High rental yield makes Goa the most preferred destination for a Second home: Savills India (2024)
Panaji (Goa) [India], November 7 (ANI/PNN): According to international real estate consultant Savills, Goa has become a favourite location for people looking to purchase a second home because of its high rental yields. The report also adds that this rental yield ranges from 4 to 10 per cent. Goa is known for its pristine beaches, party vibe, nightlife, local markets and food.
While many are drawn to Goa for these reasons, there are others who are now flocking to the state seeking tranquillity and peace. The villages of Goasuch as Assagao, Siolim, Saligao, and the river islands like Diwar and Chandor offer plenty of choices for these homebuyers.
Aditya Kushwaha, CEO and Director of Axis Ecorp, says, “Goa’s real estate market has been on a fast track in the post-pandemic phase. The state’s rich culture, beaches, architecture and natural beauty make it a top choice for buyers looking for a second home. Holiday homes and villas have been one of the major drivers for this growth momentum. The recent work-from-anywhere scenario has further increased the popularity of Goa as a realty destination. A fresh spike in real estate prices is expected shortly as the Goa International airport is nearing completion.”
Shveta Jain, managing director of Residential Services, Savills India, says, “Goa has piqued the homebuyers’ interest even before the pandemic. Goa’s serene charm has attracted many investors looking to buy second homes or holiday homes as they generate good rentals.”
There are several belts in Goa that have witnessed a surge in demand. North Goa’s coastal belt spanning Candolim to Vagator continues to be a hot favourite amongst homebuyers.
The Porvorim, Parra, Assagaon, Saligao, Anjuna, and Siolim districts have seen an increase in demand for independent residences and rented villas in gated communities, according to the report. Depending on the size of the room and the number of villas, the costs per night range from Rs 15,000 to Rs 100,000.
Industrialists, Business honchos and new-age entrepreneurs have been eyeing the high-end luxury properties and villas in the region. Apart from this, there is also increased interest from the NRI community. The upcoming International MOPA airport is also adding to Goa’s charm.
The nearby areas are also experiencing the ripple effect of the current boom and infrastructure development. Sindhudurg, situated on the Maharashtra-Goa border, has also been experiencing a spurt in demand. The rental yields in this region have appreciated in the last few months.
“Not just Goa, the prices in the nearby areas are also soaring. Sindhudurg has also emerged as a sought-after second home and nature resort destination. The average property prices in the past four years in Sindhudurg have grown at a CAGR of 6.8 per cent, and it is expected to increase by 25-30 per cent once the airport gets operational,” adds Kushwaha.
Axis Ecorp is betting big on Sindhudurg and has several big-ticket projects in the region, including Axis Blues, Axis Yog Villas and Axis Lake City. The company is also planning to launch new projects in the area soon.
People’s need for quality air, water, food, and proximity to a cross-cultural environment has driven them towards Goa and Sindhudurg. Real estate developers are also capitalising on the growing market. The asking price for a villa in gated communities ranges from Rs 3 crore to Rs 12 crore. The rate varies based on the plot size, amenities offered and the number of rooms.
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High rental yield makes Goa the most preferred destination for a Second home: Savills India. Panaji (Goa) [India], November 7 (ANI
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/PNN): According to international real estate consultant Savills, Goa has become a favourite location for people looking to purchase a second home because of its high rental yields.
Property Prices in Goa are Competitive: In comparison to other popular tourist destinations in India, such as Mumbai or Delhi, property prices in Goa are relatively competitive. This could make investing in Goa properties more affordable and, in the long run, more profitable.
In terms of value for money, investing in a property in Goa can give you rental returns of 13-16% on a yearly basis. These high yields, make property investments in Goa a great value for money, whether it be in luxury houses, plots, apartments/flats.
The report also adds that this rental yield ranges from 4 to 10 per cent. Goa is known for its pristine beaches, party vibe, nightlife, local markets and food. While many are drawn to Goa for these reasons, there are others who are now flocking to the state seeking tranquillity and peace.
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What Types of Commercial Properties Are the Most Profitable? High-Tenant Properties – Typically, properties with a high number of tenants will give the best return on investment. These properties include RVs, self-storage, apartment complexes, and office spaces.
