With the service sector contributing to 55 % of its Gross Domestic Product (GDP) and 35 % coming from the manufacturing sector, Goa is a flourishing state. To add to its economic growth, the booming real estate in Goa is becoming a prime area worth parking big money for investors. The positive aspect of Goa real estate is that there is something for everyone, suited to different budgets.

Goa is all set for a makeover. Locations that afford picturesque surroundings abound in Goa which promises rich returns. Famous builders like Gera Developers, Parsvanath and DLF are brightening the prospects further with projects involving office space and shopping arcades featuring some of the best global brands in Goa.

Conglomerates are on a buying spree for commercial properties in Goa to develop shopping arcades featuring world class brands. Retailers see a great future for and are planning exclusive showrooms. This will escalate land value with average prices of Rs 2,500 to Rs 3,000 per sq ft. Market analysts see the rates for Goa commercial property as shooting up further in next ten years.

Goa is a hugely enchanting tourist destination in India. The charm it holds for foreign tourists is set to attract an investment of about Rs 200-230 crore over the next five years, adding an additional 15,000 rooms over the same period and 25 odd mid-segment hotels by the end of 2007. The real estate market in Goa is sure to thrive on expected boom in the hospitality business in India as it is going to retain its positioning

Goa is also fast emerging as a prime destination for buyers looking at a second home and for those looking at long-term investments in real estate. More than commercial and retail development, Goa's residential property market has been consistently luring buyers that include NRIs and foreigners mainly from the UK and Europe whose preference for the peaceful life, perfect landscapes and beaches and tropical climate have only risen in all these years.

NRIs can take heart from the fact that they can make real estate investments in India freely without any cap on the quantity or the number of investments. As foreign nationals they can own property in India but sell property only after three years from the date of acquisition for the property or from the date of payment of the final installment of the consideration for its acquisition.

The issues in Goa particularly relating to infrastructure - roads, pipelines, power and other supply cables which have yet to achieve global standards of quality are being ironed out gradually. This is evident from the road development activity going on at a frenetic pace visible at several places in Goa. Investors in Goa can look forward to whopping benefits that will derive from this trend.