Goa’s real estate market is undergoing a structural transformation. What was once dominated by second homes, tourism-led demand, and speculative buying is now steadily evolving into a lifestyle-driven, end-user-oriented, and long-term investment market. Improved infrastructure, better regulatory clarity, and a growing preference for planned, compliant developments are reshaping buyer expectations across the state.
In this changing landscape, developers with a long-term vision and strong execution discipline are emerging as key enablers of sustainable growth. GHD Infra, part of the GHD Group, has been steadily expanding its footprint in Goa with a focus on low-density, environmentally sensitive, and lifestyle-oriented residential developments—particularly in South Goa.
Mr. Dheeraj Sharma, CEO of GHD Group, brings a measured and compliance-led perspective to real estate development. Under his leadership, the group has emphasized quality, sustainability, and strategic depth over rapid expansion. With rising interest from professionals, NRIs, retirees, and families seeking year-round living, Sharma believes Goa is entering a far more mature phase of residential demand.
In an exclusive conversation with The Realty Today, Dheeraj Sharma discusses how Goa’s real estate story is evolving, the micro-markets poised for long-term growth, the role of policy reforms, and how GHD Infra is aligning its product strategy with changing buyer aspirations—while staying rooted in environmental responsibility and execution discipline.
Here are the excerpts from the interview.
1. Goa has transitioned from a leisure-driven market to a serious lifestyle and investment destination. How do you see the state’s real estate narrative evolving over the next few years?
Goa’s real estate journey has entered a far more mature phase. What was once driven largely by leisure homes and tourism-linked demand has now evolved into a lifestyle-led, end-use and investment-oriented market. Buyers today are evaluating Goa the way they would any long-term residential destination—looking at healthcare access, infrastructure, social ecosystem, and asset stability.
For developers like GHD Infra, this evolution is evident in buyer behaviour across our South Goa portfolio, where demand is increasingly coming from professionals, NRIs, retirees, and families seeking year-round living. Over the next few years, Goa’s narrative will continue to shift towards planned, compliant, low-density developments that prioritise livability and long-term value rather than speculative growth.
2. With infrastructure catalysts such as Mopa International Airport and enhanced road connectivity, which micro-markets in Goa are emerging as long-term growth hubs from a developer’s perspective?
Infrastructure catalysts such as the Mopa International Airport, improved highway connectivity, and better internal road networks are redefining Goa’s real estate map. While North Goa continues to see high transaction volumes, we believe the next phase of sustainable growth will be driven by South Goa micro-markets.
GHD Infra’s projects in and around Margao and other South Goa locations are strategically positioned to benefit from this shift. These regions offer lower congestion, stronger ecological balance, better planning controls, and higher long-term appreciation potential. As connectivity improves, these micro-markets are emerging as preferred destinations for discerning end-users and long-horizon investors alike.
3. How supportive are current state and central government policies in enabling structured, sustainable real estate development in Goa, and what reforms could further unlock growth?
From a developer’s standpoint, the policy ecosystem in Goa has become more structured over the past few years. Digitization of approvals, improved transparency, and infrastructure-led planning have created a more predictable operating environment.
However, further reforms—such as time-bound approval mechanisms, clearer zoning interpretations, and faster yet responsible environmental clearances—could significantly enhance ease of development. Such measures would reward compliant developers like GHD Infra, who focus on long-term planning rather than short-term execution, and help channel capital into more sustainable, well-planned projects.
4. Environmental sensitivity is central to Goa’s identity. How does GHD Infra integrate sustainability, compliance, and responsible design into its development strategy?
Environmental sensitivity is not just a regulatory requirement in Goa—it is central to its identity. At GHD Infra, sustainability is embedded into every stage of our development strategy. Across our South Goa projects, we follow low-density layouts, context-sensitive architecture, optimal open spaces, rainwater harvesting, and responsible material usage.
Rather than imposing an urban template, our focus is on developments that blend into the Goan landscape, respect local norms, and remain viable for decades. Compliance, sustainability, and long-term asset performance go hand in hand, and this philosophy is reflected consistently across our Goa portfolio.
5. What is GHD Infra’s strategic roadmap for Goa over the next 3–5 years in terms of new projects, asset classes, and investment scale?
Over the next 3–5 years, GHD Infra’s approach in Goa will remain measured, selective, and quality-driven. Instead of rapid geographic expansion, we are focused on deepening our presence in North and South Goa, where our understanding of micro-markets, buyer expectations, and regulatory frameworks is strongest.
Our roadmap includes premium residential and lifestyle-focused projects, with careful evaluation of asset classes that align with Goa’s evolving buyer profile. Investment decisions will continue to be guided by market absorption, execution feasibility, and long-term sustainability rather than scale alone.
6. Demand from NRIs and lifestyle-focused buyers is rising sharply. How is this changing product design, amenities, and pricing strategies in your Goa portfolio?
The rise in NRI and lifestyle-focused demand is fundamentally reshaping product expectations. Buyers are no longer looking for just a holiday home; they want well-designed residences with privacy, wellness-oriented amenities, managed services, and strong rental potential.
In GHD Infra’s Goa projects, this has translated into thoughtfully planned layouts, enhanced community features, and premium specifications, while maintaining price discipline rooted in genuine value creation. Pricing today reflects quality, compliance, and longevity rather than speculative premiums.
7. As GHD Infra strengthens its regional presence, how does office expansion and local talent integration support your long-term vision for the Goa market?
As GHD Infra strengthens its regional presence, expanding both our local and national office infrastructure is a strategic priority. In Goa, having strong on-ground teams allows us to navigate regulatory processes efficiently, engage closely with local stakeholders, and ensure that our projects are aligned with regional sensibilities and community expectations.
At the same time, to support our broader expansion plans, we are in process of opening our NCR office in Gurugram, which will serve as a key hub for strategy, partnerships, capital engagement, and institutional coordination. This dual-office approach—strong local execution teams in Goa complemented by a centralized NCR presence—allows us to scale thoughtfully while maintaining execution control.
Integrating local talent in Goa, alongside a robust leadership and support team in NCR, enables faster decision-making, stronger governance, and consistent project delivery across markets. This structure supports GHD Infra’s long-term vision of building high-quality, compliant developments while expanding responsibly across regions.
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