Sattva Group to invest ₹800 cr in Goa property market to expand business

Realty firm Sattva Group will invest about ₹800 crore over the next two years in Goa property market as it sees huge business opportunities in this coastal city, a top company official said.

Bengaluru-based Sattva Group, which is one of the leading real estate firms in South India, entered Goa market few years back.

It has already developed the first phase of its maiden housing project 'Sattva Water's Edge' and recently launched the second phase comprising villas and apartments.

Sattva Group is planning two more projects in Goa, including a gated community where it will offer residential plots.

"We will invest around ₹800 crore over the next two years in Goa," Sattva Group Managing Director Bijay Agarwal told PTI.

Sattva Group is expanding its presence in Goa property market to tap rising demand because of its improved infrastructure and better connectivity with other cities of India.

Bullish on the potential of Goa market, Agarwal noted that there is a huge demand for first as well as second homes in this popular tourist destination.

There is a huge interest of NRIs in the Goa market, he added.

In the second phase of Sattva Water's Edge project which is located near Dabolim airport, the company will develop 10 signature villas and 24 boutique apartments.

According to PropEquity data, housing sales in Goa rose 5 per cent to 3,585 units in 2024 as compared to 3,430 units in the same period last year.

Sales in value terms rose 32 per cent annually to ₹5,726 crore in 2024 calendar year, the PropEquity data showed.

In the last three decades of its operation, Sattva Group has completed 74 million sq ft area across various residential and commercial projects.

More than 75 million sq ft area is under various stages of planning and development.

Besides South India, Sattva Group has a presence in Pune and Kolkata markets and it is planning to enter Mumbai.

The Group also has presence in other verticals of real estate including coworking, coliving, data centres and warehousing.

Sattva Group is also into hospitality and education.

In early March, Sattva Group and Blackstone sponsored Knowledge Realty Trust (KRT) filed the Draft Red Herring Prospectus (DRHP) with SEBI to launch an Initial Public Offering (IPO) for raising ₹6,200 crore and list the REIT on stock exchanges.

Through this REIT public issue, Sattva Group and Blackstone want to monetise 30 prime office assets across major cities.