PANAJI: Goa’s real estate rates for commercial properties have not fallen but appreciated by as much as 50 per cent in the last two years, according to Rohit Gera, managing director, Gera Developments.
The Pune based builder said that the price of commercial property in Panaji has increased heftily as office space that was sold by them at Rs 55,000 per sq mtr in December 2013 is currently getting them buyers at Rs 85,000 per sq mtr. Real estate rates for commercial property have not dropped but have increased even though the industry is said to be in grip of recession, said Gera, to media on Tuesday. Rates have gone up for the right product, Gera claimed.
He was speaking on site to announce the near completion of Gera Imperium Green an office- cum-shop commercial building in Mala. The project comprising 60 spaces is 95 per cent sold out, said Gera. It is nearly complete and awaiting occupancy certificate, he added.
Imperium Green has all the features of an eco friendly green building excluding central AC, he said.
It has an STP plant for recycling water that will reduce water drawn from Panaji city by 75 per cent and intelligent use of technology to reduce power consumption by 16 per cent. Other energy saving features include LED lights, optimal solar shading, window openings, double glazing that lower the interior temperature by one-two per cent, said Gera.
The entire building is constructed with RMC and aerated bricks with lower thermal conductivity, he said.
Meanwhile a new project Gera Imperium Star is launched in Patto Plaza, said Gera. The project will have 339 office spaces of which 181 have already been sold, said the builder.
On the Union Budget 20161-17 implications for the real estate industry Gera said that first-time home buyers have been given the benefit of Rs 50,000 on home loan interest for loans not exceeding Rs 35 lakh, where the value of the house is no more than Rs 50 lakh. However the deduction is too little to make a difference in the burden of home buyers, he said.
Gera Developments have residential and commercial projects in Pune, Goa and have commenced recently in Bangalore.