capital city.
Kadamba Bus Stand is one of the major bus terminals in the city from where buses are run by K. T. C. (Kadamba Transport Corporation), M. S. R. T. C. (Maharashtra State Road Transport Corporation) and K. S. R. T. (Karnataka State Road Transport).
Panaji’s growing city limits attracting developers
Plenty of Indians and non-resident Indians invested in Panaji sending real estate prices sky high and once Miramar, Dona Paula, Porvorim and Talegao turned unaffordable, surrounding villages became hunting grounds for developers and local resident
– The Times of India
Kadamba Plateau – Soon to be the most sought after address in Goa
Kadamba Plateau is fast emerging as the hottest destination for residential real-estate in Goa. While, most parts of Goa have seen haphazard development, builders are focusing primarily only on upmarket residential complexes with best of amenities like a swimming pool, gymnasium, gardens, club-houses and adequate parking facilities.
– The Goan Everyday
It is important to keep the future in mind when we look at the current Real Estate climate in Goa. Although relatively unorganised, the Goan market still possesses the promise of good returns, and has now seen bigger players enter the market. A seemingly unending tourist attraction, the new upcoming Airport at Mopa combined with large areas of untouched development bode well for the future of both the Real Estate and the Retail industry. A base population of 15 Lakhs is amplified during the tourist season and an investment in commercial or residential real estate could be very lucrative.
The restricted allotment of residential land has driven up property rates that are mostly concentrated in and around Panjim. We recommend an investment further away from the cities that while still affordable, will see a higher percentage of asset appreciation. Goa’s brand value is set to rise, and a look at any international hot spot will tell you an asset there could prove to be a home run.