The Rise of Coastal Luxury Living: Why Goa is the Next Real Estate Hotspot in India

In an exclusive interaction with Adlin Pertishya Jebaraj, correspondent of Homes India Magazine, Amit Mamgain, Co-founder and Director of Yugen Infra shares insights on burgeoning Goa’s luxury real estate demand in the current market and why it has become a top choice for investment among HNIs, NRIs, and local buyers for their appreciation and rental income.  

Speaking on Amit Mamgain’s expertise, he is a former banker who has won uncountable feathers in his cap while having enviable stints at the country’s top financial institutions such as Yes Bank, HDFC and Kotak Wealth. This exceptional combination of finance and marketing skills helped him align operational goals at Yugen Infra with the company’s vivid vision and long-term growth plans.

1. What is the current luxury real estate demand in Goa? 

Goa is becoming popular among global investors who are attracted by its high rental yields. For instance, North Goa's luxury villa market is booming, wherein, tourism-driven infrastructure has increased property values in the Peri-Coastal Belt and North Hinterland areas by over 20 percent YoY. In places like Silom, the villas have appreciated by 200 percent in 2 years. Villas worth 15 crore are in demand by veteran buyers, while those worth a couple of crores are sought by those in their 30s and 40s. 

2. What are the major regulatory or compliance concerns that developers face in Goa? 

Developers are responsible for the completion of projects submitted at the time of registration under the Real Estate (Regulation and Development) Act, 2016. But, the existing regulatory framework is cumbersome and documentation heavy, and it does not have a single window clearance which inhibits timely delivery, plus getting a deadline extension is not a walk in the park. 

3. How are developers using technology in Goa luxury residential developments? 

Sustainability has become an integral part of development projects and builders are shifting towards climate-sensitive construction. They are trying to use renewable energy through solar panels and minimise carbon footprints through the use of materials like bamboo in construction. 

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4. What is the place of 3D visualization or virtual reality in coastal real estate promotion? 

Real estate transactions are governed by trust and confidence, and 3D visualisation opens new avenues of buyer trust building, especially for off-plan sales, which are important for maintaining cash flow in real estate projects. The 3D renders are instrumental in engaging potential buyers, ensuring successful campaigns, while buyers are able to make informed decisions. 

5. Are global real estate investors expressing steady interest in Goa? 

Goa is becoming popular among global investors who are attracted by its high rental yields. Many, on the other hand, are seeking to build a second home, being lured by Goa's tranquil landscape and quality of lifestyle. Gated community villas are among the most popular sought-after properties among foreign real estate investors. 

6. Which parts of Goa are becoming highly luxury property hubs—North or South Goa? 

North Goa definitely is the hub for luxury villas, with each district offering a unique value proposition to buyers. Candolim for instance, is known for its luxurious beachfront villas, which are located near Portuguese-era neighbourhoods and offer a happening nightlife. The Solim district is seen as a great entry point for those with lower budgets who are looking to explore the landscape. 

Also Read: Northern Hills Brings Eco-Luxury Living to North Goa

7. What is your 5-year outlook for Goa's luxury real estate market? 

With the development of MOPA airport, the real estate market in Goa has experienced a boost and given that it’s only going to rise, plots near the airport will rise in value significantly due to the connectivity and growing access to facilities in the region. As working from home becomes more prevalent, this is an influx of home buyers with significant disposable incomes seeking a second home to enjoy the rich Goan lifestyle.