Property prices set to rise 27%-30% annually after MOPA airport in North Goa: report

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Office Goemkarponn
PERNEM: Property prices near the airport are currently at 6,700 rupees per square foot, and they could increase by 27.8% over the next 12 months. Over the past four years, average real estate prices have increased at a CAGR of 3.9%, according to research by 360 Realtors.
Citing another example, the company said that in the adjacent Sindhudurg region, which is also a popular second home and natural resort destination, average property prices could increase by 29.2% per year. Currently, the average price is Rs 4,921 per square foot. Over the past four years, average property prices in Sindhudurg have increased at a CAGR of 6.8%.
The positive impact of the MOPA mega project could trickle down to other nearby regions such as Morjim, Assagao, Siolim, etc., where real estate demand will be boosted, he said.
Apart from tourism, the Rs 2,600 crore airport project will directly and indirectly fuel real estate demand in the MOPA region, wider North Goa and neighboring Konkan region. Already 232 acres of land have been set aside near the airport site to be developed into a commercial, logistics and residential market. The planned project will include 5-star hotels, offices, retail stores, shopping centers and much more.
Goa’s only existing airport at Dabolim is located in a military airfield belonging to the Indian Navy. The combined flow of civilian and military traffic on the single runway increases airside congestion. MOPA Airport aims to improve Goa’s connectivity by air, facilitating the flow of civilian traffic to the state.
The airport, which is built according to the BOT (Build, Operate and Transfer) model, will be operated via GGIAL by GMR for a period of 40 years, extendable for another 20 years, under extended lease agreements.

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