Magicbricks.com moderator says:
Recently the property market in India has greatly evolved. As a result, several trends are emerging as per the property demands and needs. For the past few years, India is facing a boom in the upcoming trend of second homes. Today, more and more people want to invest their hard earned money in property related matters. Thus, these kinds of people tend to explore all kinds of markets. This is the reason that now-a-days India has become the top priority among people to invest in properties. Moreover, the emerging concept of second homes is a kind of investment and is generally, famous at places which are away from the bustling crowds and far away from the city noise. This form of owning a second home in India is no more restricted to wealthy people.
It has become a top priority, especially for who really want to invest in some kind of property dealings. With this changing scenario, the real estate industry in India is flourishing. This upcoming trend in India has also made middle and upper middle level people start investing in it through more feasible options. Many new schemes have been evolved for them, so that can easily figure out their property investment plans. In today’s changing scenario, those who are planning to purchase second homes are crating another investment option for them, whereas, those who own a beach house or a farm house of their own are enjoying that status symbol of living a luxurious life. Moreover, if we talk about the pricing structure of this trend, then the prices are getting higher and higher at few specific locations. As people generally, owe second home from the investment point of view, in this case the location of your second home matters a lot.
If we talk about India, then the concept of buying second homes is booming up at places like Goa, Alibagh, Pune, Khandala etc. Moreover, there are people who love to buy second home in locations such as Shimla, Manali, and Dehradun etc. In this current scenario the ratio of demand and supply is highly applicable to the real estate industry in India because of the increasing demand of the second homes. Thus, to match up with this fast pace, many builders are coming up with multiple real estate projects at places away from the city crowds. This concept has also enhanced the levels of regional economies as people are investing their money in integrated luxury housing complexes. Moreover, it is likely said that the demand of these kinds of second homes will increase in coming years and builders are coming up with great deals along with many special offers to further attract buyers.
Best Second Home Spots:
India is experiencing a new real estate layout in terms of second and luxurious homes. The real estate majors such as DLF, Ansal’s have already created some of the master projects, which have changed the entire infrastructure. Some of the luxurious projects by these trusted majors are on the verge of completion. As far as the famous hotspots in India for second homes are concerned, Kerala is acquiring the top position. As this place is famous for best holidays, the investment for second homes is flowing to the remote and safe areas of the state. The major attraction to buy a second home at this place is the surrounding greenery, providing a peaceful and a calm atmosphere, away from the bustling city life. Generally, people those who want to invest in their second home in Kerala are either from North India or Bangalore. According to the studies, Kerala is the most preferred location in India.
Mumbai – Another Preferred Location:
Another well preferred location for people investing in second homes in India is Mumbai. The second home concept in Mumbai has recently started with the growth of real industry spreading to nearby locations including Pune, Lonavala, and surrounding areas. Today, the property prices are soaring high in Mumbai and Delhi. According to the recent studies there has been at least 15 to 20% growth in the property market. It greatly contributes in development of the overall real estate industry. This budding concept of second homes especially in India is due to the phenomenal opportunities that India offers to all the investors. People from all walks of life are venturing to invest in this matter and it is no more only the game of entrepreneurs. Moreover, the study shows that the age bracket of those investing in these kinds of projects is usually 35 to 45 years. Thus, we are looking at the fact that both the middle income as well as the higher income groups are venturing in this property zone.
The basic thinking of people has changed in respect to property related issues. As far as the concept of second home is emerging, people buy such properties so that they rent out that property. Opening a resort is a good way to fetch good returns for their investment. Some people sell off their properties at much higher rates that what they purchased for in order to earn huge amount of money. One more reason for people getting interested in buying second homes is that the banks and other financial institutions have diligently crafted various convenient policies and schemes. Moreover, the interest rates are regularly being revised upwards. With rising stocks people prefer to invest in second homes in and around metros. This is because people have started realizing the potential of real estate industry in India and moreover, they have started realizing the investment potential.
Price Range of Second Homes:
If we talk about the price range of these second homes, then the actual cost of these properties costs anything between 15 lakhs and the figure goes up to crores. Even after calculating this kind of huge amount of money, the demand of these kinds of properties is soaring high. Hence, developers are coming up with many latest projects to cater to this increasing demand.
Points to Ponder:
What are the other areas worth investing for second homes? Do you think this concept will emerge as successful 15 or 20 years down the line? Some people might think that given that cities are ever expanding, soon the homes in outskirts would be a part of cities. In such scenarios, what sort of investment options should be wise?