Three Independent legislators--Vijai Sardessai, Rohan Khaunte and Naresh Sawal--have already vowed support for the party, which is likely to be named as 'Goa Forward'.
"We are looking to take Goa forward. So the name of the party will also be on the similar lines. For last eight months, meetings are being held with like minded people cutting across all the communities to put together this political outfit," said Prabhakar Timblo, former State Election Commissioner, who is one of the faces of the party.
The forces working on the formation of this party are buoyed with the outcome of Bihar elections, which they say, was completely inclined towards regional players.
"If you look at Bihar elections results, they were completely towards regional parties. In Delhi too AAP won, it was a regional party. AAP calls itself to be national party but it is in fact a regional party," Timblo said.
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He said that the Congress which was supposed to be principle opposition party has gone into "sleep mode".
"We are not joining the party but we are supporting it whole heartedly. If you look at BJP they are on the verge of making Goa lose its identity," said Rohan Khaunte, the legislator representing Porvorim constituency.
Khaunte had declared his support to BJP led government post 2012 assembly polls but had later withdrew it.
"Regional party is the only option where there will be no high command," he said.
the identity of the state. But whether the benefits of Goa being a separate identity is going to the 'sons of soil' is a big questionmark. There is a feeling that Goan identity is getting diluted," said Vijai Sardessai, an independent legislator from Fatorda constituency.
"We manage to get ourself liberated from colonization by Portuguese but we have now become a colony of Delhi and it is affecting Goa," he said.
The new regional party, he said, would maintain equi-distance from BJP and Congress both.