New Goa airport may draw Rs 27 bn realty investments

28 Dec 2022 CW Team

Mopa airport is likely to draw about Rs 27 billion of investments from builders and hoteliers until 2030 as the upcoming North Goa aviation gateway becomes the transport hub of South Asia’s tropical paradise, replacing Dabolim that faced both watch-hour and space constraints.

These investments will be directed towards the Mopa region in the state’s extreme north, where the new airport is based. The funds will be used to build luxury hotels, eco hotels, nature and wellness resorts, and homestays.

"We have seen a huge spike in demand for residential homes in North Goa, anticipating the new airport infrastructure, and we’ve closed a record number of transactions between 2021 and now,” said Samir Saran, Managing Partner, India Sotheby’s International Realty. “We only expect this momentum to strengthen, as the airport becomes fully operational in phases and more airlines announce their flights to MOPA."

Already, the market has started showing signs of picking up with big projects underway by major hospitality players such as Taj, Lemon Tree, and Hilton.

Goa has reported an average occupancy rate of more than 70%. During the extended weekends, the occupancy rates touch the 100% mark. After the airport project, the numbers will further surge, making it a goldmine for hospitality investors, experts said.

South Goa’s Dabolim Airport, being a naval facility, has limited slots for civilian flights, putting constraints on air connectivity to the tiny state that has some of the most astounding beaches in Asia. With the MOPA airport addition, air connectivity with new domestic and international destinations will improve substantially by 2023.

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