MANAMA: Goa to get another real estate developer soon. After Raheja it is Prajit Kumar. Bahrain-based Star International Real Estate has signed an agreement to be the exclusive agent for two property developments in Goa, India, which offer excellent potential returns on investment.
The agreement, signed with property developer Mr Prajit Kumar, owner of Imperial Management Company, marks Star International Real Estate's first foray into the Indian property market. Goa is India's richest state and, according to the National Commission on Population, offers the best quality of life in the country.
The first development comprises a villa on a corner plot with easy access, just five minutes from the city of Mapusa, 10 minutes to the state capital Panjim, 15 minutes to Vagator, Anjuna and Calangute beaches, and just 30 minutes to the airport.
The second development comprises a building with adjoining swimming pool, ideal for use as a large shared family residential home or commercial holiday hotel/apartments. It is located very close to Goa's principal business districts, institutes, shopping centres and world-famous beaches. The property has uninterrupted views of mountains and a lake in lush surroundings with plenty of trees. With a total built up area of 1,245 sq m, the plot size is 815 sq m, with a 55.70 sq m terrace and 16 parking spaces. The building also has additional space for a restaurant and gym.
Ahmed Suleiman, CEO, Star International Real Estate, says: "The Indian real estate industry contributes between five and 10% of national GDP directly and indirectly, and is therefore a vital part of the Indian economy. Due to the economic downturn of 2008-2009, many Indian real estate companies have excess inventory, and some have properties acquired at much higher prices than today's market prices. Consequently, they offer excellent investment returns if bought at today's prices."
"We have been studying the Indian property market for some time and have been eager to offer our clients in the GCC and Europe a project which would deliver trustworthy legal and construction values, with the potential to provide good returns. We feel that in an owner- developer such as Mr Kumar we have found a developer of high personal repute and good standing who has delivered on all aspects of our own strenuous due diligence, including the ability to transfer legal unchallenged title, which is very important in the Indian market. We are particularly excited about the investment potential and the rates of return of both projects of around 20 per cent."
Mr Kumar says: "I have confidence in the value of my projects and the ability and professionalism of Star to market and promote these considerable investments in the GCC and Europe. As a developer I have made sure that the development has been finished to a high standard, but it is refreshing to see that Star has approached this project by setting high standards of due diligence and market questions, which our project has met."
Goa's white sandy beaches attract holidaymakers and retiree home seekers looking for an idyllic and cost-effective country in which to stay. Global real estate analysts identify residential properties in this popular Indian tourist destination as representing good investment potential, as they command high rentals and boast good resale value.
Wichever Village these projects are set to come up, people should wake up and thow them out at the earliest. Do we need high end ultra rich people to come and settle in Goa when our own Goan cannot afford to purchase few square meters for house?.
ReplyDeleteIt would also be good to know whose palms were oiled to get clearence for such Mega projects when existing infrastructure of power suuply, water supply , garbage disposal is absolutely not in place. How do these projects pass their residency certificates ?
ReplyDeletethat is the F***in problem now adays in Goa , I being a Goan cannot afford to purchase land in Goa in my own locale and have to do with my small house at times
ReplyDeleteOur Goa is destroyed and sold to the ghanttis by our own politicians. They change their colours like chameleons, so the time is come for us to bath them in boiling water; where they'll be not able to change their colour.
ReplyDeleteThis is the contact person for the said project: Anselm: Tel 973 3920 3702
ReplyDeleteThese real estate mafia are out to make a huge buck we Goans need to think about demography and our traditional values.
ReplyDeleteGoans need to understand that charity begins at home we need to take care of the sons of the soil who toil !!!
I understand that there is a real estate bill thats being introduced in the legislative assembly very shortly that the goan public has to scrutinise threadbare and I am sure Niz Goenkar will intiate the same.
We do not have to change Goa make it a Bahrain, Dubai, Singapore !!!! Goa has to remain Goa thats where the charm lies Goa lives in its villages and thats the only reason why the traveller worldwide flocks to goa to enjoy and imbibe and soak in the rustic Goan rural villages of Goa !!!
Its high time that Digambar ( the Naked ) scoundrel and his Congress scoundrel are discarded and dumped into a bottomless pit never to return to disturb the ecological friendly Goenkar !!!!