Goan builders though cautious, 95% plan to launch new real estate projects in 2022
Source: Times of India (https://bit.ly/3CmLbPZ)
Most builders remain cautious about Goa’s real estate sector and have conservative estimates about the sector’s outlook with just 24% of the developers saying that they are bullish about sales in 2022. Interestingly, despite the dampened sentiment 95% of Goa’s developers said that they plan to launch new real estate projects in 2022.
Most of the new launches are in the residential and commercial space with just 6% of the new projects expected to focus on retail. Not surprisingly with the state becoming a retirement destination, 43% of Goa’s developers are toying with the idea of venturing into senior citizen housing.
The findings are part of a nation-wide survey conducted by Credai. Real estate stakeholders have said that the sentiment and sales could pick up if the Centre enhances the ease of doing business for the construction industry.
In Goa, just 24% of the builders said that they are bullish about sales in 2022. The report states that 38% of the builders surveyed in Goa have “conservative” projections for their turnover and 38% remain cautious about developments in the industry.
Given the huge demand for housing in Goa, it is not surprising that 63% of the builders prefer to focus on residential projects. The survey also said that 28% of the builders want to focus on commercial projects and 6% on retail spaces. Just 3% of the builders are keen on exploring warehousing projects in the state despite the paucity of warehouses in the state.
“The report underlines top concerns of the developer community including controlling the input cost, introducing credit input on GST, increasing availability for funding, streamlining and faster approvals for projects which require urgent interventions to keep up the upbeat sentiment and encourage them to invest more in business,” Credai president Harsh Vardhan Patodia said.
The pandemic has sparked a strong interest in Goa’s real estate sector but the traction has been largely in the high-end luxury segment. While demand for high-end properties such as contemporary luxury villas to vintage Goan homes has skyrocketed, affordable and mid-range housing has hit a slump.