Property in North Goa to appreciate due to the MOPA airport
Source: ZEE Business (https://bit.ly/3Diine3)
As operations in MOPA Airport are soon set to begin, the North Goa region as well as the nearby Konkan region is set to receive a windfall in real estate investments. The MOPA will be a growth multiplier for real estate demand in the nearby regions, which are already enjoying a bull run after the pandemic.
As per research by 360 Realtors, one of India’s leading real estate advisories, after the commencement of operations, property prices in the nearby region will jump steeply. Just near the airport, where presently the average price is Rs 6,700/ sq. ft., properties can appreciate by 27.8% in the next 12 months. In the past 4 years, average property prices have risen at a CAGR of 3.9%, as per research by 360 Realtors. The jump in the prices will be rooted in increased real estate investment and rise in tourism activities following the start of the airport.
In the adjacent Sindhudurg region, which is also a sought-after second home and nature resort destination, average property prices might increase by 29.2% annually. Presently, the average price is Rs 4,921/ sq ft. Over the past 4 years, average property prices in Sindhudurg have grown at a CAGR of 6.8%.
“Sindhudurg epitomizes the pristine beauty and culture of the Konkan and Western ghat and is marked by exotic landscapes, vibrant cuisines, plenty of greeneries, secret beaches & waterfalls, and much more. So far it is relatively unexplored but with the airport coming into existence, there will be the spotlight on the region” .
The positive impact of the MOPA mega project will also cascade to other nearby regions such as Morjim Assagao, Siolim, etc where the real estate demand will receive a major thrust.