Team Goemkarponn
PANAJI: In a significant move to bolster its real estate sector, the Goa Rehabilitation Board and Goa Housing Board have extended an invitation to NAREDCO Maharashtra, a prominent real estate developers’ body, to explore vast investment opportunities in Goa.
This initiative was highlighted during NAREDCO Maharashtra’s Annual Members Meet 2025, held in Panjim, Goa, marking a decade of the organization’s Maharashtra Chapter.
Goa, known for its vibrant tourism industry, is now emerging as a hub for business expansion, including real estate development. Aleixo Da Costa, Secretary of the Goa Rehabilitation Board, emphasized that Goa offers exponential potential for developers looking to establish new residential, commercial, mixed-use, redevelopment, and business park projects. “Goa is transforming into a fast-growing state for scaling businesses, including real estate, attracting both local and global investors interested in second homes, luxury villas, rental properties, and hospitality ventures,” Da Costa stated.
The public sector is planning to redevelop used land parcels and monetize unused ones through public-private partnerships. Key areas such as Vasco, Sada Vasco, Baina, Zuari Nagar, and Colvale have substantial unused land parcels, with Sada Vasco alone offering 24,580 square meters of land, of which 14,000 square meters are unused. These parcels, located near the airport, seaport, and railway, are highly attractive for investment. Tenders for the monetization of these lands are expected to be issued soon.
Sadashiv Gaonkar, Housing Engineer at the Goa Housing Board, invited leading developers and investors to participate in the strategic development of prime land parcels. He noted that Goa’s real estate market is experiencing unprecedented growth driven by demand from professionals, remote workers, and institutional investors. Property prices in Goa are rising by 15% to 30% annually, with North Goa areas like Candolim, Siolim, and Calangute seeing significant price appreciation of up to 168.5%, 149.2%, and 83%, respectively, over the last five years.
Goa’s booming tourism sector ensures strong rental incomes, with returns on investment ranging from 4% to 10% annually. North Goa areas offer annual rental payouts of 8-9%, while South Goa provides returns of 6-8%. The state’s real estate market is further boosted by its growing infrastructure, including the Goa International Airport and the upcoming Mumbai-Goa Expressway, which will enhance connectivity and open up remote areas for development.
Prashant Sharma, President of NAREDCO Maharashtra, praised the initiative, saying, “Goa is not just an international tourism destination but is transforming into a real estate development hub, attracting global investors.” Rajan Bandelkar, Vice Chairman of NAREDCO, highlighted the central government’s focus on infrastructure growth, which is transforming smaller states like Goa into significant business hubs.
Niranjan Hiranandani, Chairman Emeritus of NAREDCO Maharashtra, emphasized the organization’s role in supporting other regions and states in growing their real estate sectors. He noted that Goa’s sound infrastructure, international connectivity, and new development regions make it an ideal location for real estate investments.
