Goa, also known as the “Pearl of the Orient,” is a popular tourist destination in India known for its beautiful beaches, natural beauty, rich history, and vibrant culture. The state’s real estate market has always been attractive to investors, especially those looking for a second home or vacation home. However, with the upcoming Mopa Airport in North Goa, the region’s real estate market is expected to experience a significant surge in demand, particularly in the luxury segment.
Mopa Airport located 35 kilometres from Panjim will provide connectivity between South and North Goa, offering better aviation services, cargo handling, logistics growth, and various opportunities in real estate, industry, and hospitality. The airport is expected to cater to the growing tourism sector in Goa, in addition to becoming a future logistics hub that connects several domestic and global locations. Additionally, the luxury real estate segment is also expected to benefit from the airport.
“By 2030, experts predict an investment of INR 2,700 crore in the vicinity of the Mopa Airport. The first phase of the airport will have a passenger handling capacity of 44 lakh people per year, which is expected to increase to 1 crore people in another year after completion. Multi-modal connectivity is also planned for the airport.“
The Mopa Airport, set to become operational soon, is expected to significantly improve connectivity and boost tourism in the region. Lindsay Bernard Rodrigues, CEO and Co-Founder of The Bennet and Bernard Company, says, “Goa’s new airport will provide traction and drive the growth in real estate development in the region, more importantly on the premium segment. It will benefit North Goa hinterland as well as nearby Konkan region and will significantly improve the connectivity and boost Goa’s tourism sector.”
The airport’s location is also expected to drive demand for properties in nearby towns such as Pernem, Mapusa, and Siolim. These areas are expected to experience a boom in real estate prices, as developers rush to launch new projects to cater to the growing demand.
Furthermore, the natural and cultural beauty of the region, along with the upcoming infrastructure projects, is making North Goa’s Mopa, Siolim, and Moira a thriving ground for theme-based real estate and tourism projects like plotted developments, farmhouse communities, gated villas, holiday/second homes, and retirement homes. The demand for luxury homes, row houses, and premium apartments is likely to soar in the coming months as NRIs and affluent Indians take special pride in owning a piece of property in the beach paradise.
The buzz about the new airport is that it will inflate both real estate and rental prices in and around North Goa. Though property prices have already surged since the construction of the airport, a fresh spike is expected once the airport becomes fully operational, something that will augur well for real estate investors keen to buy property here.
“Higher capital gains and attractive rental yields in the future will drive investors. With the new airport in place, the last t has been crossed on the list,” Rodrigues adds.
The upcoming Mopa Airport is not just a game-changer for the real estate market in North Goa; it is also expected to boost the tourism sector, which, in turn, will drive demand for properties in the region. The airport’s location and connectivity will make it easier for tourists and business travellers to reach the region, making it an attractive destination for both domestic and international travellers.
Moreover, the airport is expected to boost the region’s economy by creating job opportunities in various sectors, including hospitality, tourism, and real estate. The airport’s construction has already created job opportunities, and once it becomes operational, it is likely to create even more job opportunities.
The Mopa Airport is set to become a catalyst for the growth of luxury real estate in North Goa and nearby areas. The airport’s location, coupled with the natural beauty of the region and upcoming infrastructure projects, is making it an attractive destination for investors and end-users alike. With the airport becoming fully operational soon, the real estate sector in the region is likely to witness a significant surge in demand, making it an excellent opportunity for investors and developers to capitalize on.
The Mopa Airport is not just a game-changer for the real estate market; it is also expected to boost the tourism sector and the region’s economy, making it a win-win for everyone involved.