Goa's appeal as a second home destination for India's wealthy is soaring, with DLF Limited set to launch its first super-luxury villa project outside the Delhi-NCR region. According to Sotheby's International Realty's Luxury Outlook Survey 2024, 35% of luxury home buyers prefer Goa. Factors like strong rental income, secure gated communities, and a lifestyle focus drive this trend. DLF's 62 "by-invitation" villas in Reis Magos, North Goa, priced between INR 40-50 crore, reflect this demand. North Goa's villa prices have surged 28% year-on-year, driven by high rental yields and proximity to the new Mopa Airport.
Goa's allure as a second home destination for India's wealthy continues to rise. Major real estate developer DLF Limited is set to launch a super-luxury villa project in the state, marking its first venture outside the Delhi-NCR region.
According to Sotheby's International Realty's Luxury Outlook Survey 2024, nearly 35% of luxury homebuyers prefer Goa for their second homes. This trend is driven by several factors. Investors see opportunities for strong rental income from their properties. Secure and well-maintained gated communities are increasingly sought after. Younger buyers prioritize a lifestyle focus, seeking properties in natural settings like North Goa, where villa prices have seen a remarkable 28% year-on-year increase.
DLF's project will feature 62 luxury villas in Reis Magos, North Goa. These "by-invitation" properties will range from INR 40 crore to INR 50 crore, with an expected total project value of INR 2,500 crore. The upscale development overlooks the scenic Mandavi River.
DLF's entry into Goa highlights the growing demand for super-luxury homes in the state. Aakash Ohri, a senior DLF official, attributes this trend to a changing definition of luxury and a shift in investment preferences. Buyers are increasingly seeking high-value holiday homes in serene locations outside of crowded cities.
North Goa, with its natural beauty and strategic location near the new Mopa Airport, has become a hotspot for second-home investments. Recent reports from Savills India note a 28% year-on-year increase in average villa prices in North Goa. This rise is driven by factors like high rental yields, gated communities offering security and amenities, and the lifestyle appeal for younger professionals seeking a relaxed environment near the new airport.
DLF is not alone in recognising Goa's potential. Several other NCR-based builders, including Sabh Infra and Bhutani Infra, are either launching projects or planning to do so. This influx of developers further strengthens Goa's position as a premier destination for luxury real estate investments.
The growing demand for luxury homes in Goa, coupled with increasing investment from major developers, suggests a promising future for the state's real estate market. With its natural beauty, strategic location, and focus on high-end amenities, Goa is poised to remain a top choice for India's wealthy seeking a luxurious second home.
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