Mopa Airport will boost Goa’s property market: Experts | The Financial Express

Mopa Airport will boost Goa’s property market: Experts

The Mopa airport will significantly improve connectivity and boost tourism in Goa immensely, which in turn is likely to help it emerge as one of the leading luxury market destinations in the country.

New Airport will boost Goa’s property market: Experts
Goa’s new Mopa airport is a significant milestone for the tourist destination and will be a growth multiplier for real estate development, especially in the North Goa hinterland as well as the nearby Konkan region.

While making their property buying decision, desirous buyers invariably look at infrastructure development, connectivity, and availability of educational and health infrastructure as key elements. Often these factors along with location determine the pricing of a piece of property as well. Areas having decent infrastructure and better connectivity generally emerge as preferred locations and also command premium pricing. The recent inauguration of the Manohar International Airport is likely to have a similar impact on Goa’s real estate market.

Experts believe that the state-of-the-art airport in Mopa will significantly improve connectivity and boost tourism in Goa immensely, which in turn is likely to help it emerge as one of the leading luxury market destinations in the country.

“Goa’s new Mopa airport is a significant milestone for the tourist destination and will be a growth multiplier for real estate development, especially in the North Goa hinterland as well as the nearby Konkan region. Goa has always been a haven for second homes, villas and farmhouses and this new transport connectivity with the globe will add to the trend and create a windfall in real estate investments. Demand for luxury cottages, row houses and premium apartments are most likely to soar in the coming months as NRIs and well-off Indians take a special pride in owning a piece of property in the beach paradise. Further, the buzz about this new airport will inflate both real estate and rental prices in and around North Goa. Though property prices have already surged since the construction of the airport, a fresh spike is expected once the airport becomes operational in 2023, something that will augur well for real estate investors keen to buy property there,” says Anupam Rastogi, Co-founder and CBO-NRI Sales, Square Yards.

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The airport at Mopa in North Goa, being built at a cost of Rs 2,870 crore, is the second facility in the state in addition to the existing airport at Dabolim. The new airport also has facility for cargo transportation, which will be big plus for the state.

“The Mopa Airport is situated in North Goa, 35 km from the capital city of Panjim, connects both North as well as South Goa. This completely connects the entire Goa to the world for aviation service accessibility, opening opportunities of comprehensive growth for entire Goa, by increasing cargo handling capacity, augmentation of Passenger handling capacity, thus promising growth opportunities for all the sectors in Goa like real estate, hospitability and industries,” says Taha Ansari, Managing Director, Project Management (Developer Relations), Colliers India.

The new airport is expected to boost the socioeconomic development of the state and serve the needs of the tourism industry. It has the potential of serving as a key logistics hub, directly connecting many domestic and international destinations. The real estate sector, particularly the luxury property market, is also likely to gain from it.

As per a research report by Axon, in the times to come, the fortunes of Goa’s tourism industry is also further set to evolve. Especially if we talk about the North Goa region, it will be a party to the commencement of the MOPA airport. The project with an initial annual capacity of 4.4 million will be the game changer in North Goa’s fortune. By seamlessly connecting the region with the globe, there will be a jump in tourist arrival. Already the region is conveniently connected through railway lines and roadways. However, as the MOPA project takes shape, a momentous shift is expected and the tourist will rise significantly. By 2030, the total investments in the hospitality industry will amount to Rs 2700 crore near the MOPA airport region.

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“The second airport in Goa will add immense value to a state which is increasingly becoming desirable for not just for tourism, but for a higher quality of life. At India Sotheby’s International Realty, we’ve seen a huge spike in demand for residential homes in North Goa, anticipating the new airport infrastructure and we’ve closed a record number of transactions between 2021 and now. We only expect this momentum to strengthen, as the airport becomes fully operational in phases and more airlines announce their flights to Mopa,” says Samir Saran, Managing Partner, India Sotheby’s International Realty.

Manohar International Airport will have the capacity to handle 44 lakh passengers a year in the first phase and it will go up to one crore passengers a year after the entire project is complete. It is also planned for the airport to have multi-modal connectivity.

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First published on: 14-12-2022 at 16:38 IST
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