Retail investors, particularly the younger demographic, now have various avenues to invest in real estate without depleting their financial resources, enabling them to earn passive income at an early stage.
The real estate sector in India has experienced remarkable growth in 2023 and industry experts anticipate the homebuying sentiment witnessed in 2023 to persist in 2024 also.
The residential sector exhibits substantial growth potential, underscored by sustained demand over the past few years, complemented by consistently stable interest rates and robust GDP expansion. Notably, there is a pronounced demand for mid- and high-priced residential properties.
Driven by economic stability, policy reforms, and changing consumer dynamics, India’s real estate sector has registered strong growth with a massive uptick in demand in 2023.
The already high demand for second homes in Goa is growing even more. Especially in the luxury segment the demand for homes ranging from Rs 1 crore to Rs 3 crore price band has been on the rise.
For the first time in India, sales of high-end homes priced above Rs 1 crore have surpassed demand in the affordable segment, priced below Rs 50 lakh, according to a report by real estate consultancy Knight Frank.
Residential sales continue to gain momentum, reaching multi-year highs. Properties priced over ₹1 core saw a 39% Y-o-Y increase, while the mid-segment, ranging from ₹50 lakh to ₹1 crore, witnessed a 14% year-on-year rise.
Planning to buy a second home in Goa, especially now that the new airport in Mopa is operational? To start with, a prospective homebuyer should know that the Land of Beaches has emerged as a preferred choice among buyers of second homes on account of the high rental yields it offers. These typically range from 4 percent to as high as 15 percent for luxury sea-facing properties.
The North Goa region is on the brink of a construction boom, with a surge of development activity taking place near the Manohar International Airport (MIA), an area that has traditionally lagged behind socio-economically. This previously overlooked zone is now bustling with a multitude of development ventures. In addition to the contemporary amenities housed within the airport premises, there are ambitious mega projects valued at Rs 2,300 crore on the horizon.
By carefully evaluating the market conditions, conducting due diligence, and considering personal investment goals, investors can make well-informed decisions to maximise their returns in the dynamic real estate market of 2023-24. Both sectors offer unique advantages and challenges, and understanding the market dynamics can help investors make informed decisions to maximise their returns.