Delhi-NCR based listed real estate developer DLF Limited is set to launch super-luxury villas costing around Rs 50 crore in Goa in Q2 FY 2024-25, people aware of the matter said.
As per Sotheby’s International Realty (ISIR)’s Luxury Outlook Survey 2024, around 35 percent of holiday home buyers preferred Goa as a second home destination, which highlights Goa’s appeal among India’s wealthy.
This trend is driven by a combination of factors, including high rental yields, a growing preference for gated communities, and a demographic shift towards younger, lifestyle-focused buyers.
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The ‘by-invitation’ project will feature around 62 luxury villas in the Reis Magos area of Goa. The super-luxury project will be developed on a 38-acre hill facing Mandavi river. The ticket size for these villas will range between Rs 40 crore and Rs 50 crore.
Expected top line for this project is around Rs 2,500 crore, people aware of the development told Moneycontrol.
Real estate experts said that the entry of DLF in Goa indicates the rising popularity of the region and the demand for super-luxury homes in that area. This is also the first time that DLF is launching a super-luxury project outside Delhi-NCR.
Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd said that over the past two years, the definition of luxury homes has evolved, driven by a significant rise in buyer intent. There is a shift in investment preference towards real estate, particularly high-value holiday homes set in natural surroundings away from metropolitan areas.
“Goa, in particular, has emerged as a prime destination for second homes, with a notable surge in luxury developments. In line with this, we announced our entry into Goa with a gated villa community project in North Goa’s Reis Magos earlier this year. This will be DLF’s first super-luxury residential project outside of NCR and will create a benchmark in the segment,” Ohri said.
He added that the trend of investment in luxury properties especially high-value holiday homes, amplified by Ultra and High Net-Worth Individuals, Non-Resident Indians, and corporate professionals, has led to an increased demand for luxury properties offering a global standard of living with amenities such as clubhouses, swimming pools, business centres among others.
DLF on May 13 had reported a 61.5 percent jump in its net profit at Rs 921 crore for the quarter ended March 31, 2024. The company had posted a net profit of Rs 570 crore in the year-ago period, the firm had said in a regulatory filing.
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North Goa – a hotspot for holiday homes
According to real estate experts, among the various regions within Goa, North Goa has emerged as a prime hotspot for second home investments. A plethora of new developments, strategic location due to proximity to the new MOPA Airport, North Goa and its natural splendour are attracting investors to this area.
As per a recent report by Savills, average capital values for villas in North Goa saw a steep rise of 28 percent year-on-year. This increase is attributed to its growing popularity among homebuyers as a second home location, owing to high rental yields and a growing preference for gated villas among younger, lifestyle-focused buyers.
Earlier, Forbes Global Properties announced its plans to develop real estate projects in Goa spread across 10 lakh sq ft, further cementing Goa’s status as a premier destination for luxury real estate investments.
At least six to seven NCR builders, including DLF, Sabh Infra and Bhutani Infra, have either announced or are in the process of announcing projects in Goa.
Delhi-based Sabh Infrastructure has about 3 lakh sq ft in Goa and plans to expand further in holiday home destinations. Noida-based Bhutani Infra has also acquired land in Goa and is planning to come up with a luxury project soon.
