Goa has now firmly established itself as a year-round staycation destination, bumping up the average rentals for a well-located property to 4% per annum. Limited supply of quality homes has meant one of the fastest price escalations for Goa real estate, during the pandemic.
Close to four years after the Goa Real Estate (Regulation and Development) Act was formulated and notified, the Goa RERA has finally framed norms to return the registration fee paid by an agent or builder.
HDFC Chairman Deepak Parekh Friday said the housing and real estate sector is “heading into the best of times” with a lot of “optimism in the air”. “In over 50 years of my work life, I have not seen housing affordability better than where it is today in India. I have not seen such easy liquidity conditions and interest rates at such record low levels,” Parekh said
COVID pandemic came in as a boon in disguise for the high-end luxury segment in the real estate sector in Goa, the mid and lower segments of the sector, however, continue to struggle. According to the realtors the effective cost for an ordinary buyer has gone up and their woes have increased dramatically.
Around 51 percent of urban Indians think that the festival season, which typically runs from October to November, is a good time to invest in real estate, a survey has found, as developers ready offers to lure consumers. Men are most likely than women to say they will invest in property, the survey found.
Buying a home in the favoured tourist destination Goa was once an aspiration for India’s elite. Since the onset of the pandemic, it is emerging as a need for a second home away from overcrowded cities. Remote workers who are able to log in from anywhere are increasingly snapping up homes in Goa, sending second home purchases skyrocketing since last year.
Goa, the holiday paradise on earth has lately emerged as a holiday home and realty investment destination of India. Goa has consistently been a favoured vacationer goal for both domestic just as foreign visitors. Because of the development in the travel industry, the city has likewise risen as an investment destination for individuals for second home.
Senior citizens often find it challenging to buy a home. Multiple factors like a stable job, regular income, high growth potential and a greater number of years left until retirement work in young borrowers’ favour while applying for a home loan, bBut most senior citizens/retirees on a pension income meet the home loan eligibility criteria.
Your first home is where you live full-time—it is not an investment that you would earn from in the short term. With the Indian middle class and upper-middle class making more than ever before, second homes have continued to be a rage even during the pandemic. In many ways, the pandemic has pushed people to invest in a second home away from the city’s concrete jungle.
Today, the second wave of coronavirus has imbued uncertainty in the sector resulting in a temporary pause, but developers are now better prepared and well-versed with the know-hows of a pandemic. India’s resilient and burgeoning real estate segment has always remained an investor’s favourite, and one of the most sought-after realty markets globally.
