The Goa Housing Board (GHB) intends to develop 60,700 sqm of land in North Goa through a joint partnership with reputed national or international builders. To ensure it gets maximum bang for its buck, the board is looking for a property consultant to develop a viable business model and conduct a market study on Goa’s real estate sector.
The land at Colvale, Tivim, Curca and Penha de Franca is already with GHB and the state is open to the idea of residential and commercial projects.
GHB hopes that by appointing a transaction advisor, who will be paid approximately one per cent of the project cost, it will be able to maximise revenue and create a self-sustaining business model.
The consultant will provide transaction advisory services for selection of a private developer, conduct a market study, carry out site analysis and identify infrastructure facilities. The consultant will also have to develop financial models, including the possible revenue stream for each project.
“The state is always on the radar of investors across the world seeking to invest in the real estate market here or seeking second or third homes,” said a GHB official. “There are few projects owned and developed by GHB, whose construction has been completed more than two decades ago and which are under-utilised as per existing demand potential. These properties may attract reputed developers looking at constructing signature projects.”
The possibility of creating a special purpose vehicle for joint development of the four projects also remains on the table, but a final decision will be taken after evaluating the pros and cons for GHB and the developer, said the project proposal.
GHB has already floated a tender to pick the transaction advisor, who will join the already empanelled consultants that the board has. The transaction advisor will have to conduct the bid process to pick private developers and will remain on board till the joint partnership between GHB and the builder is inked.
“The consultant shall evaluate the available data and information with a view to preparing a reasonable estimation of the likely revenues of the private developer from the user charges likely to be collected from the project,” said a GHB official.
