sb.scorecardresearch

Delhi Election Result 2025 in association with

Camlin

Published 08:04 IST, January 25th 2025

Government's Rs 4200 Real Estate Project A Boon For Goa? Hear Expert Voice

The impacts of these projects trickle down to the real estate sector, which stands to gain substantially from improved infrastructure.

Reported by: Business Desk
Follow: Google News Icon
  • share
Goa
Government's Rs 4200 Real Estate Project A Boon For Goa? Hear Expert Voice | Image: Instagram

By Sunil Sisodiya, Founder, Geetanjali Homestate

The state of Goa known for its breathtaking beauty and booming tourism industry, is all set to enter its next transformative infrastructure phase. 

A testament to such an effort stands in the newly inaugurated, simultaneously launched national highway projects six of which come at a total investment cost of Rs 4,200 crore and are strategised to encourage connectivity, local economic growth, and real-estate-related interest in the area. The project aims to improve transport efficiency and state-of-the-art infrastructure within 58 kilometers in South Goa.

Notable projects include a 4-lane loop over National Highway 566 and a curved cable-stayed railway overbridge. This connects Mormugao Port Trust (MPT) with a flyover which shortens travel time and highlights the most modern construction technologies. It addressed the logistics bottlenecks while underlining Goa's commitment to adopting modern engineering solutions.

Enhancing Connectivity and Trade

Improved road infrastructure is at the center of economic growth, and these highway projects come no closer. Goa is a coastal state strategically located, with an efficient network of ports, well-positioned to become a prime trade center. The improved connectivity across the new highways would ease transportation of commodities to and from Mormugao Port, and enhance trade efficiency with reduced operational costs.

In addition, upgrading the infrastructure will improve accessibility to remote areas and, thus promote regional equity in development. Additionally, good roads will enable people to travel to the place hassle-free, and this is also a crucial consideration for a state where tourism has contributed over 16 per cent of the Gross State Domestic Product.

Real Estate Implications

The impacts of these projects trickle down to the real estate sector, which stands to gain substantially from improved infrastructure. Better connectivity usually translates into increased land value, especially in regions adjacent to the major transport corridors. In Goa, areas adjacent to the new highways, such as South Goa, will likely attract real estate investments.

Over time, infrastructure upgrades have been used as a spurt-giving factor for growth in real estate. For example, when something similar was achieved in other states, property prices went up 15-20% in about a few years. In Goa, improved roads and the charm of the state will attract more residential, commercial, and industrial real estate players to the state.

A Step Towards Sustainable Growth

The projects thus fall in line with India's overall agenda for sustainable infrastructure development. Using modern technologies and optimum designs, the highways will further minimize the impacts on environmental considerations while maximizing utilities.
Infrastructure alignment aligns with the state of Goa's urbanization trends. With a population growth rate of 8.2 per cent over the last decade, the state's urban centers have ambitious demands on infrastructure requirements.

The Rs 4,200 crore national highway projects are a landmark in the development journey of Goa. These projects will redefine the economic landscape of the state by improving connectivity, streamlining trade, and boosting real estate growth. When this new era of development is about to kick off, the moment will likely be anchored by how infrastructure and real estate development go hand-in-hand with each other.

The completion of these projects will push the position of Goa as a world tourist and trade destination while setting a precedent for other states to follow through with infrastructure in the state with responsible development and progress.

Get the latest live news on Republic Business, along with breaking news and top headlines from Budget 2025, business, economy, markets, and around the world.

Updated 08:04 IST, January 25th 2025