Delhi-NCR-based real estate developer DLF is set to launch 62 ultra-luxury villas in Goa, priced between ₹40 crore and ₹50 crore, in the second half of the financial year 2024-2025.
The project is located on Reis Magos Hill in Goa, approximately 32 km from Goa International Airport in Dabolim. Ashok Tyagi, DLF’s Managing Director and Chief Financial Officer, informed analysts on July 26 that the luxury residential project would be launched in the September quarter.
The site is near Candolim Beach, just 4 km away, with Baga Beach and Calangute Beach located 10 km and 12 km away, respectively.
“In the past two years, the definition of luxury homes has evolved due to a significant rise in buyer intent. Goa has emerged as a prime destination for second homes, with a surge in luxury developments. Our gated villa community project in North Goa’s Reis Magos will be DLF’s first super luxury residential project outside of NCR, setting a new benchmark in the segment,” said Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers.
Ohri added, “There is a growing preference for real estate investments, particularly high-value holiday homes in natural surroundings away from metropolitan areas. This trend, driven by ultra/high net-worth individuals, non-resident Indians, and corporate professionals, has increased demand for luxury properties.”
According to Sotheby’s International Realty (ISIR)’s Luxury Outlook Survey 2024, around 35 percent of holiday home buyers prefer Goa as a second home destination, highlighting its appeal among India’s wealthy.
DLF plans to launch nearly 37 million square feet for sale across various cities, with a revenue potential of ₹1.04 lakh crore, as part of its strategy to capitalize on the strong demand for luxury homes. This was detailed in their latest investor presentation for the FY25 April-June quarter.
Goa remains a preferred choice for second home buyers. Young professionals are attracted to gated villas in Goa due to the attractive rental yields and capital appreciation, as noted in a recent research report by Savills India, a real estate consultancy firm.
The report indicated rental returns of 5 to 8%, with Grade A locations such as Anjum, Arpora, Baga, Calangute, and Candolim seeing a 22% capital appreciation in villa prices in FY 2023-2024.
Additionally, a PropEquity report on the top 10 tier-2 cities’ real estate growth highlighted that Goa saw a 90% appreciation in launch prices of residential units over the last five years, securing its spot as a top second home destination.