Good tidings for coastal housing makes real estate boom in Panaji

PANAJI: Nature is doing to Panaji and coastal areas near it what software is doing to Chandigarh, Bangalore, Hyderabad and Kolkata: jack up real estate prices. Enamoured by Goa's beaches, Indian and foreign tourists, and professionals from other states on a stint here, are buying property in Panaji, Miramar, Caranzalem, Bambolim, Porvorim, Dona Paula and other areas near the state capital.

"Millions of business travellers and tourists visit Goa every year. Many of them come back to make homes here. Add to that the lifestyle choice being made by new-rich professionals in choosing homes by the sea, and you have a booming real estate market," explains Tulio de Sousa, chairman, Indian Institute of Architects, Goa chapter.

"After a hard day's work, I find it extremely relaxing to watch the sun go down the horizon," says Arpita, customer service manager at Airtel, who shells out a hefty Rs11,000 as monthly rent for her 4th floor Models Apartment flat in Miramar. "I sold the idea of a flat on the coast to my husband, Sumit, and he agreed. After all, who wouldn't want a soothing sea breeze to sweep one's home?"

"The coast gives Panaji the real estate edge," says Peter Vaz, director, Models Constructions, which has pioneered apartment block trends like large-stilted car parks and swimming pools. "The high rents in a place like Miramar is because of the unobstructed view of the sea," explains Joe Mathias, director of the Panaji-based Mathias Constructions, builder of premium villas in Sinquerim-Candolim.

Places like Miramar, Dona Paula, Caranzalem, Bambolim and Verem-Reis Magos are near the state capital and are also coastal areas. These two factors have helped the realty market soar here. "For all practical purposes, Panaji has stretched beyond municipal limits to these areas. This has given an immense boost to real estate prices here," says Vaz.

"In Panaji, Miramar and Caranzalem, apartment prices are Rs30,000 per sq m. In Miramar, an unobstructed view of the sea could cost Rs40,000 per sq m. A little in the interior, the price range is Rs25,000 to 30,000," informs Vaz. In Dona Paula, one has to shell out Rs35,000 per sq m for an unobstructed sea view. In Verem-Reis Magos, the price range is Rs25,000 to 30,000 per sq m and three times as much in posh localities. "For sea-facing apartments, builders even discard the per-sq-m price system. For a duplex, they straightaway quote Rs50 lakh," adds Vaz. 

The ripple effect of Panaji's realty boom is being felt in the areas across the Mandovi river, which includes Porvorim, Betim, Penha de Franca, Salvador do Mundo, Pilerne, Sangolda and Socorro.