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Real Estate Market In Goa
Posted: Feb 26, 2014
Goa is a progressive state in India and secures a spot at the very top on various indicators of social and economic development. Better known for its glitz and glamour, the state has a vibrant tourism industry forming the spine of its economy. However, in the recent past, the state has shown a tremendous growth in the real estate sector as well. The youngest state in the country has lured in major realty players to develop both residential and commercial properties and redefine the realty landscape in Goa.
There are a number of growth drivers behind the booming real estate sector in Goa. The distinction that the state commands among the Real Estate Developers and investors can be attributed to a host of reasons, summarized hereunder.
- Goa’ proximity to metro cities like Mumbai, Bangalore and Pune is a big advantage. With the saturation of these big cities, both the home buyers and traders prefer to move to the state for new opportunities.
- Fast paced development of infrastructural facilities has given a push to realty sector in the state. Concentration of highly esteemed educational institutes, hospitals, shopping complexes, malls, etc. have boosted the potential of this state to be developed into a world class destination for home seekers and investors. Developers have been quick to identify the same.
- Goa has an excellent interstate and intrastate connectivity. Multilane expressways connect the cities within; well-developed roads and an equally robust transport system forms the lifeline of the dwellers here. With topnotch basic facilities and strong connectivity, the state is promising for both home seekers and traders. Consequently, the population influx is high and eventually the demand for properties is growing.
- Several multinational companies have set up their bases in Goa. This has generated employment opportunities in IT, ITES, and many other sectors. Owing to the same office space consumption has gone up and at the same time, the demand for residential properties for the workforce has also escalated.
The factors mentioned above, together act as a strong catalyst pushing the real estate market in goa to new heights. Overall, the current scenario is good and augurs well for the future of real estate in the state.
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