Exploring Prime Locations for Real Estate Investment and High Rental Income in North Goa
If your intention involves investing in real estate within Goa and securing substantial returns, North Goa emerges as a potentially optimal selection. With the region's perennial appeal to tourists and the strong demand for various properties like villas, staycation apartments, and homestays, investing here makes profound economic sense and presents manifold opportunities.
Advantages of Investing in North Goa Real Estate
As one of Goa's two districts, North Goa stands out as a cherished destination that offers abundant prospects for generating significant rental income. Ongoing infrastructural development, exemplified by Mopa Airport, promises to catalyse further economic advancement. The area's housing market also benefits from industrial expansion and a flourishing startup ecosystem, presenting attractive avenues for investors seeking profitable ventures.
Numerous locales receive favorable rankings in terms of livability, attracting both end-users and tenants with a diverse array of competitively priced property options.
Top Neighborhoods in North Goa for Earning Optimal Rental Income
In terms of its capacity to generate rental income, North Goa holds substantial advantages and comparatively few drawbacks. Let's examine the factors that substantiate this claim. One will discover the advantages of these locations in this analysis.
Calangute, North Goa
As a highly sought-after vacation destination, much of Calangute's popularity stems from its iconic beach and nearby attractions like Aguada Fort. Because of this, the demand for short-term vacation rentals and staycation apartments increases, offering prospects for lucrative returns on financial investments through short-term rental income.
Calangute owes its status as one of North Goa's prime areas for high rental income to its proximity to commercial hubs, which attracts long-term occupants like working professionals. Industries such as Maruti Industries, Steelmac, and Deepra are situated within a five-kilometer radius.
Although the majority of properties in Calangute consist of one- and two-bedroom apartments, the locality also features residential plots, villas, and independent builder floors. A one-bedroom apartment typically ranges in price from Rs 41 lakh to Rs 1 crore, whereas a two-bedroom apartment can range from Rs 82 lakh to Rs 1.5 crore.
The average property value in Calangute is Rs 10,000 per square foot. Rental rates typically fall between Rs 14,000 and Rs 16,000.
The continued demand for real estate has encouraged real estate developers like Saldanha Developers Pvt. Ltd. and Pink Zebra Real Estate to establish operations in North Goa.
The high quality of life in Calangute, North Goa, is bolstered by the availability of social facilities. The area has a wide selection of well-known hotels, shopping centers, and schools, including:
- Educational Institutions: Three kilometers away are Green Meadows School and Narsaraopeta Engineering College.
- Shopping centers: Nearby are Valanka Shopping Mall and Calangute Beach Road Mall.
- Hotels: The Candolim Grande Resort and Hyatt Centric are two accommodations that are located close by.
- Hospitals and clinics: Yashraj and Bosio are located two kilometers away.
- Tourist hotspots: Local parks include Aurelio Pinto Memorial Park and Candolim Park; Calangute Beach, Baga Beach, and Aguada Fort are all located within 7 km of the center.
Mapusa, North Goa
The industrial areas of Verna and Kundaim, which are located 35 kilometers away via NH-66, allow for simple commutes in about 30 to 40 minutes. Consequently, Mapusa has grown in popularity as a place for working professionals to live, which may well explain the high demand for rental housing in the area.
Two-bedroom homes in Mapusa, a desirable residential community, start at Rs 46 lakhs; monthly rents range from Rs 22,000 to Rs 26,000. In addition to the two-bedroom units, the location offers one- and three-bedroom apartments with prices ranging from Rs 36 lakh to Rs 44 lakh and Rs 65 lakh to Rs 3 crore, respectively.
Additionally, Mapusa is among the best places to maximise rental income due to its wide variety of amenities and excellent connectivity. Here are some of its key highlights in brief:
- Seamless Connectivity: Connectivity within the city and between states is provided by Calangute-Mapusa Road, Mapusa-Moira-Aldona Road, and National Highway (NH) 66, respectively.
- Effortless Travel: Thivim Railway Station (9 km), Mapusa Bus Stand (4 km), and Goa International Airport (37 km) are all accessible via NH-66.
- Educational institutions: Kupwara Public School, St. Mary's, and St. Anthony's are all within 4-6 km.
- The Holy Cross General, Kenkre, North Goa District, and Ankur hospitals are all in the area.
Porvorim, North Goa
Located on the Mumbai-Goa highway, Porvorim facilitates convenient travel between Maharashtra and Goa (NH-66). Pilerne Industrial Estate, Colvale Industrial Estate, and Goa Industrial Development Corporation are all located within a ten-kilometer radius, providing working professionals with seamless commuting and access to job prospects.
Its alluring location and proliferation of commercial centers render it a priceless asset with considerable return on investment (ROI). Syndicate Buildcon, Mohan Group, and Mehta Developers—all well-known developers—have established offices in the town, further indicating the potential of residential properties and the rental income they can generate.
One-, two-, and three-bedroom residential apartments in Porvorim, North Goa, cost Rs 38 lakh, Rs 70 lakhs, and Rs 1.19 crore, respectively.
The following amenities enhance its standing as one of Goa's top locations for renting at the highest rates:
- Road Connectivity: Interstate access to Maharashtra is provided by NH-66, while the Panvel-Kochi-Kanyakumari Highway links Kerala and Maharashtra.
- Rail Connectivity: At a distance of 17 km, the Karmali Railway Station facilitates intercity and interstate rail connections to the Indian Railways.
- The schools include Holy Family Primary School as well as Blooming Bud and Shiksha Niketan School.
- Colleges: Ann Institute of Hotel Management and Vidya Prabodhini College. Mandovi Hospital, Holy Cross General Remaso Hospital, and Chodankar Hospital are medical facilities.
- Popular tourist destinations include Aguda Fort, Candolim Beach, and Pilerene Sunset View Point.
Because of all of these variables, the location is among the best for investors looking for a high return on investment (ROI).
The locals have lauded the area's lifestyle, environment, safety, and connectivity as positive characteristics.
In conclusion, North Goa's Calangute, Mapusa, and Porvorim represent exceptional destinations for securing substantial rental incomes. Delivering social amenities, seamless connectivity, and proximity to commercial hubs all require ensuring the same.
Tourists are likewise welcomed in these locations all year round. Thus, investors stand to gain from both transient and long-term rental income. To make the safest and most knowledgeable decisions, it is still recommended that you speak with a licensed property consultant and perform extensive research.