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Goa's government is set to open up real estate opportunities by releasing unused land parcels under a public-private partnership (PPP) model. The Goa Rehabilitation Board and the Goa Housing Board has invited developers through NAREDCO Maharashtra to invest in residential, commercial, and mixed-use projects. Goa's booming real estate market is driven by rising property values, strong rental yields, and increased interest from global investors, particularly in North Goa. The state's infrastructure expansion, including new airports and expressways, further enhances its investment appeal. With a growing demand for second homes and rental properties, Goa is positioning itself as a top-tier real estate destination.
The Goa Rehabilitation Board and the Goa Housing Board have invited the Real Estate Developers' Body, NAREDCO Maharashtra, to explore investment opportunities in residential, commercial, mixed-use, redevelopment, and business park projects in the state. Advertisement
Senior representatives of the Goa Rehabilitation Board and the Goa Housing Board presented the initiative 'Unlocking Real Estate Opportunities in Goa' to NAREDCO Maharashtra members during their Annual Members Meet 2025 in Panjim. The event marked the completion of a decade for NAREDCO's Maharashtra chapter.
Mr Aleixo Da Costa, Secretary of the Goa Rehabilitation Board, emphasised that Goa is no longer just a tourist destination but a rapidly growing state for business expansion, particularly in real estate. He highlighted its vast potential for developers seeking to establish new residential and commercial projects along the coastline and hinterland, as well as for global investors interested in second homes, luxury villas, rental properties, or hospitality ventures.
Announcing plans to release unused land parcels for real estate development, Mr Da Costa stated that the public sector aims to redevelop utilised land parcels while monetising unused ones through public-private partnerships (PPP). Areas such as Vasco, Sada Vasco, Baina, Zuari Nagar, and Colvale contain significant tracts of underutilised land. He explained that land in Sada Vasco would be prioritised for rehabilitation, while the remaining parcels would be monetised under a PPP model, with tenders set to be issued soon.
Most of these land parcels are located in Vasco City, within a 1-2 km radius of key transport hubs such as the airport, seaport, and railway station, making them highly attractive for investment. Notable plots include 24,580 square metres in Sada Vasco (10,000 square metres used and 14,000 square metres unused), 4,600 square metres in Baina, 23,533 square metres in Adarsh Nagar Chicalim, 1,000 square metres in Colvale, and 1,800 square metres in Zuari Nagar.
Mr Sadashiv Gaonkar, Housing Engineer at the Goa Housing Board, invited developers and investors to participate in the strategic development of these prime land parcels. He noted that Goa's real estate market is experiencing unprecedented growth, driven by rising demand from professionals, remote workers, and institutional investors. The increasing demand for diverse accommodation options, residential developments, and mixed-use projects presents significant opportunities.
During his presentation, Mr Gaonkar highlighted Goa's excellent real estate returns, particularly in North Goa. Property prices in the state have been rising by 15% to 30% annually, with an average appreciation of approximately 83% over the past five years. Specific locations such as Candolim (168.5%), Siolim (149.2%), and Calangute (83%) have witnessed substantial price increases.
Investors are increasingly focusing on Goa's income-generating properties, including commercial spaces and villas. The state's thriving tourism sector ensures strong rental returns, with an annual return on investment (ROI) ranging from 4% to 10%. North Goa properties yield rental incomes of 8-9%, while South Goa properties offer returns of 6-8%.
Around 35% of holiday home buyers consider Goa their preferred second home destination, reflecting its popularity. Real estate inquiries in the state have surged by 90% over the past five years. The growing demand for Airbnb rentals has further fuelled residential property investments, with approximately 14,000 rental properties listed in North Goa alone. Peak season occupancy rates reach 80-90%, indicating strong demand for short-term rentals.
Goa is undergoing major infrastructure expansion, enhancing its appeal as a real estate investment hub. In 2024, Goa International Airport in Dabolim handled approximately 3.5 million passengers, while the newly inaugurated Manohar International Airport catered to around 2.4 million passengers. The development of the Mumbai-Goa Expressway and the Zuari and Mandovi bridges is expected to significantly reduce travel time and unlock new areas for development.
Speaking at the Annual Members Meet 2025, Mr Prashant Sharma, President of NAREDCO Maharashtra, stated that the event provided an opportunity to better understand Goa's real estate landscape and the state government's approach to industry collaboration. He expressed enthusiasm about exploring development opportunities in Goa, emphasising its transformation into a real estate hub attracting global investors and driving the market forward.
Mr Sharma added that NRIs are increasingly interested in luxury villas and contemporary condominiums, prompting developers to create upscale properties tailored to their preferences. Emerging property hotspots in Goa include Vagator, Morjim, Mandrem, and Dona Paula, where homebuyers seek tranquil surroundings and a distinctive lifestyle.
Mr Rajan Bandelkar, Vice Chairman of NAREDCO, highlighted that with the central government's focus on infrastructure growth, smaller states like Goa are undergoing significant transformations. Mr Niranjan Hiranandani, Chairman Emeritus of NAREDCO Maharashtra, remarked that after a decade of growth in Maharashtra, NAREDCO is now extending its support to other regions. He pointed out that Maharashtra and Goa, being neighbouring states, share strong economic and infrastructural ties, making collaboration beneficial. He predicted that Goa would soon emerge as a leading market for second and leisure homes, luxury villas, vacation properties, and hospitality businesses catering to global investors.
With India's primary property markets expanding beyond Mumbai, New Delhi, and Bengaluru, Goa is becoming an attractive destination for investors. The state's blend of coastal charm and promising investment returns has bolstered its appeal. NAREDCO Maharashtra's study indicates that Goa is gaining traction among non-resident Indians (NRIs) as a preferred destination for second homes. Factors such as the state's vibrant culture, pleasant climate, scenic beaches, and high quality of life contribute to this trend. As Goa cements its position as a prime real estate hub, collaboration between developers and policymakers will play a key role in shaping its growth trajectory, ensuring sustainable and profitable investments in the years to come.
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