Goa’s Rising Real Estate Wave: A Gateway for Developers and Investors

For years, Goa has been synonymous with pristine beaches and tourism, but a new wave of transformation is sweeping across the state. Goa’s government is now inviting developers from Maharashtra to tap into its burgeoning real estate sector through strategic public-private partnerships (PPP). This initiative aims to unlock vast land parcels for residential, commercial, and mixed-use developments.

Goa’s Call to Maharashtra Developers

The Goa Rehabilitation Board and the Goa Housing Board have reached out to the National Association of Real Estate Developers Council (NAREDCO) Maharashtra, encouraging them to explore development and redevelopment opportunities in the state. The focus is not only on new constructions but also on revitalizing underutilized land through structured PPP models.

Unlocking Prime Real Estate in Goa

At the NAREDCO Maharashtra Annual Members Meet 2025 in Panjim, senior representatives from Goa’s housing authorities presented their vision, titled ‘Unlocking Real Estate Opportunities in Goa.’ This session marked a crucial step in bridging Maharashtra’s expertise with Goa’s expanding property market.

“Goa is evolving beyond tourism into a thriving hub for real estate, offering exponential growth potential for developers and investors alike,” said Aleixo Da Costa, Secretary of the Goa Rehabilitation Board.

Strategic Land Monetization and Redevelopment

The government’s approach involves repurposing used land and monetizing unused parcels through PPP models. Locations such as Vasco, Sada Vasco, Baina, Zuari Nagar, and Colvale hold substantial investment potential. Authorities plan to release land in Sada Vasco for rehabilitation first before opening tenders for monetization, allowing private developers to participate.

Goa’s Property Market: A Booming Investment Destination

According to NAREDCO’s analysis, land parcels are strategically positioned within 1-2 km of key transport hubs, including the airport, seaport, and railway stations. This connectivity makes them highly attractive for commercial and residential projects.

“Goa’s property prices have surged by 15% to 30% annually, with North Goa witnessing remarkable appreciation. Over the last five years, Candolim saw a 168.5% rise, Siolim 149.2%, and Calangute 83%,” highlighted Sadashiv Gaonkar, Housing Engineer at the Goa Housing Board.

Investment Returns and Rental Yield

Investors are increasingly drawn to Goa’s lucrative rental market. The state’s booming tourism sector ensures high rental incomes, with ROI ranging from 4% to 10% annually. North Goa offers rental yields of 8-9%, while South Goa provides returns of 6-8%, making it an attractive proposition for real estate investment.

Industry Leaders Welcome the Initiative

NAREDCO Maharashtra President Prashant Sharma welcomed Goa’s proactive stance, stating, “Goa’s decision to invite developers is a game-changer, positioning the state as a premier real estate destination.”

Niranjan Hiranandani, Chairman Emeritus of NAREDCO Maharashtra, added, “Goa is set to become a top market for second homes, luxury villas, and hospitality businesses, driven by its infrastructure, international connectivity, and investor-friendly policies.”

The Road Ahead

With its strategic location, rising property values, and government-backed initiatives, Goa’s real estate market is poised for a dynamic transformation. As Maharashtra developers explore new opportunities, the synergy between the two states is expected to drive a new era of growth in India’s real estate sector.