Panjim (Goa) [India], September 10 (ANI/PNN): The much-awaited MOPA project is expected to be operational soon. It is one of the region's most anticipated projects, and rightly so. T' current airport in Goa has been undeserving the region. It does not have the requisite infrastructure nor scalability. With the MOPA airport, these problems will soon be a thing of the past. Analysts are expecting an influx of tourists to the entire Konkan belt. The result will be an overall development of the area. It is expected that this development will rub off on the real estate sector as well.
Property prices in the area will increase dramatically after operations begin, according to a study by 360 Realtors, one of India's top real estate advisors. In the next 12 months, property values in the airport's immediate vicinity, where the current average price per square foot is Rs 6,700, can increase by 27.8 per cent. According to data by 360 Realtors, the average price of a home has grown over the last four years at a CAGR of 3.9 per cent. Following the opening of the airport, there will be an increase in real estate investment and tourism activity, which will be the cause of the price increase.
Average real estate prices in the neighbouring Sindhudurg region, which is also a popular location for second homes and natural resorts, may rise by 29.2 per cent yearly. Currently, the average cost per square foot is Rs 4,921. Property prices in Sindhudurg have increased on average at a CAGR of 6.8 per cent over the last four years.
Commenting on the MOPA Airport, Aditya Kushwaha, CEO and Director of Axis Ecorp says, "With the imminent inauguration of MOPA Airport, North of Goa and the neighbouring Konkan region are poised to experience a real estate investment boom. The infrastructure of a region is directly tied to the real estate industry. By constructing roads, motorways, and airports, numerous regions become more accessible. The holiday home market is already flourishing, and the aforementioned development will push the demand even further. Consumers looking for a sophisticated lifestyle similar to anywhere else on the globe will be increasingly drawn to this region."
Axis Ecorp has several upcoming projects in this region, which include Axis Blues, Axis Yog Vilas, Axis Lake City and Axis Lake City Plaza. The company has already exhausted its inventory for Axis Blues and as the inauguration of the new airport is drawing close, there has been a strong uptick in the inquiries for the Axis Yog Villas and Axis Lake City. These projects are just 18km away from the greenfield project and thus the valuation for the project is expected to skyrocket in the days to come.
Vinit Dungarwal, Director of AMs Project Consultants, "Infrastructure projects like the metro and airports always have a cumulative effect on real estate development. Goa is a great option for those seeking a second home away from the hustle and bustle of a city. We are quite bullish about the prospective real estate initiatives in the state."
Not just real estate prices but even rental prices in and around the year have seen a sharp uptick. Annual rental yields in the north Goa region are close to 4.1- 7.2 per cent. However, the yields around the MOPA are hovering around 6.7 per cent. Sindhudurg, on the other hand, is delivering outcomes north of 7.2 per cent. These are expected to rise even further once the MOPA airport becomes operational.
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