It is not the hidden fact anymore that people from outside Goa have the lion’s share of the land investments in the state. Buyers from Delhi, Mumbai and other parts of India prefer to invest in Goa. But why Goa is on their priority list and what is the investor’s strategy behind these rampant investments? Read the complete story here.
According to the news published by the Business Insider, The high-flying Indians who prefer to travel within the shores of India are always in a search of weekend homes. And Goa is always on their priority list with many exploring the possibility of having their second home in the state. The entire development in Goa is the outcome of this demand. “With increasing demand, more and more places are being successfully marketed as weekend home destinations: Lavasa, Lonavala, Alibaug and Igatpuri near Mumbai for weekend getaways, vacation spots like Mussoorie, Ooty, Coorg and Goa, and the likes of Haridwar for the religiously inclined. What attracts buyers in this segment are primarily a serene location with good weather, good infrastructure and the potential for rent back income,” said Ashwinder Raj Singh, CEO, Residential Services, JLL India.
Goa always stands out to be the priority because it matches perfectly with the need of the buyers. Goa’s serenity is admirable and its influence of western culture and custom that attracts the Indian tourists back again. The returns on investment can always fetch better rates compared to any other states in India.
Goa is not the only place that people look forward to investing into but Goa is invariably the most sought after holiday destination in the country. The other states that are followed by Goa are Shimla, Kasauli & Kerala.
So what really triggered the demand for weekend homes destinations in an otherwise dormant sector, where unsold inventories have been piling up? “After the basic needs of shelter are met, most people have an inbuilt desire to own properties to use purely for relaxation. Obviously, such properties need to be in the more bracing and beauteous environs than the cluttered, polluted cities. Because quality hotel rooms in most getaway cities are limited and also very expensive, people like to invest in weekend homes there for short, hassle-free getaways. With the basic luxury factor vested in such locations’ mountains, lakes or religious shrines, these homes provide their owners with quality family time away from their routine city lives and often serve the extended purpose of providing a peaceful post-retirement life,” Singh added.
According to the sources, the investment in Goa is always considered as the second home for the Indian investors. And the properties are purchased by those home buyers who have already owned their primary homes. “One spends only a limited amount of time per year in a weekend home. Nevertheless, there will be regular expenses on maintaining the property. If one does not wish to put the property on rent, the costs would include keeping a caretaker. Besides, if the property is to be put out for rent throughout the year, there would be expenses on regularly upgrading the basic amenities,” Singh said.