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A report on Goa Realty Boom

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Speaking to the www.propertykhazana.com Darryl Pereira, CEO, Reira Group said that fortunately the land prices in India is not diminishing and revealed that the trend shall continue for at least 10 years.
Usually the property appreciation in Goa every year was about 8 -10 % but after the realty boom the market perked up 30% appreciation in the year 2004 alone with the capital town Panaji property rates getting multiplied.
The hasty boom was just for the correction in the prices and the realty companies are in mystification and the average appreciation will continue whereas the unexpected boom may not repeat its action, said a property expert at the www.propertykhazana.com. Panaji property rates are highly increased from the running boom and the rates have jumped from Rs. 25,000 per sq.mtr – Rs. 35,000 per Sq.mtr, while the prime properties set a record rate of about Rs. 50,000 per sq.mtr.
Fallowed by Dona Paula and other water fronts the peak has also impacted on Calangute and other northern coastal regions with average rates going beyond Rs. 25,000 per Sq.mtr. Apart from the northern areas South Goa seems to be reasonably priced and the average rate per sq.mtr stands at Rs. 16,000 per Sq.mtr.
The boom is because of the entry of north Indians in Goa and about 75% of the total property transactions are carried out by other than Goans. The state government of Goa is planning to develop SEZ ventures and IT Parks which will also bring huge investments to the state.
Source: NBTVLIVE

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