As the coastal paradise assumes the avatar of a playground for the wellheeled, not only is the shade of its forests changing, but the perceptions of what it stands for are also altering.
Luxury villas and integrated townships are blossoming in what was once an obscure region. Investor interest has taken off because of the Rs 4,494.6 crore Manohar International Airport that has come up at Mopa.
Propelled by major infrastructure projects, the state’s northern part emerged as a real estate hotspot a decade ago. The buyers were enticed by what they thought was coming free with their properties — a romanticised idea of the Goan way of life.
Manohar International Airport, which aims to cater to 40 million passengers per year, has given wings to those allurements.
India enticed
According to real estate consultancy firms, major developers from across the country have begun to mark their territories in the vicinity of the airport. While some are planning upscale residential projects, others are eying retail and hospitality projects.
“The new airport has been a game changer, enhancing connectivity and attracting substantial interest from major real estate firms and investors,” said Vikas Wadhawan, the group chief financial officer of Housing.com and PropTiger.com. Wadhawan added, “Areas such as Assagao, Anjuna, Porvorim, and Siolim are registering a heightened demand, with property prices in Assagao now on a par with those of premium localities in some big cities.”
State govt handed over 2,133 acres to GMR Goa International Airport Limited for the greenfield airport. Of that land, 232 acres have been designated for landside development which will include commercial and retail projects, convention centres, and hotels.
The founder and MD of the real estate advisory firm 360 Realtors, Ankit Kansal, said in a 2023 assessment study that the region around Mopa airport is becoming a destination for rental villas, second homes, and tourism.
Runway to future
In tandem with the new airport, Goa govt has proposed an international cricket stadium, a film city, logistic parks, amusement parks, and casinos in and around the airport.
“People who are looking at relocation in the future or for an investment will use a property off and on for three to four months or they will look to settle down in three to four years,” said Praveer Shrivastava, the senior vice-president for residential projects at Prestige Group.
Shrivastava added, “These buyers are typically from Mumbai, Pune, Bengaluru, and Delhi. These are not the kind of people who will put up their homes on Airbnb.”
Goan Mystique
The idea of embracing the slow pace of Goan life while keeping the option open to fly back to a metro makes for a compelling reason to purchase a home in North Goa.
Abhinandan Lodha Group recently announced three luxury villa projects at Bicholim — Lodha Goa, Gulf of Goa, and Imperial Goa — advertising the proximity to Mopa as a key factor for connectivity.
Prestige Group also plans to construct a luxury villa township at Morjim. Yugen Infra envisions an integrated township that encompasses two verdant hills.
“Mopa has created more possibilities for Goa’s economy, especially in real estate,” said the location manager for Property Pistol, Roshan Jorge. He added, “I would say Goa could be Monaco of India.”
Neighbourly gift
Across the border, the fortunes of Maharashtra’s Sindhudurg are also changing owing to Mopa airport. Property prices have jumped by 30-40% in just 12 months. Sindhudurg is now thriving as a hospitality, servicedliving, and second-home market. By 2030, the region will channel Rs 2,700 crore investment in the hotel industry, industry research suggests.
North Goa’s coastal belt garners most of the state’s tourist footfall. The scenic beaches of Morjim, Arambol, and Vagator lie 25-35km from the airport. The party zones of Calangute, Baga, and Anjuna are less than an hour’s drive from Mopa.
“National players have shown interest in Goa because of the strong demand. We are ourselves expanding our portfolio in the state,” Shrivastava said.
