Source: O Heraldo ( )

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. These projects encompass a sprawling 232-acre tract of land dedicated to commercial expansion, featuring convention centers, hotels, casinos, retail establishments, and more. This comprehensive endeavor is set to invigorate the real estate market.

Historically, airports have been catalysts of real estate activities. Karnataka has witnessed how Kempegowda Airport in the northern outpost of India’s ‘Silicon Valley’, Bengaluru, has turned the region into a bustling commercial and housing hub. The rise of Gurugram as a commercial and housing hub has been attributed to its proximity to the international airport.

Airports are large-scale logistic projects that can seamlessly connect a region with the rest of India and the world, thereby bringing the spotlight on the region.

Besides, airport projects are paired with multi-sectors of development of the region such as hotels and resorts, concept tourism, aero-cities, high street retail and shopping malls, offices, townships, etc. This further heralds wider economic transformation.

North Goa region along with the Konkan belt is also going to witness a boom in construction activity like Gurugram and Bengaluru. The MIA in North Goa has commenced operations and is slated to start international flights soon.

The airport is built to handle more than 13 million passengers annually after its full utilisation.

Along with the modern facilities inside the airport, Rs 2,300 crore mega projects will also be paired with 232 acres of commercial development that will include convention centres, hotels, casinos, retail, and much more. Already the RFP has been floated for these mega projects.

The positive impact of the airport project has also started reverberating across the region. It has begun the transformation of the backward Pernem taluka, into a bustling commercial and residential destination.

Serene landscapes and tranquil weather will see a spurt in second home retirement villas and farmhouse projects are some of the many upsides of Pernem.

However, Pernem has similarities with the rest of the Konkan belt which is rich in numerous plantations such as cashews, berries, gourds, spices, and much more, which will further fuel the demand for farmhouses and plotted developments.

“Land prices in Pernem taluka are increasing. About a decade ago, the rate was Rs 5,000 to Rs 6,000 per square metres for settlement area and Rs 800 to Rs 1,200 per square metre for orchard land. Today the rate is Rs 10,000 to Rs 12,000 per square metres for settlement area and Rs 5,000 to Rs 6,000 per square metres for orchard area”