7 Ways the Mopa Airport Opening is Creating a Boom in Mopa Real Estate

The inauguration of Manohar International Airport in Mopa has transformed North Goa's real estate landscape, making it a prime destination for luxury property investments. This strategic development has spurred a surge in high-end projects, significantly enhancing the region's connectivity and attracting a wave of affluent investors.

Ghar lists 7 ways the new airport is driving a real estate boom in Mopa.

1. Enhanced Connectivity and Accessibility

The opening of Manohar International Airport in Mopa has significantly enhanced connectivity for North Goa and surrounding areas. With the airport handling around 100 aircraft movements and 15,000 passengers daily, it has become a crucial hub, making the region more accessible and attractive to investors and tourists alike.

2. Surge in Luxury Property Developments

The airport's inauguration has ignited a wave of luxury property developments in Mopa. Prominent developers such as Axis Ecorp, Yugen Infra, and Axon have acquired significant tracts of land, leading to the announcement of upscale residential and mixed-use projects. For example:

• Axis Ecorp: Acquired 150 acres for new developments like Axis Blues, Axis Yog Villas, and Axis Lake City. Yugen Infra: Secured 300 acres, with a gross development value of ₹1,000 crore. Axon and Ess Vee Developers: Announced a 600-acre mixed-use project.

3. Rising Property Prices in Mopa and surrounding areas

Since the airport's opening, property prices in Mopa and surrounding regions have seen a steady annual increase of 20-25%. This rise is driven by enhanced connectivity and growing demand for luxury properties, making Mopa an attractive investment destination.

4. Mopa Realty is Attracting Domestic and International Investors

The strategic location of Manohar International Airport has attracted interest from both domestic buyers and Non-Resident Indians (NRIs). The proximity to luxury hotels, scenic beaches, and key tourist destinations enhances Mopa's appeal as a prime location for second homes and rental villas.

5. Significant Infrastructure Investments

The airport's presence has spurred additional infrastructure projects proposed by the Goa government, including an international cricket stadium, a film city, logistic parks, amusement parks, and casinos. These projects aim to enhance the region’s infrastructure, further boosting its attractiveness to investors and tourists.

6. High Occupancy Rates and Tourism Growth

Goa's tourism sector has shown a strong post-pandemic recovery, with occupancy rates exceeding 70% and reaching full capacity during extended weekends. The new airport plays a pivotal role in sustaining and increasing tourist inflow, thereby supporting the local real estate market.

7. Long-Term Investment Potential

Industry reports project that Manohar International Airport will attract investments of ₹2,700 crore by 2030, focusing on the development of luxury and eco hotels, nature and wellness resorts, and homestays. This long-term investment potential is set to diversify and strengthen the region's tourism and real estate landscape.

Key Data and Facts About Manohar International Airport

• Location: Mopa, Pernem taluka, North Goa district, Goa, India
• Developer: GMR Goa International Airport Limited (GGIAL)
• Cost: ₹3,000 crore (US$380 million in 2023)
• Inauguration Date: December 11, 2022
• Operational Date: January 5, 2023
• Annual Capacity: 4.5 million passengers, projected to handle 13.1 million by the end of the fourth phase
• Aircraft Movements: 100 daily
• Passenger Traffic: 15,000 daily
• Rank: Fifteenth busiest airport in India
• Development Phases: Four phases with a total cost of ₹1,500 crore for the first phase
• Concession Period: 40 years with a possible 20-year extension.

Conclusion

The strategic development of Manohar International Airport has set the stage for a real estate boom in Mopa. Enhanced connectivity, rising property values, and significant infrastructure investments are driving this transformation, making Mopa a coveted destination for luxury real estate. With continued growth and investment, Mopa is poised to become a premier hub for affluent living and a prime choice for discerning investors.