Market for high-end luxury villas in Goa goes through a surge
The market for high-end luxury villas in Goa is clearly undergoing a flux. The real estate professionals describe this as a ‘correction’ and sales of properties in some locations are shooting up bringing cheer to the developers and land owners. However the sad news is that in some areas which are no longer preferred, the sales of properties are dropping drastically.
One thing is clear from this trend in the market that the craze for old Goan-Portuguese houses is fading out. New buyers, instead, prefer gated complexes with premium amenities. Karmal Kukreja, a builder and entrepreneur, explained that the market is not really down.
There is a demand for luxury villas and apartments from the rich crowd in Delhi, Chandigarh, Mumbai, Bangalore, etc. Whenever the stock market booms, as it is doing now, people invest the money they make into second homes. And since North Indians do not get the luxury of sea in the northern part of India, they prefer to buy the properties in Goa.
He also mentioned that right now a good price for a premium luxury villa would be in the range of Rs 2-2.5 crore. Kukreja constructed 12 luxury villas in Nagoa, near Calangute, in 2006-07, and sold them all within a year for approximately ’60-75 lakh, depending on the size and fittings. Bollywood actor Aftab Shivdasani and Marc Robinson purchased two of those villas.
Source- The Times of India
