by THO
The Goa Rehabilitation Board and Goa Housing Board have urged the National Association of Real Estate Developers Council (NAREDCO) Maharashtra to explore development and redevelopment opportunities through the public-private partnership model.
The focus will be on advancing residential, commercial, mixed-use, redevelopment, and business park projects across the state, Naredco Maharashtra said in a statement on February 17.
The public sector is looking at redevelopment of its used land parcels combined with monetization of its unused land parcels through the public–private partnerships, it said.
The senior representatives of the Goa Rehabilitation Board and Goa Housing Board presented the plan of ‘Unlocking Real Estate Opportunities in Goa’ to the developer members of NAREDCO Maharashtra, which organized its Annual Members Meet 2025 at Panjim in Goa to observe completion of 10 years of the trade body’s Maharashtra Chapter.
“Goa is not just a tourism destination now, but a fast-growing State for scaling businesses including the real estate, offering an exponential potential to the developers who are looking for setting up of new residential and commercial projects along the coastline or in the state’s hinterland and also for the global investors who are willing to invest in second or leisure homes, luxury villas, rental homes or hospitality ventures”, said Aleixo Da Costa, Secretary, Goa Rehabilitation Board while talking about the ‘Opportunities in Goa’.
Da Costa added, “The public sector is looking at redevelopment of its used land parcels combined with monetization of its unused land parcels through the public–private partnerships.” He mentioned that the places like Vasco, Sada Vasco, Baina, Zuari Nagar, Colvale have major unused land parcels making the scope for huge investments.
“We are planning to take all these land parcels together, release the unused land in Sada Vasco for rehabilitation purposes first and then monetize the rest of the land parcels in a PPP model where private developers can participate. The tenders will be issued very soon for monetization of the land,” Da Costa said.
According to NAREDCO’s statement, the land parcels are mostly in Vasco City and within a radius of 1 to 2 km from the airport, seaport, and railway.
Goa real estate prices
According to the presentation by Sadashiv Gaonkar, housing engineer at the Goa Housing Board, Goa’s real estate market offers excellent returns, especially in North Goa.
“Property prices in Goa are increasing at the rate of 15% to 30% each year, making it a growing market.
On average, the properties in North Goa have appreciated by ~83% over the last 5 years, with Candolim (168.5%), Siolim (149.2%) and Calangute (83%) experiencing significant price appreciation, the presentation showed.
“Investors are eyeing Goa’s income-generating properties, including commercial spaces and villas. Goa’s booming tourism guarantees strong rental incomes, with a return on investment (ROI) ranging from 4% to 10% annually. North Goa areas bring in annual rental payouts of 8-9%, while South Goa offers 6-8% returns.” it noted.
Also Read: Planning to invest in a plotted development project near Mumbai? Here’s what you should know
“NAREDCO Maharashtra is privileged to explore opportunities for real estate development in Goa to unleash the state’s potential. Goa is not just an international tourism destination now, but it is transforming into a real estate development hub attracting global investors and moving its property markets northwards. Goa’s initiative to invite the developers to tap the real estate opportunities in the state is a welcome step,” said Prashant Sharma, president, NAREDCO Maharashtra.
“Completing a decade-long journey in Maharashtra, it is time for NAREDCO Maharashtra to support other cities, regions and states in growing the real estate sector. Being a neighbour, Maharashtra can always join hands with Goa in exploring common opportunities for the real estate industry’s growth, banking on its sound infrastructure, international connectivity, and new development regions opened for investors. Goa is soon set to top the charts of the best-preferred market for second and leisure homes, luxury villas, vacation homes and hospitality businesses for global investors,” said Niranjan Hiranandani, chairman emeritus, NAREDCO Maharashtra.
