Vianaar, a prominent luxury property developer from Goa, has officially entered the Sri Lankan real estate market, tapping into the growing demand for second homes. With nearly 15 years of experience developing high-end properties in Goa, the company’s latest venture reflects a strategic expansion into the coastal town of Ahangama in Sri Lanka’s Galle district.
Launch in Ahangama
Vianaar’s first project in Sri Lanka, Pol Vatta Estate, offers an exclusive set of eight premium villas. Spanning two acres, each villa has two bedrooms, a private pool, and outdoor showers and is priced at approximately ₹3.8 crore. Catering primarily to Indian buyers, the villas are designed to serve as luxurious second homes, blending comfort with aesthetic appeal.
The choice of Ahangama is significant. Known for its unspoiled beauty and rising popularity among European tourists, the town is reminiscent of Goa’s Assagao village 15 years ago, says Vianaar founder Varun Nagpal. Vianaar is confident about the prospects of Sri Lanka and has been reported calling it a largely untapped market at one-fourth the cost of Goa today.
The launch of Pol Vatta Estate is just the beginning for Vianaar in Sri Lanka. Reports suggest the company has acquired 20 additional acres in Ahangama for future developments. This move aligns with Vianaar’s vision of leveraging Sri Lanka’s affordable land prices and burgeoning interest from wealthy investors and NRIs.
Sri Lanka offers rental yields of around 7%, comparable to Goa’s post-pandemic peak of 9–10%. While Goa’s rental yields have since moderated to 6–7%, Sri Lanka’s competitive returns make it an attractive alternative for buyers seeking second homes that double as income-generating properties.
Second-Home Boom
The pandemic sparked a surge in demand for second homes as buyers sought holiday retreats that provided safety and comfort. Vianaar has been a beneficiary of this trend, selling over 1,000 homes in Goa and currently building 300 more. Their homes range from ₹ 2 crore to ₹15 crore, with ultra-luxury villas priced as high as ₹25 crore.
Beyond Sri Lanka, Vianaar plans to diversify its portfolio with its first hill station project in Kasauli, Himachal Pradesh. This upcoming project will feature two- and three-bedroom villas priced between ₹3.3 crore and ₹5.5 crore, further solidifying the company’s position in India’s burgeoning second-home market.
Vianaar’s foray into Sri Lanka is an interesting step in capitalising on emerging regional opportunities. By combining its expertise in luxury development with Sri Lanka’s affordability and potential for growth, the company is poised to redefine the second-home market for affluent buyers.
Will they lead the market in Sri Lanka as successfully as in Goa? Varun Nagpal is confident that this step will give Vianaar an advantage as an early mover.
