‘Apartments were overpriced’
Panaji: In the past few years, a large percentage of property investors in Goa had been foreigners. But restrictive interpretation of FEMA has made it difficult for a foreigner to invest in India, affecting the market.
Says Chandrakant Kundaikar, legal advisor on property issues, “In 2000, 50% of the investors were foreigners, 30% NRIs, 20% people from other states and 10% Goans. By 2008, foreigners were down to 5% and Indians, especially Delhiites, had increased to 55%, followed by NRIs at 30%,” he said. The percentage of Goans has remained constant at 10% for the last eight years.
At the height of the construction boom, prices in Goa had shot through the roof. Said Michael Lobo, director of a trade magazine, “Apartment prices had been overvalued by almost 30-50%.”
The present value of apartments varies from Rs 8,000 to Rs 45,000 per sq m, according to government registered property valuer and architect S N Bhobe. The prices at their highest, range between Rs 20,000 and Rs 45,000 per sq m in Panaji, Calangute, Baga and Candolim, followed by Rs 15,000 to Rs 40,000 at Anjuna, Vagator, Arpora, Parra, Dona Paula, Miramar and Old Goa. The prices are at their lowest, between Rs 8,000 and Rs 15,000 per sq m are at Pernem, Quepem and Canacona. “Prices may come down as sales have reduced considerably,” he said.
Developers believe there are a number of reasons for the impending slump: buying power of people has reduced with the crash in the markets, interest rates have increased, and increased opposition to mega projects has created a feeling of uncertainty amongst investors.
“The construction market will feel the heat as the overall buying power of the people has reduced,” said Nitin Kunkolienkar president of Goa Chamber of Commerce and Industry. The EMI on a 20-year loan of Rs 20 lakh works out to about Rs 20,000 plus a month.
“Builders have little choice and will either have to scale down on amenities, sell the apartments at lower rates or sell the entire project to a bigger builder,” says Lobo.
October 3, 2008, The Times of India, Goa edition
Saturday, October 04, 2008
Rhythm Divine - Gujaratis in Goa
Rhythm Divine
Gujaratis in Goa, combine religion and devotion with dance, fun and a riot of colours during Navratri, find Preetu Nair & Govind Kamat Maad
Janvi Shah is determined to keep her title of ‘Garba Queen’ intact. The 19-year-old, aspiring chartered accountant, who’s been winning on the dance floor since she was 9, has spent a fortune on her dazzling chanya cholis (flowing skirt, blouse and long stole) and oxidized jewellery.
“The competition is judged on dress and dance, so all my outfits come from Gujarat and my mother has helped me combine the trendy new designs with the traditional look,” says Shah.
For the Gujarati community in Goa, Navratri celebrations start at least six months in advance. “We get 80-100 orders each year, for chaniya cholis from Gujarat and Mumbai,” says homemaker Devyani Shah, who turns home-based entrepreneur during the period. Outfits range from Rs 3,000 to Rs 30,000, she adds.
Learning the latest dance moves is also big. “We’ve been practicing since a month, every year there’s something new,” says homemaker Sangeeta Parekh.
At Margao’s Gujarati Samaj hall, the “experienced elders” teach the new generation the traditional steps of garba (ritual dance) and dandiya (stick dance). The big night for the “trainees” will be October 11 when the Samaj celebrates Dandiya Rajani at the Jawaharlal Nehru Stadium, Fatorda. “There’s no age or gender bar for learning these dances,” says Needhi Macarawala, whose 12-yearold daughter Noopur has been learning the dandiya since a fortnight.
Panaji-based businessman Harish Hirani points to the 200 dandiyas picked up from Mumbai and Pune and says, “Since its a long holiday weekend this time, we’re expecting huge crowds at the Gasper Dias club, Panaji.” Panaji Gujarati Yuvak Mandal president Kapil Shah adds, “No drinking and drunks will be allowed though.”
Elaborating on the significance of the celebrations, Lalit Shah of Panaji says, it’s “family-bonding time”. “The age barrier is broken. It is fun to learn new steps from your children and the time spent together is precious,” says the chartered accountant. Terming the celebrations in Goa an as yet, “traditional affair”, Kapil Shah says the ritual puja of the Goddess Amba is still the “most important aspect of Navratri”. “It’s also, a purely family affair where anyone can come and play. This is our way of keeping our tradition alive here as people from 5 to 80 dance to the latest recorded garba tunes.”
While in garba, women worship through dance, an akhand diya (lamp) placed within an earthern pot which has holes in a certain order; dandiya sees men and women dance with small polished sticks. TNN
October 3, 2008, The Times of India, Goa edition
Gujaratis in Goa, combine religion and devotion with dance, fun and a riot of colours during Navratri, find Preetu Nair & Govind Kamat Maad
Janvi Shah is determined to keep her title of ‘Garba Queen’ intact. The 19-year-old, aspiring chartered accountant, who’s been winning on the dance floor since she was 9, has spent a fortune on her dazzling chanya cholis (flowing skirt, blouse and long stole) and oxidized jewellery.
