Goa Administration Calls for Maharashtra Developers to Invest in Land Development Under PPP Model

The Goa Rehabilitation Board and Housing Board are strategically working to create real estate development opportunities in the state through a public-private partnership (PPP) model. They have called developers from Maharashtra, particularly members of the National Association of Real Estate Developers Council (NAREDCO) Maharashtra, to explore potential development and redevelopment projects across various sectors.

In a recent presentation at the NAREDCO Maharashtra Annual Members Meet 2025 held in Panjim, Goa, the representatives of the two boards discussed their vision to transform unused and underutilized land parcels into lucrative real estate projects. This includes residential, commercial, mixed-use, redevelopment, and business park ventures, signaling a growing potential for developers looking to establish a presence in the state.

Focus on Redevelopment and Land Monetization

The primary objective behind the collaboration between the Goa Rehabilitation Board and the Goa Housing Board is to redevelop existing land while also monetizing unused parcels through the PPP model. Land parcels in cities like Vasco, Sada Vasco, Baina, Zuari Nagar, and Colvale present significant opportunities for developers willing to invest. These areas are particularly attractive due to their proximity to essential infrastructure, such as airports, seaports, and railways.

Aleixo Da Costa, Secretary of the Goa Rehabilitation Board, shared that the state government is planning to release unused land in areas like Sada Vasco for rehabilitation projects, and subsequently open the remaining parcels for monetization through private sector involvement. According to Da Costa, tenders for these land parcels will be issued soon, allowing developers to bid for opportunities that could transform the real estate landscape in Goa.

Rising Real Estate Demand in Goa

Goa's real estate market has been experiencing steady growth, particularly in North Goa, where property prices have been rising consistently. According to a Hindustan Times report, Sadashiv Gaonkar, Housing Engineer at the Goa Housing Board, highlighted that the region's property market is seeing an annual price increase of 15% to 30%, emphasizing its strong investment potential. Over the past five years, areas such as Candolim, Siolim, and Calangute have witnessed significant price hikes, with increases of 168.5%, 149.2%, and 83%, respectively.

This growth is partly driven by the state's thriving tourism industry, which ensures a constant demand for short-term rental properties, villas, and commercial spaces. With returns on investment (ROI) ranging from 4% to 10% annually, Goa offers strong rental yields for investors. North Goa is particularly attractive, with rental yields reaching 8-9% annually, while South Goa provides returns of 6-8%.

Investment Opportunities for Global Investors

Beyond tourism, Goa is rapidly emerging as a real estate development hub. The growing market is attracting not only local but also international investors looking for second homes, luxury villas, and hospitality ventures. Goa’s connectivity, both in terms of infrastructure and international appeal, has made it a prime location for high-end real estate investments.

Prashant Sharma, President of NAREDCO Maharashtra, highlighted the immense potential that Goa holds for developers, stating that the state is not only a top international tourist destination but also a rapidly growing real estate market. NAREDCO Maharashtra’s involvement in exploring these opportunities further is seen as a critical step in unlocking Goa’s true potential as a real estate investment hub.

Niranjan Hiranandani, Chairman Emeritus of NAREDCO Maharashtra, echoed this sentiment, emphasizing the role of sound infrastructure and international connectivity in making Goa an ideal destination for global investors. With its unique mix of commercial and residential developments, the state is poised to become a preferred market for second homes, luxury villas, vacation homes, and hospitality businesses.

The Way Forward

For real estate developers, the message is clear: Goa is open for business, and the opportunities are ripe for the taking. The collaboration between the public and private sectors, coupled with the state’s increasing property values and strong rental yields, positions Goa as one of the most promising real estate markets in India. As developers explore projects in residential, commercial, and mixed-use sectors, the potential for growth remains substantial.

The involvement of NAREDCO Maharashtra in this initiative is likely to accelerate the development of key areas in the state, particularly through PPP models that can bring both financial resources and expertise into the real estate market. For developers looking to capitalize on Goa's expanding property market, now is the time to consider exploring opportunities in this fast-growing region.