MOPA will channel hospitality investments of Rs 2700 cr by 2030: Report | The Financial Express

MOPA will channel hospitality investments of Rs 2700 cr by 2030: Report

Already, a windfall in real estate activities has been registered in North Goa, with a steep jump expected in property prices to the tune of 25-30% yearly.

MOPA will channel hospitality investments of Rs 2700 cr by 2030: Report
38.5% of the investments will be used on land acquisition, while the remaining will be towards construction and other costs.

Trial flights have started landing at the much talked-about MOPA airport and it is believed that the project will start operating soon. This will be the second airport in Goa after the existing Dabolim, and like other aviation projects in the country, MOPA will be a game changer for Pernem, the wider North Goa region, and the adjacent Sindhudurg & Konkan belt.

The positive transformative implications of the project will be felt far and wide, as economic interest in the region will soar. Already, a windfall in real estate activities has been registered in North Goa, with a steep jump expected in property prices to the tune of 25-30% yearly.

While there will be a windfall of realty investments, another sector that is set for a monumental shift is the hospitality industry. As per a study by real estate developer Axon, close to Rs 2,700 crore (USD 341 million) of investments will be directed towards the MOPA region in developing luxury hotels, eco hotels, nature & wellness resorts, homestays, etc.

As per the report, close to 1500 new rooms will be added, comprising of 40% each of premium and budget segments. The remaining will consist of concept resorts such as eco-hotels, wellness & Ayurveda health centers, nature resorts, etc.

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North Goa and the Konkan region are known for their globally popular coastline, palm interspersed sea beaches, electrifying nightlives, and music fests. However, there is much more to North Goa and the adjacent Sindhudurg region. The place has equally mesmerizing rural backyards, green-capped hills, thick forest areas, serene lakes, and much more. So far, the interiors of North Goa are less explored. However, it might change with the MOPA project coming into existence.

“The Mopa airport will bring the spotlight to the less explored beauty of the Konkan region. The calm and serene weather, plenty of lush greeneries, beautiful hills, and panoramic views, the region is a nature’s paradise. Moderate weather (20-33 degree Celsius throughout the year) is the icings on the cake. The region is a potential hotbed for concept-based hotels & resorts,” said Ankit Kansal, MD & Founder, Axon Developers.

“Another remarkable aspect of the Konkan and North Goa region is the beautiful amalgamation of numerous cultures such as Portuguese, European, Konkani, Mahrasthrian, making a cultural melting pot. From baroque heritage monuments to mouth-watering cuisines to exquisite villas, the region has everything to satiate true cultural aficionados,” added Kansal.

As per the report by Axon Developers, 38.5% of the investments will be used on land acquisition, while the remaining will be towards construction and other costs. The report further reveals that the total area in the future pipeline will be close to 78,000 sq m. Already the market has started showing signs of picking up with big projects underway by major hospitality players such as Taj Hotels, Lemon Tree, and Hilton etc.

In Sasoli, just adjacent to the airport area, Axon is also launching a 600-acre mixed-use project in partnership with Ess Vee Developers. Named ‘The Origin’, it will have eco hotels & resorts, villas, wellness centers, retail, etc.

The Mopa region will also be a playing ground for investors, both institutions and individuals, scouting for high-yield deals. Already after the pandemic, Goan tourism is on a strong footing with the average occupancy of over 70%. During the extended weekend, the occupancy touches 100% mark. After the airport project, the numbers will further surge making it a goldmine for hospitality investors.

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First published on: 01-12-2022 at 12:40 IST