![]() ![]() People who have ready flats are getting no buyers, and there are no sales of luxury villas at all. Calangute MLA Michael Lobo, who owns a construction company, One Stop Builders, and is chairman of the NGPDA, says the real estate market in Goa is "very bad". All the garden villas will either be '5 BHK' or '6 BHK'.īut the actual sales of these luxury villas is quite sluggish, say sources. A luxury '4 BHK' apartment in one of their ready wings will cost you approximately '3 crore, while the price for one of their luxury garden villas, which will be ready in 2016 only, will cost between '4.25-4.49 crore, according to a spokesperson for the company which is targeting the elite in Mumbai and Dubai. One such new project is Anantam by the Emgee group. There are many new projects coming up here. One location which seems to be preferred by many neo-Goans is Dona Paula, especially on the side facing the Zuari river. The other big buyers are the big money spenders who come to Goa for the casinos. "And then when they get fed up of the slow life in Goa, they sell the villas at a profit," he says. Every year there are some people who want to get out of Mumbai, to slow down their pace of life," says Kukreja. "Then there are the people who sell their big Mumbai apartments for a few crores and do not mind investing a crore or two in a place in Goa. Bollywood personalities are some of the biggest buyers of these luxury villas, he says, pointing out that Akshay Kumar bought a villa in Casa Del Sol in Anjuna. The price of the villas, he says, doubled within a year, and they're now quoted at '2.5 crore. Bollywood actor Aftab Shivdasani purchased one, while Marc Robinson purchased another. Kukreja constructed 12 luxury villas in Nagoa, near Calangute, in 2006-07, and sold them all within a year for approximately '60-75 lakh, depending on the size and fittings. I feel right now a good price for a premium luxury villa would be in the range of '2-2.5 crore," he says. But there will always be a demand for luxury villas if built with the proper amenities and good-quality fittings, and there are characteristics like a good sea view or field view, and the price is right. "Whenever the stock market booms, as it is doing now, people invest the money they make into second homes, and many north Indians love the sea, so they buy properties in Goa. ![]() "There is a demand for luxury villas and apartments from the rich crowd in Delhi, Chandigarh, Mumbai, Bangalore, etc," he says. Karmal Kukreja, a builder and entrepreneur, says the market is not really down. New buyers, instead, prefer gated complexes with premium amenities. One thing is clear, though: the craze for old Goan-Portuguese houses is petering out. ![]() The market for high-end luxury villas in Goa is clearly undergoing a flux, or what real estate professionals describe as a 'correction', with sales of properties in some locations shooting up, and dropping drastically in other locations which are no longer preferred. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |