The Special Economic Zones (SEZ) controversy in Goa took a new turn with the Centre scrapping as many as eight SEZ proposals. Amid mounting pressure by anti-SEZ activists in Goa the Centre de-notified all the zones in the state.
The protesters fearing the implications of SEZ argued that the zones are going to add on further pressure on the already flimsy infrastructure in Goa and may lead to a weakening of the Goan identity. Moreover they were apprehensive that 'outsiders' would deluge Goa in hunt for jobs thus crunching on the opportunities for locals.
While matters concerning compensation to SEZ developers, who have already pumped in money to set up the business infrastructure, remained to be addressed the three controversial SEZs in Goa, Cipla's Meditab Specialities, Raheja's IT/ITeS SEZ and Peninsula Pharma's bio-tech SEZ, which were officially notified, were given a temporary reprieve, media reports.
Commenting on the consequence of SEZ controversy on the real estate scenario of Goa, John from said, "Though commerce ministry believes scrapping SEZs will send a wrong indication to foreign investors, but we don't see it like that. Goa has always been known for its tourist attraction and no other state in the country witnesses such large number of tourists as Goa does. So we localites don't see any danger to the shinning prospects of Goa real estate."
Indeed the real estate developments are in full swing in Goa. Since it is the High-Net worth Individuals (HNI) and foreigners who are the biggest investors in Goa property, a large number of hospitality and premium residential projects by various developers targeting these patrons are on the move.
SEZ could have been a feather in the cap of the already flourishing real estate industry of Goa, but their absence is not going to alter the fact that Goa properties are not only affordable but are also much desired for and thus are very much in demand, says George, a real estate agent based in Goa.
