'Shit this investment is going to die...': CEO’s grim take on Goa’s tourism bust

Goa, India’s tourism magnet, is now grappling with an alarming downturn. Shantanu Deshpande, CEO of Bombay Shaving Company, captured the unease in a LinkedIn post: “The fall in Goa tourism has been quick and severe. Social media has crunched word-of-mouth cycles from years to hours.”

Once-bustling bars are now empty, shacks are quiet, and events are underattended, he wrote, adding that this decline comes as many investors who bought holiday homes for high returns are left questioning their choices. 

“What they’re saying: ‘We’re so glad that Goa will become serene and quiet now without noisy hordes of tourists.’ What they’re actually feeling: ‘Shit, this investment is going to die. I also don’t feel like going to Goa,’” Deshpande wrote.

Goa’s tourism woes exploded on social media after viral posts criticized its infrastructure. Complaints ranged from unreliable transport and taxi monopolies to soaring hotel and flight costs. Entrepreneur Ramanuj Mukherjee claimed, “Foreign tourists have abandoned Goa,” pointing to declining numbers and a shift toward international alternatives like Thailand and Sri Lanka.

In response, Goa Tourism Minister Rohan Khaunte dismissed the claims as a “defamation campaign,” alleging that influencers were paid to malign the state’s reputation. He cited a 22% increase in domestic tourist arrivals in 2024, with 1.04 crore visitors recorded. However, foreign tourist numbers remain far below pre-pandemic levels, hurt by geopolitical conflicts and logistical challenges.

While tourism struggles, Goa’s real estate market continues to boom. Property values have risen 30-50% over four years, driven by high rental yields of 12-16% annually and improved connectivity via the new Mopa International Airport. Investors flocked to Goa for its lifestyle appeal, pristine beaches, and cultural richness. Yet, with declining tourist footfall, many are reassessing their decisions. “It will be fascinating to see the painful escalation to commitment of people who have actually moved there,” Deshpande remarked.

Social media influencers and local activists have intensified the debate. Documentary filmmaker Deepika Narayan Bhardwaj, whose viral post on Goa’s emptiness drew criticism, said, “It [was] a heartfelt cry to make Goa better.” Meanwhile, local influencers urge the government to address real issues like transport inefficiencies and waste mismanagement instead of dismissing critiques.