Indonesian firm plans to develop villas in Goa

Indonesian firm plans to develop villas in Goa

New Delhi: Diversifying into the booming Indian real estate sector, Indonesia-based resort chain operator Karma Developments plans to develop villas in Goa.

The company proposes to develop 30 villas and is looking for 16,000 square metre of land at a single location in south Goa, Karma Developments Assistant Director (Sales and Marketing) Mike Farrell-Evans told PTI.

He, however, did not disclose the proposed investment saying that it would depend upon factors like land prices.

“We will buy the land and build, operate and sell the properties in the proposed infrastructure," he said, adding each villa will be sold for $0.7-1.2 million.

Karma Developments currently operates four resorts in different parts of the state and this would be its first venture in real estate sector.

“We are in India for the last 10 years operating a chain of four Royal Resorts and we want to strengthen our foothold in the country," said Mike, who is also the marketing director of Royal Resorts.

Besides India, the company has a presence in Thailand and is also developing properties in Greece and Caribbean Islands, he said.