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Real estate developers in the seaside luxury and leisure home market are looking at areas like coastal Maharashtra, parts of Tamil Nadu, and even Gujarat, as they attempt to open up new destinations beyond Goa.
Emergent Vapi
Another new frontier for leisure homes is emerging in Gujarat, especially Vapi, observers and developers say. Vapi is located close to the seaside Union territory of Daman, and within driving distance of Mumbai and Surat. It is also well-connected by rail to cities further afield such as Ahmedabad and is also part of the Delhi-Mumbai Industrial Corridor, making such destinations attractive for both professionals and businesspeople.
What makes Vapi particularly attractive is its proximity to pristine beaches in Daman, while still benefiting from robust infrastructure and urban amenities. The region is part of the Delhi-Mumbai Industrial Corridor (DMIC), ensuring sustained development and rising capital values over time.
Observers say that with Goa facing a scarcity of land for construction and with large projects seeing rising prices, other destinations need to be unlocked. According to property consultants, besides serene surroundings, developers are looking at connectivity to large metropolises. For example, Alibaug has emerged as a major destination, as well as the East Coast Road in Tamil Nadu, which connects Chennai to Puducherry and beyond.
Goa will always be a beloved destination for leisure home buyers, thanks to its vibrant culture, scenic beaches, and established social infrastructure. However, with increasing property values, evolving regulations, and limited new supply in prime pockets of Goa, we’re now seeing a parallel trend emerge, where buyers are exploring quieter, less commercialised coastal regions that offer similar charm with greater value.
Rising demand from NCR
These offerings have drawn significant interest from across the country, including non-resident Indians (NRIs). However, demand from the National Captial Region (NCR) has been the highest, driven by a desire for wellness-oriented second homes near water bodies—valued for their tranquility, lifestyle appeal, and long-term capital appreciation.
While connectivity, or the lack thereof, used to be a major impediment towards the development of areas such as coastal Maharashtra as leisure home destinations, the widening of National Highway 66- the major highway in the region- as well as ramping up of flights at the Chipi airport, located close to resort destinations such as Malvan, Sindhudurg, and Vengurla, are making such destinations attractive for a wide range of buyers at competitive prices. According to 2024 industry data, property prices in Sindhudurg average between Rs 2,500 and Rs 3,500 per sq ft, significantly lower than Goa’s prime localities, where rates often exceed Rs 10,000 per sq ft. The demand isn’t only from second home buyers, many professionals from cities like Pune and Mumbai are also considering these regions for hybrid lifestyles, combining remote work with leisure.
~ By Virender Kumar, VP Marketing, Arete Group
