With a growing number of second-home buyers instantly opting for holiday apartments or homes, in this article we will be having a glance at the benefits that this segment gives and the areas or location that holiday home buyers prefer to invest in.
Invest in second homes, is basically motivated by a section of buyers, who would like to seek profits out of real estate investments or keep it for prestige. Nowadays we Indians have been investing in second homes for quite some time, but people these days are currently shifting their attention to something which offers them more personal utility, like a holiday home for a short vacation.
The holiday home provides them to experience the additional benefit of a weekend holiday at an owned space. Further, such properties also give the option of temporary vacation home renting to other people by listing space on portals providing such temporary rental options like Myrsa. And indirectly earning extra income from the tourism potential of the property address. Homestays as holidays have grown a profitable market, now.
Indians who purchase holiday homes, lead to having greater disposable earnings and belong to middle and top management groups. Such buyers are usually in the age category of 35-45 years. The motive behind investing in a second home is either for investment purpose or weekend getaways or short trips for relaxation. With workload increasing day by day in corporate life, people prefer to relax in some location that’s just drive through or easily reachable and scenic too.
In this article, we will be discussing various options available for different cities in India and their adjoining locations that can be one of the options to choose from.
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For Mumbai and Pune residents, some of the favored locations are Lonavala, Alibaug, Karjat, and Goa. Lonavala has been by far the favored most locations because of its or its greenery and pleasant atmosphere and easy connectivity with Mumbai and Pune residents. Also, there is a large number of properties in the pipeline for row-houses and bungalows, from leading developers providing good construction work. There is also a healthy demand for open plots, in Lonavala which some people choose to buy and build their own rowhouse or bungalows.
Alibaug is also a preferred area for Mumbaikars as it has easy accessibility both roadways and waterways like ferry who prefer coastal areas. Karjat also offers affordability and serenity as its primary USPs.With the temperature prevailing comfortable round the year, it draws people from Mumbai and Pune. Increase in the tourist base and gaining interest in activities like rappelling, kayaking, and boat rides promise attractive returns to investors and second homeowners. Also, such locations mentioned providing a good opportunity for temporary renting to people who wish to have weekend getaways during long weekends
Delhi being close to Haryana and Himachal Pradesh, which hosts India’s best hill stations Shimla and Dharamshala. The tourism has given a boost to the real estate sector in Himachal Pradesh. The first one to see real estate boost, Shimla’s realty sector has now reached a saturation point as options available now are far from the city in the outskirts. So buyers may consider upcoming destinations like Manali, Kullu, Chamba, Chail, Dharamshala, Kasauli, and Solan which offer numerous residential options that’s close to nature and scenic with easy availability of essential amenities.
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When we look at the southern part of India, in the south, Puducherry is a favored destination for residents of Chennai and it has many second home choices available, from regional and national developers. For buyers located in Bangalore, Mysore is the favorite location to choose from as its scenic and easily reachable to them.
For buyers residing in Kerala, which has also emerged as a popular destination of late. When you are aspiring to buy an apartment for a secondary purchase, carefully pick the location. There are several places in Kerala that are gifted with scenic beauty, like Kovalam, Kochi, Munar, and Alappuzha that experiences that higher count of the travelers. Try to pick a property near these places.
Nevertheless, not everyone can locate an ideal alternative close to one’s home. Price factor and the lifestyle quotient, also act significant roles, when hunting and exploring for a second home. Purchasing or Investing an affordable home nearby or neighboring to the workspace or a bustling marketplace, may also not be feasible, when it comes to locations for holiday homes in Major cities like Mumbai, Pune, Delhi, Chennai, etc. Consequently, while the mindset towards holding a second home is gradually evolving, people are seeing for innovative concepts that give affordability, ROI and also lets one enjoy holidays at their own homes, in between. Also, leverage and earn from second homes, occasionally when demand is more especially during long weekends
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