Holiday homes: An emerging real estate segment in India
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9 May 2019 - 8:00, by , in NRI, No comments

With an expanding number of second home buyers now opting for holiday homes, we look at the benefits that this segment offers and the locations that holiday home buyers favour.

Investment in second homes is inspired by a segment of buyers, who seek profits out of real estate purchases or hold it for éclat. While Indians have spent in second homes for quite some extent. People are now stirring their focus to something that offers increased personal value, similar to a holiday home, which allows them to relish the additional benefit of a weekend holiday at an owned place. Moreover, such properties also offer the option of renting it out and earning income from the tourism potential of the investment destination. Homestays during holidays have become a lucrative market, today.

Indians who buy holiday homes, tend to have higher disposable incomes and hail from the middle and top management segments. “This buyer segment is usually in the age bracket of 35-45 years. These buyers purchase such homes, either for investment purposes or as weekend getaways. Among many, the demand criteria for second home locations in India is that they must be within a few hours’ drives from the parent cities”.

Holiday homes are ideal retreats, for blissful timeouts with folks, in today’s 24×7 moving lifestyle. The parts that one should consider, while investing in holiday homes, are the sanctity of the place, regarding its surroundings and ease of convenience.

Where are holiday home purchasers investing?

Delhi’s citizens favour investing near to their houses. In Delhi-NCR, the most picked second home form is the farmhouse. Farmhouse spreads are located in clusters around Mehrauli, Rajokri, Bijwasan and Chattarpur and come in multiple configurations and sizes.

For Mumbai dwellers, some of the preferred destinations are Alibaug, Lonavala, Goa and Karjat. Lonavala is by far the ideal with Mumbai dwellers, and there is an excellent supply pipeline of bungalows and row-houses from leading players such as Piramal, Tata, Kalpataru and Lodha. There is also a healthy market for plots, in Lonavala. Alibaug is also a named destination for Mumbaikars, while Karjat, offers affordability and peace.

In the south, Puducherry is a preferred address for Chennai citizens, and it has many second home opportunities available, from local & national developers.

Yercaud’s peaceful and spectacular environs have emerged as an attraction for Chennai’s second home seekers who are scanning for something distinctive. Despite contestant from many other hotspots, Mysore has stood the countdown of time, as one of Bengaluru citizens’ beloved second home addresses.

Changing inclinations, vis-à-vis holiday home

However, not each one of you can find a perfect option close to one’s home. Price tags and the lifestyle quotient, also play important roles, when searching for a second home. Buying an affordable house near to the workplace or a busy market, may also not be likely, when it comes to locations for holiday homes in cities like Mumbai or Bengaluru, for example. Consequently, while the mindset towards owning a second home is slowly changing, people are looking for innovative ideas that provide affordability, return on investments and also allow one to enjoy holidays at their own homes, in between.

Image Courtesy: www.freepik.com

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