The real estate market in Goa has been experiencing astounding growth and change in recent years. Lincoln Bennet Rodrigues explains why Goa is actually God’s own country and why it makes sense to invest in the state.

“Goa’s real estate industry is doing better than the rest of the other markets for second homes in the country. The sweet spot for property purchase in Goa lies in the range of `1-3-crore signifying the growing market for premium properties in Goa.”

-        Lincoln Bennet Rodrigues, 

Chairman and Founder,

The Bennet and Bernard Company.

What makes Goa a lucrative destination for Real Estate investments?

Goa is actually God’s own country. A steal on the cliché doesn’t define the reality. Goa, with natural landscape, sunny beaches, green surroundings, a rich culture infused with the very best of Mediterranean life and the cosiness of India, and a very vibrant social life makes the state a favourable destination for all.

For real estate projects —be it residential, rental, or commercial, etc. – this is the place that beck on swith arms spread wide. Goa’s year-round pleasant weather, which supports the vigorous tourism industry, also promotes a relaxed and rejuvenating lifestyle. It encourages NRIs and retirees’ residential property buying as the property valuation is more resilient to seasonal fluctuation.

From the ROI point of view, the capital appreciation is better than any other tourist destination. So, this land is a perfect destination for real estate investments of every kind.

How have investments been growing over the past few years, both residential and commercial?
The real estate market in Goa has been experiencing astounding growth and change in recent years. Infrastructure development has boosted investments in the sector. Currently, not only holiday homes or second homes, but homebuyers are flocking around as the demand for rental properties has been on the rise, primarily due to Goa's resurgent tourism sector.

In fact, according to prominent sector expert, Goa’s real estate industry is doing better than therest of the other markets for second homes in the country. The sweet spot for property purchase in Goa lies in the range of `1-3-crore signifying the growing market for premium properties in Goa. A real estate report by a leading analyst firm states that Goa’s real estate market would continue the upward trajectory in the coming years as investor confidence and sentiment keeps growing.

Seamless connectivity, which is a bang on factor, the move towards hybrid work culture, the rapid infrastructure development, proximity to beaches and tourism have all translated into Goa becoming a sought-after destination for second homes and luxury villas.

On the other hand, the hospitality and tourism sector in Goa has been a significant driver of commercial real estate investments—hotels, resorts, guesthouses, and other tourism-related properties. Commercial spaces like office spaces and co-working facilities, retail and entertainment: malls, restaurants, theatres, etc., are all growing.

Speaking specifically for commercial real estate, what are the benefits that Goa offers?

At the very end of they ear, the real estate market in Goa sees no sign of abatement. Goa’s acceptance of being the preferred destination for tourism has increased in the last couple of years. So, the steady influx throughout the year helps the hospitality industry hugely.

A number of restaurants, resorts, other recreational facilities, etc., have captured the market, and tourists are looking forward to experiential adventures along with the relaxed atmosphere of Goa. The recently concluded CII conference has also pitched for a renewable energy boost spelling well for the state’s future.

The Goa government has seta goal to achieve 100 per cent renewable energy usage across all sectors in the state by 2050. That ’s cleaner energy in the state, more employment, and more prosperity in the region. All this bodes wells for commercial real estate.

Goa has been known for being the preferred destination for the second home segment. Does it also have the potential to be considered a serious destination for real estate investments?

Hidden by the veneer of a tourist paradise, Goa is a shimmering block of investment opportunity  ties that are led by Real Estate, Pharma, etc. It has the potential to be considered for real estate investments due to the increase in demand for second homes and a major curve in infrastructural development.

Major buyers from Tier 1cities prefer investments in Goa as it is less polluted and offers good quality atmosphere. Apart from that, the cost of living and affordability of a certain lifestyle compared to Tier 1 cities in India also helps.

A lot of property owners buying the projects are looking at ROI generation in the form of daily rentals, keeping in mind the rental business option that contributes as their second income. Additionally, the work-from-home concept of long-term rentals is also achievable.

The opening of the new airport in North Goa has opened more avenues for investments in North Goa for land.

What are the initiatives that you believe the government needs to take to improve or increase investments in real estate sector?

Improvement of infrastructure comes at the top of the list of requirements. Also, simplifying the process for registrations and deeds at the sub registrar, tax rebates, and relaxations on stamp duty and registrations would help a lot of customers and builders. Additionally, some incentives or subsidies for sustainable and green building initiatives will be appreciated by developers of large projects.

The government has plans to have an approval plan in place shortly. The Government of Goa proposes to setup an Investment Promotion Board as the nodal authority for investments in Goa which meets any/all of the criteria, such as investment upwards of `5.00-crore, area requirement equal to or above 3,000sq.ft., etc.

Bennet and Bernard is a home-grown company. The Goan-based entrepreneurs have successfully diversified the brands from the principal business of luxury real estate in Goa to gastronomy and hospitality and, further, into FMCG lines. Today, they also have a global presence.

Bennet and Bernard Custom Homes display an array of unique architectural homes, ranging from Spanish, Portuguese, Californian, Mauritian, and Dutch architecture. The brand embraces the value of unique home designs for every customer, thereby making the designs new for every project.

The Gastronomy and Hospitality division boasts global cuisines, creating for the state of Goa a competitive new benchmark. The FMCG brand of Artisan Deli has addressed the gap of international-quality cold cuts in the Indian subcontinent, and Locke and Mason, the artisanal creamery, delivers unique flavours and is the only preservative-free, commercially produced yogurt. Black Vanilla Gourmet, the only gourmet store in Goa, is a gourmand’s delight, hosting international foods from over 50 countries.

The brand is client-centric, creating value for every one of its customers through their range of products. They deliver quality of international standards to customers by nurturing a team bountiful of local talent. They remain responsible socially, reaching out to various causes of child welfare, street animal care, and other opportunities the founders feel grateful to share back with the community.

Upcoming Project:

Casa El Toledo, exclusive4-bedroom Dutch villas in Assagao, North Goa.