Ajit John
ajit@herald-goa.com
PANJIM: They have marked their territory with some prestigious projects in the state. Led by two civil engineers Cedric Vaz and Edwin Menezes. The promoters of Edcon Real Estate Developers spoke to the Herald and discussed their plans for the future and the trends that were emerging in the reality business in Goa
Herald: What are the changes visible in the market since you started in 1995?
Cedric Vaz: The speculator is out. The customer of today knows what he wants in the sense he or she is demanding. They want the club house, the swimming pool, a gymn. Our customers have travelled and they are aware of what is being provided by builders around the country. Many come with their own interior designer and they inspect the site and inform our people as to what is it they want. Of course sometimes they just take what we give and then make their own modifications. Like i said earlier the speculator is out which means the crazy increase in the cost of reality is not happening anymore. We have goans buying our houses. We are i should say focusing on constructing our residential and commercial complexes in the city of Panjim only.
Herald: What are the problems you face being a builder in Goa?
CV: People are not professional. Approvals take a lot of time and there is no Goan labour which means we have to depend on people who come in from other parts of the country. It is a pretty serious problem. You have to understand that I am spending approximately Rs.35-40,000 per sq mtr and most of my clients are still Goan. The speculators were present 7-8 years ago. Land that was available for Rs 2-3000 per sq mitr shot up to Rs. 5-10,000 pr sq mtr and there then started a chain of one-upmanship with everyone trying to milk the maximum which means costs increases resulting in today there being much more supply as compared to the demand in the market. Go around Goa and you will find so many flats empty. These are problems we as builders face.
Herald: What are your projects in Goa ?
CV: We have a commercial project in Mapusa and Panjim. We have residential complexes coming up in Santacruz, Merces, Talegoan and the Edcon Rio Grande.
Herald: What are the trends you see emerging in the market?
CV: People are now looking at building bungalows on plots of land that is the new trend bungalows with all the amenities. Individuals are buying 2000 sq mtrs and then constructing a bungalow on 800 sq mtrs. It is entirely self sufficient. This is happening in places like Moira, Nerul and Arpora. This is a new trend
Edwin Menezes: It is a trend that is catching up with people of a certain socio-economic class. They like to live in a certain kind of style. This is definitely the next really big trend in Goa. There are people who do not wish to stay in a flat.
Herald: Do you plan to enter this space?
CV: Yes we do , we are looking for land and once we find it yes we shall start working on something similar.
