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Holiday Homes: A New Trendsetter In Indian Real Estate

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Holiday Homes

Buying a home could be a painstaking task for the metropolitan masses, whereas the higher and affluent class is being allured by all manner of options, when it comes to second homes. For some buyers, it’s all about gaining a ‘refreshing’ break at a weekend getaway, while the others see the second home mainly as a real estate investment. There is another category of buyers, who want these homes to be a post-retirement lifestyle choice.

 

A large segment of people is interested to buy holiday homes in India, the major factor pushing this phenomenon, is a longing to live a quality life near nature. This is backed up a new emerging trend, which is to get social recognition amongst the peer group. Owning a home in the lap of nature has become a common dream, but only few have been able to pursue and live their dream.

 

India’s beautiful vistas have always attracted the majority of people from all over the country and abroad. The tourism industry has created an immense number of hotels and resorts in the hills of north or near the beaches in south. But due to the heavy costs and regulations of the hotel authorities, the sense of ownership appears to be missing from the scenario. Hence increasing the demands for the holiday homes in India. The similar concept goes with the food pattern. The commercial food served by the hotels and resorts have added only to the mundanity of the travel experience. Therefore, to add that spice to the holiday meals, the concept of holiday homes encourages the self-owned cooking style. As the separate open kitchen in an owned property, can provide exciting ventures like cooking, eating and celebrating together. Where one can rediscover the family bonding.

 

Experts are pointing towards a graph, which depicts the rising in the earnings of upper-middle class and middle-class, hence accentuating their investment potential. That is perhaps why, the weekend homes market is growing at 10-12 per cent per annum.

 

A considerable positive change in the lifestyle of people living in the metros have contributed to the growth of the Indian economy. Also the increasing tax benefits, number of NRIs, HNIs investing back home, and the growing middle-class is finally leading to an increasing demand for vacation homes. The majority of the second home buyers consists of upper-income segment players, with the age bracket of 25 to 50.

 

Some of the preferred destinations, around the Mumbai, are Lonavala, Alibaug, Karjat and Goa. Lonavala being the favourite of Mumbaikars, as there is a good supply pipeline of row-houses and bungalows, from several real estate developers. There is a healthy demand for plots as well. The prices for row-houses in Lonavala, ranges from Rs 1 crore to Rs 2.5 crores, while for bungalows it is from Rs 1.5 crores to Rs 4.5 crores. For those who prefers coastal areas, Alibaug is the top destination. While Karjat is offering affordability and serenity as its primary USP.

 

Driving the investment in second homes, the buyers are seeking profits out of real estate investments or hold it for prestige. As the Indian buyer has invested in second homes for quite some time, the buying pattern has started to shift to something that offers more of a personal value, like a holiday home. Allowing an additional benefit of a weekend holiday at an owned place. Moreover, these properties are also offering the option of renting and earning income from the tourism potential of the investment destination. Homestays during vacations, has become a lucrative market, today.

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