Mon - Sat 8:00 - 6:30, Sunday - CLOSED
So what does the HNI want?
“A glass villa is a dream come true,” says Jahan Tahiliani of Tahiliani Homes, who just sold the Glass Villa. “HNIs seek a social and cultural experience which only Goa offers. The demand is exclusive,” adds Jahan.
Money is not a criteria; location and luxury are. Beachline areas like Parra, Guirim, Assagao, Siolim, Vagator and quiet interiors—Aldona, Moira, Nachinola and Succour—are popular. “[The buyers] want to be tucked away, perched in cool, calm and quiet surrounds or a traditional Goa village. I have clients from Kolkata who have bought the most expensive properties. Many prefer the Assagao for its recreation and eateries. It helps that the village panchayat has ensured that eco-friendliness is not compromised. Chapora, Anjuna, Morjim, Arambol, Ashwem and Mandrem are in demand too,” says Noel Goodwin, Goodwin Group.
According to Ravish Manchanda, founder PropMeister, and a real estate advisor, unoriginal template designs are passé. “Low rise-low density homes with local character facades, modern functionality in quiet, green village settings yet not far from the hustle are preferred. The eclectic buyer wants ceiling heights, good fenestration ratios, open to sky sundecks/terraces or long-deep verandas/balconies or sizeable gardens for al fresco dining. Much to the dismay of green building advocates like me, private pools are the norm so I wouldn’t call them differentiating or striking anymore. Developers take cognisance of what a buyer expects, and private pools are one of them,” explains Manchanda.
Maybe not a beach house, after all
A beach home is every heart’s desire, yet comes with its own snags. “While the idea of living on the beach sounds dreamy, most do not build homes on the beach due to extreme weathering, intense monsoon, and proximity to the sea that adds extra deposits from beach granular dust. It is difficult to maintain such homes, especially from the salty air that iodises everything. Being practical is in one’s best interest long term,” advises Jahan.
And for those wanting a piece of heritage, Britto says, “Buying and refurbishing an old Portuguese home? I have friends who bemoan their homes are difficult to maintain. Conceptually, they are charming, but a great deal of time and effort goes into them.”
Britto also cautions against the influx of overnight developers clouding the Goan market, “Always ask the developer for a dossier of the pre-approved project, good title and check out earlier projects, visit them and see after sales service which in Goa’s tropical and salty air is a good indicator.”
It's good business too
Manchanda avers that post-pandemic, Goa has seen a transformation in residential real estate from “I want” to “I need”. CREDAI, the real estate body, pegged the rise in property prices this year at 10-15%, though local realtors say this is a conservative estimate.
“It is now a market with steady capital appreciation and unmatched rental returns (long and short-term). For instance, a luxury villa on daily rental can go up to Rs1 lakh and more. Getting a mid-level spacious bungalow for a day can cost anywhere between Rs30,000 onwards, and during the season, most are already booked. “The shortage of clear titles, developable land coupled with the tough planning permissions ensure that Goa never has oversupply and remains a high performing real estate market,” Manchanda adds. Britto says one must also check the CRZ and FSI rules of a property.