Goa property tax is a mandatory contribution property owners must make to the local government. The Directorate For Municipal Administration (DMA) in Goa oversees the state's assessment and collection of property tax.
Well the answer is simple; a resident of India but not residing in Goa or a resident of India but not residing in India can buy villas in Goa. So yes, non-Goans can buy property in Goa!
A popular standard for budgeting rent is to follow the 30% rule, where you spend a maximum of 30% of your monthly income before taxes (your gross income) on your rent.
In fact, renting out properties is not very profitable as the rental norms provide too much power to the tenants and little to the landlords. Moreover, in countries where the yield is higher, interest rates tend to be lower, which means that the opportunity cost of renting is not very high.
It's easy to work out the rental yield for your property by using our simple rental yield calculator sum. Firstly, find your annual rental income amount, then divide this by the property value.Finally, multiply the figure by 100 to get the percentage.
They can invest rental earnings into mutual funds via the SIP route. In the long term, they can create a huge corpus even if they invest a small portion of their rental earnings. The SIP investment should be diversified across different equity mutual fund categories such as large cap, small and medium cap, etc.
If you want a budget holiday, North Goa has great options. North Goa is brimming with affordable hotels, resorts and beach shacks that offer beautiful views and are accentuated by excellent service, friendly staff and delicious food.
The best locations in Goa to buy villas are Siolim, Anjuna, Assagaon and Parra. These are peaceful areas tucked in serenity. They are pioneered destinations and only a few minutes drive away from popular beaches and sites.
According to the study, Goa has been rated as the safest state for women, with a GVI (Gender Vulnerability Index) score of 0.656. It has ranked first in terms of protection, fifth for education, sixth for health and survival and eighth for poverty.
If you want to enjoy night-life in Goa, then you have to visit North-Goa, while South-Goa is known for its serenity. The northern part is full of clubs and late-night beach parties. Most of the big parties are in North Goa. In South-Goa, the parties are usually small and occur only during weekends.
This amongst one of the hidden places that Goa has to offer. If you are looking for some peaceful and calm time, away from the hustle and bustle of the city life, then Cola beach can definitely be your choice.
The amount will depend on your specific situation, but a good rule of thumb is to aim for at least 10% profit after all expenses and taxes. While 10% is a good target, you may be able to make more depending on the property and the rental market.
To become a real estate millionaire, you may have to own at least ten properties. If this is your goal, you need to accumulate rental properties with a total value of at least a million.
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Young adults – those younger than 35 – continue to be the most likely of all age groups to rent. In 2016, 65% of households headed by people younger than 35 were renting, up from 57% in 2006. Rental rates have also risen notably among those ages 35 to 44.
The busiest rental and moving period tends to be between the months of May and September. 1 The reason for this is fairly straightforward: A number of life changes tend to occur in these months. Many high school graduates are leaving home for college or jobs.
From this date onwards the people of Goa are liable to be taxed under the provisions of the Income-tax Act because it is deemed that the provisions of the Income-tax Act are extended to the territory which is newly annexed to the Union of India.
Additionally, the value of properties in Goa is sure to continue to increase in the future. So, if you are looking for a property that will offer you good value for your money, then buying in Goa is definitely a wise decision.
Here are the documents that you'll need for buying real estate and property in Goa: Passport and/or OCI card – If foreign passport, need a PIO and OCI card to buy property. PAN Card – important for transaction of property. Power of Attorney – to execute purchase transaction when not available in India.
How much is the Stamp duty in Goa? A. The current Stamp duty rate in Panjim, Goa is 5 percent for property value above Rs 1 crore, 4.5 percent for Rs 75 lakh-Rs 1 crore, 4 percent for Rs 50-75 lakh, and 3.5 percent for the properties priced below Rs 50 lakh.
For a parcel above 1,001-5,000 sqmt, the fee is Rs 2,000.For parcels above 5,000 sqmt but up to 10,000 sqmt, it is Rs 3,500.For a land parcel of 10,000 and above, the fee is Rs 7,500.
For ease of payment and collection of VAT, Goa Government has implemented a process of online payment or e-filing of Goa VAT registration fees. Further, the fee may range from ₹ 1000 to ₹ 10000 depending on the business turnover, which can be under ₹ 5 lakhs to ₹ 1 crore.
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