Holiday Homes - A Growing Trend
While Holiday homes came about with the British Raj, we are once again seeing the trend not only re-emerging but catching great momentum
It's all about hitting 'refresh' given the hectic life in the city, choked infrastructure, lack of space and soaring real estate prices. People are increasingly going in for holiday home or a "Dual home".
Experts (JLL) point out that people in the upper-middle class and middle-class are earning more than ever before, accentuating their investment potential and the weekend homes market is growing at 10-12 percent per annum. 49% of weekend home buyers are salaried, about 32% come from a business background.
Ashish Raheja, Managing Director, Raheja Universal, says, "The growth of the Indian economy with a considerable positive change in the lifestyle of people living in the metros, tax benefits and the growing middle-class, has led to increased demand for these homes. People of more modest means are getting onto the leisure-property ladder, buying weekend retreats to escape the madding city crowds."
Dual homes fulfill an aspiration for the urban middle class Indians to enjoy more space, beautiful views and luxuries amenities within their means.
Spending lazy relaxing weekends at homes situated in idyllic places with family and friends is preferred. "Location, proximity to the city, space, beautiful views and amenities is what buyers are looking for in a dual home. Apart from this, capital appreciation is always a must," says Raheja.
When it comes to Mumbai, places like Madh Island and Alibaug, are no longer exclusive prerogatives of movie stars, celebrities, and HNI.
People are increasingly going in for a "dual home, which promises a getaway yet all the amenities for good living, at good price. Along with a breath taking and calming environment, they have all the recreation with a clubhouse, swimming pool and an amphitheatre, to name a few.
Rahejas have private residences Exotica- Sorento, which is not too far from the city yet in sylvan surroundings offering a luxury experience. Raheja says, "People who can afford a bit of luxury prefer buying a home in a holiday spot over any expensive property of that level in the middle of a busy congested town."
Goa is increasingly becoming a popular destination for Holiday homes, especially for Delhi residents. Sameer Mutreja, Founding Director, Scapes says, "People seek a private aboard with all the amenities of a 5-Star Hotel, hence we have kept the same kind of bed covers, same level of sanitization and service. The owners also have the option of renting it out when not staying, giving them an added advantage."
In just one year, Goa-based Scapes sold all their villa complexes to mostly people from Delhi. According to Mutreja, the reason for Goa becoming a hotspot for holiday home, apart from the obvious beach trump card, is because of environment friendly expansion as the government ensures not more than 40 percent of land falls under construction. Also, a conducive lifestyle with a new airport coming up, a Four Seasons Golf course and much more. Delhiites with their buying power are seeking the lifestyle with the geographical features that Goa provides.
Scapes properties are a collection of luxury boutique villas built with an ethos of privacy, exclusivity and abundance of space. The core inspiration behind Scapes as a brand for Luxury Villa Properties wants to build an exclusive retreat - a community for like-minded Individuals who value the same Ideas of Wellness, Privacy and understated Luxury.
According to Tejas Patil, Head - Real Estate Services, Sanctum Wealth Management, "Second homes projects were initially built by a few for a few. They were lapped up by the wealthy. Now there are multiple projects by developers at multiple competitive locations. The earlier healthy demand has been overburdened with an oversupply. Many large developers have found the current market too subdued for a respectable off take of vacation home units. Now there is an increased focus on this segment."
These dual homes become a source of reasonably steady annuity for the period not utilized by the family themselves; thus, doubling up as an investment either for the same or next generation. It can be offered for timeshare and home-rentals.
Lodha group, in their endeavour to move out of city limits set up Lodha Belmando, a luxury resort on the Mumbai-Pune expressway just 20 minutes from Lonavala. It is located on an undulating green expanse on the hills, bordered by a serene riverside promenade. Samujjwal Ghosh, Deputy CEO, Pune, Lodha Group, says, "This expansion in the market was originally driven by the HNIs, NRIs and retired government officials but a good number of salaried home buyers/ aspirational middle class have been contributing to the growing demand. People want to live in a place encompassed with nature's bounty and experience resort style living, which is getting increasingly hard to find in the cities."
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
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