Be it boom in information technology or its resultant globalisation, the features of the present day economy have strengthened the real estate business in Goa. The coastal state is witnessing a real estate boom through serviced apartments being developed on the lines of time-share resort club cottages.

Individuals visiting Goa, as tourists from across the country, are showing interest in buying serviced apartments here.

A serviced apartment is a well-furnished, spacious and comfortable accommodation that could be occupied at lesser cost than a hotel room.

Serviced apartments run similar to time-share system at resort clubs. Over the years, this concept is ringing loud in Goa, particularly, in and around Panjim. Reportedly, property rates have appreciated by over 300 per cent during the past two years in Goa.

Ensuring this boom in real estate are the backpackers on a shoestring budget. These peace-seekers from the West or IT professionals and managers in multinational companies wish to relax from their hectic lives.

Holidaying in Goa, many well-off professionals are investing in real estate to get a serviced apartment for themselves, overlooking the vast golden beaches.

“There are distinct advantages of living in a serviced apartment than in a hotel room. A hotel room living is clinical living. But in a serviced apartment you have a choice to cook your own food, continue with your lifestyle back at home. Also, the biggest parameter for preferring a serviced apartment vis-à-vis hotel room is the phenomenal reduction in cost," says Dinkar Tarkar, a builder of Panjim.

Due to a fast increase in leisure travel trend, where tourist may prefer to rent apartments rather than stay at hotels, various builders in the city have come up with cosy apartments at different cost prices for all such tourists, who wish to have a personal house in Goa.

These holiday or serviced apartments include a bedroom, bathroom, well-furnished kitchen, community laundry and airy storage areas, besides a provision for panoramic balcony and at times a common swimming pool.

When not used by the owner, these apartments can be rented by a contractor, who also sees that all apartments are duly maintained like a home requiring a few daily attention.

On request, a round-the-clock on-site reception is also provided for the occupants’ convenience.

“I come twice of thrice to Goa. And, always living in a hotel is very costly. Hence, I am buying a serviced apartment. So, my family and friends can enjoy here. Secondly, the food I get in hotels usually lacks that north Indian flavour. Naturally, if I have an access to a kitchen I can get the food of my taste," opines Usman Siddique, an IT executive from Delhi.

Owing to its suitable climate, an all-charming culture potted in its churches, forts, vintage buildings of Portuguese architecture, captivating festive pomp and splendour and friendly locals, has made Goa a big fascination.