The recent inauguration of Goa’s Manohar International Airport (Mopa) has triggered a surge in interest among real estate developers, setting off a race to acquire land near the Goa-Maharashtra border. This strategic move aims to capitalize on the expected spike in demand generated by the airport’s presence. In the face of limited land availability in Goa, developers are expanding their horizons into Maharashtra, where ample land provides a canvas for ambitious real estate projects.
Recent land acquisitions underscore this growing trend, with Axis Ecorp securing 150 acres, Yugen Infra obtaining 300 acres, and Axon announcing a massive 600-acre mixed-use project in collaboration with Ess Vee Developers. These ventures not only attract attention from domestic buyers but also captivate interest from Indians residing abroad, keen on investing in holiday homes within this flourishing region.
Expanding Horizons: Aditya Kushwaha, CEO and Director of Axis Ecorp, emphasizes the pivotal role of the airport in unlocking new areas for development. Large tracts of available land empower developers to plan extensive facilities catering to diverse needs. Axis Ecorp’s ongoing projects in Goa, such as Axis Blues, Axis Yog Villas, and Axis Lake City, underscore the growth potential in the region.
Yugen Infra, a collaboration between Timespro Consulting LLP and V K Developers Pvt. Ltd, is actively expanding its land portfolio beyond the initial 300 acres. With a staggering gross development value (GDV) of Rs 1,000 crore, the project showcases Yugen Infra’s commitment, with Rs 150 crore earmarked for the first phase. Sheeshram Yadav, Managing Director of Yugen Infra, highlights Goa’s appeal as a market, citing its potential for high appreciation, rental yields, and desirability as a second-home destination.
A Catalyst for Investment: Industry reports predict that Mopa airport will attract investments of Rs 2,700 crore by 2030, focusing on luxury hotels, eco resorts, wellness retreats, and homestays. This influx of capital is set to diversify the region’s tourism and real estate landscape significantly.
Recognizing the future potential of these emerging regions, buyers are broadening their scope for real estate development. Property prices in the Mopa region have surged by 20-25% annually since the airport’s opening, supported by a robust recovery in the state’s tourism sector post-pandemic.
The strategic development around the new Manohar International Airport highlights the evolving dynamics of Goa’s real estate market. As developers extend their reach to the Goa-Maharashtra border, the region is poised for substantial growth, fueled by improved connectivity and an influx of investors. This trend not only showcases the adaptability of the market but also underscores the enduring appeal of Goa as a prime destination for investment and leisure.
