Source: OHeraldo (https://bit.ly/3xZSlqU)

COVID pandemic came in as a boon in disguise for the high-end luxury segment in the real estate sector in Goa, the mid and lower segments of the sector, however, continue to struggle. According to the realtors the effective cost for an ordinary buyer has gone up and their woes have increased dramatically. The buyers from this middle and lower segments are touchy and will consider every pie before taking any decision. VIKANT SAHAY while speaking to the stakeholders in the real estate market in Goa felt that a lot needs to be done in this sector to make available ‘affordable housing for the common people’

Even though the real estate sector in Goa is doing well in the higher segment, which is about Rs 3 crore and above, in sales the mid segment and the lower segment is at a snail pace, particularly after the pandemic. The real estate developers and builders are facing this issue as there are too many bureaucratic procedures and they call it as hindrance to ease of doing business.

In fact, on October 9, 2021 representatives of Confederation of Real Estate Developers’ Associations of India (CREDAI), Goa met with the Chief Minister Pramod Sawant to apprise him of the situation they are facing. The Chief Minister Office after the meeting also tweeted, “Dr Pramod Sawant chaired meeting with CREDAIand State government officials to review the efforts taken to bring about ease of doing business in the State.” The matter is now with government’s highest level and the real estate industry in looking for some relief to carry on their business smoothly.

The realtors also added that the issue is that when we create societies the registration fee amount is 1.5 per cent which means that this money would not be adjusted and the clients end up paying 1.5 per cent higher. So 4.5 per cent of stamp duty and registration in case of societies will be now effectively cost 6 per cent for each client. “So, only individual conveyance deeds will get benefit. They have either not thought of it thoroughly or typically they want to burden real estate like always. The government thinks it will improve their revenue. What they do not realise is that the government will earn more revenue only if MSME businesses do well,” said a realtor from South Goa.