We at Madhyam are eager to share with you the most recent information and forecasts regarding the real estate market in North Goa and the neighbouring Konkan area. We’ll dig into the predicted rise in property values in this blog post as a result of the forthcoming opening of Goa’s MOPA airport. We will examine how this massive project is anticipated to stimulate real estate demand and create profitable prospects for investors and purchasers alike based on an in-depth analysis by 360 Realtors.
The MOPA Mega Project: A Game-Changer for North Goa
Goa, renowned for its pristine beaches and vibrant culture, is a perennial favourite among tourists and homebuyers seeking a slice of paradise. However, the existing airport at Dabolim has been grappling with airside congestion due to the coexistence of civilian and military aviation on the same runway. To address this challenge and enhance aviation connectivity, the upcoming MOPA airport is set to revolutionize travel and bring forth an array of benefits.
With an investment of $2.6 billion, the MOPA airport project aims not only to boost tourism but also to drive demand for real estate in the MOPA region, encompassing the larger North Goa and the neighbouring Konkan region. Over 232 acres of land near the airport have already been designated for commercial, logistical, and residential development, paving the way for 5-star hotels, offices, retail stores, malls, and more.
Research Findings: A Bullish Property Market
According to the research, the property prices near the MOPA airport are projected to witness substantial appreciation. Currently, the cost of real estate stands at Rs 6,700 per square foot, and this is anticipated to surge by 27.8% over the next year. The average home price in the region has experienced a steady Compound Annual Growth Rate (CAGR) of 3.9% over the past four years, further indicating the market’s upward trajectory.
Moreover, the neighbouring Sindhudurg region, known for its natural beauty and second-home destinations, is also expected to witness a significant price hike. With an average cost of Rs 4,921 per square foot, property prices in Sindhudurg may soar by 29.2% annually, reflecting a robust CAGR of 6.8% over the last four years.
Expansion Beyond MOPA: Rising Demand in Adjacent Areas
The positive effects of the MOPA mega project are likely to spill over into adjacent areas such as Morjim, Assagao, Siolim, and more. As the airport attracts increased tourism and development, the demand for real estate in these locations is anticipated to rise. Homebuyers and investors looking for promising opportunities should keep a close eye on these emerging hotspots.
Conclusion
In conclusion, the MOPA airport project promises to be a game-changer for the real estate landscape of North Goa and the surrounding Konkan region. With the airport’s completion nearing 90%, the future looks bright for both the property market and tourism in the area. Investors and home buyers are expected to reap substantial rewards as property prices soar by 27% to 30% annually. As you plan your real estate ventures, we at Madhyam are here to help you stay informed and make well-informed decisions in this thriving market.
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