New Delhi [India], May 12: The inauguration of Manohar International Airport (Mopa Airport) in North Goa has ushered in a transformative era for the region’s real estate landscape. As the second airport in the state, Mopa Airport is not merely enhancing connectivity but is also acting as a significant catalyst for real estate development, particularly in its immediate vicinity.
Strategic Connectivity and Infrastructure Development
Mopa Airport, developed by GMR Goa International Airport Limited (GGIAL), commenced operations in January 2023. Situated in Pernem taluka, North Goa, the airport currently handles over 4.6 million passengers annually, with projections to accommodate up to 13.1 million passengers by the end of its fourth phase. This enhanced connectivity is making North Goa more accessible, thereby attracting both domestic and international tourists, and by extension, real estate investors.
Real Estate Boom in the Vicinity
The areas surrounding Mopa Airport are witnessing a surge in real estate demand. Property prices in these regions are experiencing an annual appreciation rate of approximately 27-30% . This upward trend is fueled by the airport’s operational status, improved infrastructure, and the influx of tourists and investors.
Emergence of Luxury and Mixed-Use Developments
The airport’s presence has spurred the development of luxury villas, gated communities, and mixed-use projects. Notably, developers have acquired substantial land parcels for upscale residential and commercial projects . These developments cater to the growing demand for second homes and holiday residences among high-net-worth individuals (HNIs) and non-resident Indians (NRIs).
Hospitality and Commercial Expansion
In tandem with residential growth, the hospitality sector is also expanding. Approximately 1,500 new hotel rooms are expected to be added near the Mopa Airport by 2030, accounting for about 10% of Goa’s new hotel inventory . Furthermore, a 232-acre aerocity is planned adjacent to the airport, encompassing hotels, resorts, malls, commercial offices, and entertainment facilities .
Investment Opportunities and Future Outlook
The Mopa region’s transformation presents lucrative investment opportunities. Rental yields in North Goa are currently ranging between 4.1% and 7.2%, with expectations of further increases as demand grows . The combination of infrastructural development, strategic location, and rising tourism positions Mopa and its surrounding areas as prime real estate investment destinations.
Conclusion
The operationalization of Mopa Airport is a pivotal development for North Goa’s real estate sector. It is not only enhancing connectivity but also driving substantial growth in residential, commercial, and hospitality projects. As Chairman and CEO of Neworld Developers, I foresee continued robust growth in this region, offering significant opportunities for investors and contributing to Goa’s economic prosperity.
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