Property prices to rise 27-30% annually post MOPA Airport in North Goa: 360 Realtors

NCR/Goa: As operations in MOPA Airport are set to begin, the North Goa region as well as the nearby Konkan region is set to receive a windfall in real estate investments, says a report by 360 Realtors. 

As per the research report by 360 Realtors, after the commencement of operations, property prices in the nearby region will jump steeply. Just near the airport, where presently the average price is Rs 6,700/ sq. ft., properties can appreciate by 27.8% in the next 12 months. In the past 4 years, average property prices have risen at a CAGR of 3.9%, as per research by 360 Realtors. The jump in the prices will be rooted in increased real estate investment and rise in tourism activities following the start of the airport.

In the adjacent Sindhudurg region, which is also a sought-after second home and nature resort destination, average property prices might increase by 29.2% annually. Presently, the average price is Rs 4,921/ sq ft. Over the past 4 years, average property prices in Sindhudurg have grown at a CAGR of 6.8%.

“Sindhudurg epitomizes the pristine beauty and culture of the Konkan and Western ghat and is marked by exotic landscapes, vibrant cuisines, plenty of greeneries, secret beaches & waterfalls, and much more. So far it is relatively unexplored but with the airport coming into existence, there will be the spotlight on the region,” said Ankit Kansal, Founder and MD, 360 Realtors.

The positive impact of the MOPA mega project will also cascade to other nearby regions such as Morjim Assagao, Siolim, etc where the real estate demand will receive a major thrust.

North Goa as a potential wellness and nature tourism hub

With the advent of airport operations, the region will be seamlessly linked, not just with major Indian cities but throughout the world. While its iconic beaches will continue to attract tourists in large volumes, other alternate forms of tourism such as wellness and nature tourism will also thrive in and around the MOPA airport region.

A shot in the arm is expected for the Retirement & Second Housing segment

Apart from tourism, the Rs 2,600 crores airport project, directly and indirectly will fuel real estate demand in the MOPA region, wider North Goa, and the nearby Konkan region. Already 232 acres of land have been earmarked near the airport site to be developed into a bustling commercial, logistics, and residential market. The planned project will consist of 5-star hotels, offices, retail shops, malls, and much more.

 Plenty of new projects will spring in the vicinity comprising cottages, retirement and second homes, gated villas, farmhouse communities, and much more. With the region getting cohesively connected with the globe, the Retirement & Second Housing (RSH) housing demand will grow multifold.