Luxurious boutique villas, priced over 50 cr, are in high demand from startup founders, next-gen biz houses & sports stars Luxurious boutique villas, priced over 50 cr, are in high demand from startup founders, NextGen biz houses & sports stars.
The super luxury boutique villa market in Goa, with each unit priced above ₹50 crore, has seen a significant jump due to high demand from startup founders, next-generation business houses, and sportspersons, local developers and property consultants said.
“Post-Covid, Goa has seen a notable influx of people seeking boutique properties with expansive views and larger living spaces. The inventory for such exclusive homes has remained limited, leading to heightened competition among buyers,” said Amit Goyal, managing director, India Sotheby’s International Realty.
“This increased interest has prompted developers to shift their focus towards the ultra-luxury segment, catering to the discerning tastes of this affluent clientele,” Goyal said. To cater to the growing demand, the
country’s biggest developer, DLF, is entering the Goa real estate market with a beach-side holiday destination project expected to be launched by September:
The project will have around 62 ultra luxury villas on a hill, which will cost ₹50 crore to ₹60 crore.
“There is a shift in investment preference towards real estate, particularly high-value holiday homes set in natural surroundings away from metropolitan areas. This trend, amplified by ultra- high-net-worth individuals, nonresident Indians, and corporate professionals, has led to increased demand for
luxury properties offering a global standard of living,” said Aakash Ohri, joint MD and CBO, DLF Home Developers. Goa, in particular, has emerged as a prime destination for second homes, with a notable surge in luxury developments. “We announced earlier this year our entry into Goa with a gated villa community project in North Goa’s Reis Magos. This will be DLF’s first super luxury residential project outside of NCR and will create a benchmark in the segment,” said Ohri.
Sun Estates Developers started the gated villa trend in 2000 and has built homes for some big names in cricket and Bollywood.
Currently, Isprava is developing multiple projects in Goa, and demand in the ultra-luxury segment continues to be strong. “The buyer in this category is not someone who will compromise on the space or location. An Ultra HNI, looking to buy ₹50 crore property in Goa with certain facilities will not settle for ₹35 crore property with less facilities.
There is no ready-to-move inventory in the segment due to the demand-supply mismatch,” said Dhiman Shah, founder and COO of the Isprava Group. Goa remains the top choice for rich Indians to invest in vacation homes. As per Sotheby’s International Realty’s (ISIR) Luxury Outlook Survey 2024, as many as 35% of holiday home buyers said that they preferred Goa as a second home destination, highlighting the enduring appeal of the city among India’s wealthy. The second home market in Goa has piqued the interest of investors seeking personal retreats or asset diversification. Property owners in Goa can expect annual profits ranging between 12 to 16%, making it an attractive proposition for investors. Among the various regions within Goa, North Goa emerges as a prime hotspot for second home investments. Boasting a plethora of new developments and proximity to the MOPA Airport, North Goa beckons investors with its natural splendor and strategic location.
Source-The Economic Times
