Investment in Goa's real estate by pensioners and wealthy individuals from neighbouring metros have hiked the prices of homes by almost 100 per cent in last five years,according to industry experts. The real estate industry players said the prices for flats,apartments and bungalows in the tourist belt and urban areas of Goa have got hotter in last five years. The land prices are also being revalued every six months,inevitably escalating the cost further. Experts admit that the prices in localities like Dona Paula,near Panaji,which is overlooking the Arabian sea have gone out of bound of middle or upper middle class families. "Places like Dona Paula are for elite class to live. We are getting inquiries from Bollywood celebrities,industrialists and NRIs for properties here as they are priced high due to amenities provided with them," an official from Mathias Constructions Private Limited said. Mathias is developing 'Ocean Park Residency' which is priced between Rs 65,000-Rs 90,000 per square metre as it overlooks the sea and is fully loaded with amenities required for a plush life. "The rates of the apartments and flats entirely depend on the location and amenities provided by the builder," said Ratesh Valvaikar,Manager (Marketing and Sales),B&F Realty. The prices of projects at places like Siolim,which is a tourist hub,are approximately 36,000 per square metre while its much lesser for the towns like Mapusa,whereas flats are sold for Rs 33,000 per square meter. The properties near Baga beach in North Goa are priced at Rs 55,000 per square meter,considering the tourism quotient. Valvaikar said prices of properties in last five years. have suddenly boomed from Rs 35,000 per sq mts to Rs 70,000 per sq mt,a straight hike of 100 per cent.
