Navhind Times - Panjim, India - March, 2008

Panaji, March 8 Although Times Business Solutions Ltd has invited a number of local real estate developers and builders to participate in its ambitious Exclusive Goa Property Show to be held in New Delhi, on March 15 and 16, most of them have decided not to attend the event, thus leaving the field wide open for the builders based in Delhi, Mumbai and other cities.

The real estate developers and builders like Pune-based Gera Developments, Mumbai’s Dynamix Group, Tata Housing Development Company and K Raheja Constructions, and Delhi-based DLF Group and Parsvanath Developers and Builders, would now, in all probability, initiate real estate deals at the Show.

The Exclusive Goa Property Show will be held under the series called ‘Property Bazaars 2008’ conducted by Magicbricks.com, an Indian property website owned by Times Business Solutions Ltd.

Two of such shows were already held in Mumbai at the World Trade Centre and at Raghuleela Mega Mall, on January 12 and 13, earlier this year. While one of the two Mumbai property bazaars focussed on the theme ‘Second Home’ showcasing properties located in Goa, the other property bazaar in the Metropolis had focussed on real estate in various cities.

The president of the Goa Chamber of Housing Industry (GCHI), Mr Datta D Naik told ‘The Navhind Times’ that most of the Goan real estate developers and builders occasionally receive telephonic invitations for participating in various real estate fairs.

“However, with the exception of one or two local developers and builders, most of us try to restrict our participation to those shows which are organised by the Confederation of the Real Estate Developers Association of India (CREDAI) to which the GCHI is affiliated,” he stated, pointing out, “the real estate fairs organised by CREDAI in India as well as abroad, are conducted properly and also help the association to raise some funds.”

Speaking further, Mr Naik said that the real estate shows are held by various agencies; the Exclusive Goa Property Show being organised by a media group. “This particular show will mainly be dealing with sale of villas and apartments, and not land as predicted by most of the people,” he mentioned

The mechanism for sale of land is different, Mr Naik maintained, mainly involving brokers, middlemen or fixers, whatever one may call them, and they may be anyone ranging from a common man to a political worker to a landowner.

Nevertheless, we need to do lot of introspection as to why Goans are selling their lands, because if no one sells the land, no one can buy it, he observed, stating that Goans are becoming a society of parasites, unable to preserve their land and further, put it to constructive use.

Expressing concern over the state fast becoming a refuge for retired people, Mr Naik said that Goa has become an exotic brand like say a Greek island where the rich and the influential would like to invest and have a second or a third home.

“However, this would have a lot of social implications in the long run, wherein the state would have population of senior people, and less members of the younger generation, now that local youth are preferring to go out of the state,” he predicted.

As regards the present real estate scenario in the state, Mr Naik remarked, there are not many final products to sell, especially with the pressure on the land and increasing awareness in the locals.

Mr Sanjiv Kamat of Kamat Real Estate Developers, told this daily that the real estate company has never participated in any property fair. “We have received invitation for the Exclusive Goa Property Show, but Kamat Real Estate Developers has always believed in advertising its products in the local newspapers and seeking direct clientele,” he informed.

A couple of other local construction companies, on the condition of anonymity said that they were not interested in attending the show. The reasons cited ranged from “not wanting to get branded as the seller of Goa” to apathy towards the event.

It is learnt from reliable sources that the show will mainly present quaint little cottages with a touch of Portuguese decor located along the beaches, old renovated houses in the hinterland exhibiting Indo-Latin architecture with garden around them and finally, apartments with modern amenities like a swimming pool, gymnasium; where maintenance and security are taken care of. The prices for such a 3-bedroom apartment to be sold at the show are expected to be in the range from Rs 60 lakh to Rs 1 crore, while the villas could cost above Rs 75 lakh going up to Rs 1.50 crore.

The sources also revealed that the clientele includes film actors, sportsmen, especially cricket players, top executives of the corporate houses, rich NRIs, and finally citizens from countries like US, Australia and European nations.