“The competition is judged on dress and dance, so all my outfits come from Gujarat and my mother has helped me combine the trendy new designs with the traditional look,” says Shah.
For the Gujarati community in Goa, Navratri celebrations start at least six months in advance. “We get 80-100 orders each year, for chaniya cholis from Gujarat and Mumbai,” says homemaker Devyani Shah, who turns home-based entrepreneur during the period. Outfits range from Rs 3,000 to Rs 30,000, she adds.
Learning the latest dance moves is also big. “We’ve been practicing since a month, every year there’s something new,” says homemaker Sangeeta Parekh.
At Margao’s Gujarati Samaj hall, the “experienced elders” teach the new generation the traditional steps of garba (ritual dance) and dandiya (stick dance). The big night for the “trainees” will be October 11 when the Samaj celebrates Dandiya Rajani at the Jawaharlal Nehru Stadium, Fatorda. “There’s no age or gender bar for learning these dances,” says Needhi Macarawala, whose 12-yearold daughter Noopur has been learning the dandiya since a fortnight.
Panaji-based businessman Harish Hirani points to the 200 dandiyas picked up from Mumbai and Pune and says, “Since its a long holiday weekend this time, we’re expecting huge crowds at the Gasper Dias club, Panaji.” Panaji Gujarati Yuvak Mandal president Kapil Shah adds, “No drinking and drunks will be allowed though.”
Elaborating on the significance of the celebrations, Lalit Shah of Panaji says, it’s “family-bonding time”. “The age barrier is broken. It is fun to learn new steps from your children and the time spent together is precious,” says the chartered accountant. Terming the celebrations in Goa an as yet, “traditional affair”, Kapil Shah says the ritual puja of the Goddess Amba is still the “most important aspect of Navratri”. “It’s also, a purely family affair where anyone can come and play. This is our way of keeping our tradition alive here as people from 5 to 80 dance to the latest recorded garba tunes.”
While in garba, women worship through dance, an akhand diya (lamp) placed within an earthern pot which has holes in a certain order; dandiya sees men and women dance with small polished sticks. TNN
October 3, 2008, The Times of India, Goa edition
Property prices in Goa realtors in deep trouble
REAL ESTATE TURBULENCE AT HOME AND ABROAD
Goa realtors in deep trouble
Preetu Nair | TNN
Panaji: Property prices in Goa are expected to crash by 20% to 25%, even as markets elsewhere have taken a dive. Real estate developers in the state forecast a slump after a phenomenal rise in rates over the past three years.
Michael Lobo, director of Goa’s property and building trade magazine, Homes and Estates, said, “Apartment rates are on the decline as there are no buyers.”
“The market has been stagnant for the last three months. Goa has seen an increase in construction and now the supply far exceeds the demand,” said Robin Alexander from Goa Property Consultancy, Panaji.
“Small time builders are already facing the heat with investors and speculators doing the vanishing act. They are trying to sell their projects to big builders,” said Victor Albuquerque, chairman of Alcon Victor Group.
Sources said a few banks have turned down loans to builders. “Safety is paramount for any financial investment, but with the agitational atmosphere everyone is concerned. A builder who has borrowings or one reaching the completion stage will find it difficult as there is a fund squeeze. The interest rate is increasing and lenders are looking at quality borrowers and real estate is not a priority,” said Dinar Tarcar managing director of Groupé Landscape and executive member Confederation of Real Estate Development Association of India.
October 3, 2008, The Times of India, Goa edition (FP)
Goa realtors in deep trouble
Preetu Nair | TNN
Panaji: Property prices in Goa are expected to crash by 20% to 25%, even as markets elsewhere have taken a dive. Real estate developers in the state forecast a slump after a phenomenal rise in rates over the past three years.
Michael Lobo, director of Goa’s property and building trade magazine, Homes and Estates, said, “Apartment rates are on the decline as there are no buyers.”
“The market has been stagnant for the last three months. Goa has seen an increase in construction and now the supply far exceeds the demand,” said Robin Alexander from Goa Property Consultancy, Panaji.
“Small time builders are already facing the heat with investors and speculators doing the vanishing act. They are trying to sell their projects to big builders,” said Victor Albuquerque, chairman of Alcon Victor Group.
Sources said a few banks have turned down loans to builders. “Safety is paramount for any financial investment, but with the agitational atmosphere everyone is concerned. A builder who has borrowings or one reaching the completion stage will find it difficult as there is a fund squeeze. The interest rate is increasing and lenders are looking at quality borrowers and real estate is not a priority,” said Dinar Tarcar managing director of Groupé Landscape and executive member Confederation of Real Estate Development Association of India.
October 3, 2008, The Times of India, Goa edition (FP)
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