PANAJI
A series of major judicial setbacks including the recent Bombay High Court at Goa judgement junking the controversial Calangute-Candolim and Arpora-Nagoa-Parra ODPs have had no impact on flow of investments in the real estate sector in Goa.
On Sunday, Bengaluru-based Sattva Group said it will invest Rs 800 crore in Goa's real estate and property market.
The company, which is among the biggest real estate firms in South India, will make the investments over the next two years.
"We will invest around Rs 800 crore over the next two years in Goa," news agency Press Trust of India quoted Sattva Group's Managing Director Bijay Agarwal as saying.
The development comes days after reports emerged that another real estate giant, DLF, has sought cancellation of the State RERA registration of its controversial Rs 450 crore 'Bay View' project atop the Reis Magos hill overlooking the Mandovi river.
RERA sources have said the cancellation of the registration was potentially to 'modify' the plans and seek fresh registration subsequently. There has been no communication from DLF yet explaining the reason behind its surprise move to cancel the RERA registration of the project.
The Sattva group, which also has interests in hospitality and education, is already a significant investor in Goa and has developed the 'Sattva Water's Edge' housing project on the Dabolim-Chicalim plateau. Apart from this project's expansion in the second phase, the company's plans for two more projects are in the works.
Meanwhile, Goa's real estate conundrum has faced multiple judicial orders reversing policy laws and executive orders which facilitated largescale freeing up of green zones for real estate development.
The most recent judicial intervention was the judgement of the Bombay High Court at Goa which junked the two controversial ODPs of Calangute-Candolim and Arpora-Nagoa-Parra.
The judgement has also cancelled the zone changes granted by the TCP, PDA and other authorities under these two ODPs numbering over 700-plus, nearly 450 of them in survey numbers were various eco-sensitive zones.
Large scale real estate development has been a controversial issue in Goa for nearly two decades with political parties and greens constantly raising allegations of corruption against the government of the day, for the concretisation.
