New MOPA Airport to bolster demand for second homes in Goa, say experts
Apr 20, 2022
Panaji (Goa) [India], April 20 : The real estate business in Goa is expected to get a boost and demand for second homes in the coastal state will increase as the upcoming MOPA airport in the state becomes functional, say experts.
Goa is known for its wide sandy beaches all across the world. It is believed that once the new airport becomes operational, it will help unlock the real potential of the state and tourism activities will increase manifold. All this will result in a positive impact on the real estate projects in both Goa and Maharashtra. In the past few months, Goa has already emerged as the preferred choice for people looking for a second home. This development will add to the trend and give a major boost to the demand for holiday homes in the region.
Goa Governor P S Sreedharan Pillai recently announced that the much-awaited MOPA airport will be completed and commissioned by August 2022.
At present, the national and international flights for Goa are handled out of the Dabolim Airport. There are a few restrictions in place since Dabolim airport is also a naval base. MOPA airport will not only tackle these challenges but also ensure more flights to and from Goa.
Talking about this development, Aditya Kushwaha, CEO and Director Axis Ecorp says, "In this post-pandemic world, real estate has emerged as the most preferred investment option, especially for the UHNWI. Goa has always been a popular destination for people looking to invest in a vacation home and this new airport has increased the prospects for this region even further."
"NRIs are also seriously considering investing in real estate in India. With the opening of the MOPA airport, Goa and Sindhudurg will be able to attract significant interest from the NRI market", Kushwaha added.
According to a report by Savills India, Goa has emerged as the numero uno choice for Indians looking for a second home. Almost a fifth of the respondents that took part in this survey indicated they are interested in buying a second home in Goa.
"One of the reasons for the interest in Goa is that the state has made significant progress in the last couple of years. As per the Sustainable Development Goals (SDG) the India Index 3.0 report published by NITI Aayog, Goa has a score of 72 and is in the fourth place in the country", added Savills India.
Vinit Dungarwal, Director at AMs Project Consultants Pvt. Ltd. said, "Infrastructure projects such as the metro and airports have an incremental impact on real estate development. Goa is an appealing choice for people looking for a second home that is away from the hustle-bustle of a city. We are extremely optimistic about the prospects of upcoming real estate projects in the state."
Goa has also established itself as a prime destination for a second home but is also a hot destination for Luxury homes. As per Sotheby's International Realty's 'Luxury Outlook Report', Goa is placed in the same position as Delhi and Mumbai as the markets to watch out for in 2022.
While talking about the upcoming airport, Governor Pillai also mentioned that the Aviation Skill Development Centre is already operational. He said, "The ASDC has become operational and about 1,500 unemployed youth are expected to be trained prior to commissioning of the airport".
It is expected that the local economy of the state will improve significantly when this new airport is operational and it will have a ripple effect on all the related and non-related sectors.
