Post MOPA, North Goa might become a goldmine for real estate activities
Source: Construction Week ( https://bit.ly/3E58Ab6 )
Historically, airports have been catalysts of real estate activities. We have seen how the Kempegowda airport in the northern outpost of Silicon Valley has turned the region into a bustling commercial and housing market. Much of the success of Gurgaon 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 & resorts, concept tourism, aero-cities, high street retail & shopping malls, offices, townships, etc. This further heralds wider economic transformation.
One such place that will soon get shot in the arm is the north Goa region along with the Konkan belt. The MOPA airport in north Goa is in the final stages of operations and is slated to start its 1st phase soon. The airport, which will be completed in 3 rounds will manage more than 13 million passengers annually at its full utilization.
The Rs 2300 crores mega project will also be paired with 232 acres of commercial development that will include convention centers, hotels, casinos, retail, and much more. Already the RFPs have started to float for the mega project.
The positive impact of the airport project will soon reverberate across the region and transform it into a bustling commercial and residential destination. The region, blessed with serene landscape and tranquil weather will see a spurt in second home retirement villas and farmhouse projects. The Konkan and Goan regions are rich in numerous plantations such as cashews, berries, gourds, spices, and much more, which will further fuel the demand for farmhouses and plotted developments. The region’s proximity to Mumbai, Bangalore, Hyderabad, and Chennai will further fuel the jump in the retirement home segment.