When considering how the real estate industry has evolved over the past year, numerous trends come to mind: individuals are considering purchasing bigger homes; home offices are being included in the layout; and workcations have become the norm. People are also investing in and purchasing vacation homes, which is a growing trend.
Vacation homes have been a popular option for people looking for a place to unwind for a few days. However, in recent years, the trend of vacation homes has taken a significant upward trend in the state of Maharashtra, India.
Even though the idea of a second home is not new, more and more of these vacation homes and Lonavala villas are being preferred so that people can live and work there for long periods of time. But is the ability to work from home the only reason people are buying vacation homes?
In this blog, we will discuss the reasons behind the increasing popularity of vacation homes in Maharashtra and what makes them a great investment opportunity.
Let us walk through the factors that entice people to buy vacation homes:
One of the major reasons behind the upsurge in villas for sale in Lonavala, Maharashtra is the increase in disposable incomes of people. With the rise in income levels, home buyers are now looking for more luxurious ways to spend their holidays and vacations. Vacation homes provide a comfortable and luxurious escape, which makes them a popular choice among the upper-class population.
2. Health and Wellness Concerns
Vacation homes offer a peaceful and serene environment, away from the hustle and bustle of the city, allowing people to unwind and recharge. In addition, vacation homes often come with outdoor spaces such as gardens or patios, which provide opportunities for outdoor activities such as gardening, yoga, or simply enjoying nature. This has led to an increased demand for vacation homes, as people look for ways to improve their overall health and wellness.
3. Scenic Beauty and Abundance of Natural Resources
Maharashtra is known for its stunning scenic beauty and abundance of natural resources, which makes it a popular destination for tourists. From the scenic Western Ghats to the famous beaches of Alibaug and Kihim, Maharashtra has a lot to offer to visitors. With the increasing demand for vacation homes, developers are now focusing on building vacation homes in these areas, which are surrounded by beautiful natural surroundings.
4. Accessibility and Proximity to Major Cities
Another reason for the trend of vacation homes in Maharashtra is the accessibility and proximity to major cities. Many vacation homes are located in areas like Lonavala, Alibaug, Karjat, that are just a few hours away from the major cities like Mumbai and Pune. This makes it easy for people to escape the city life and spend a few days in the comfort of their own vacation homes.
5. Investment Opportunity
Vacation homes are not just a great place to escape to, but they also provide a great investment opportunity. With the increasing trend of vacation homes, the demand for these homes is also increasing, which makes them a great investment option. Vacation homes can be rented out when not in use, providing a steady source of rental income.
The high demand isn’t just in the country’s hill stations, but also in Tier II and Tier III cities, which makes complete sense. Goodbrick Realty cater’s to the demand of Wealthy individuals from Tier 1 cities like Mumbai, Pune. There are many other builders who cater to the customer needs from Delhi-NCR, Bengaluru, Hyderabad, and Chennai. All these result in an increase of the demand for vacation or second homes.
However, flats are in high demand in Tier I cities. But, when a destination is Lonavala, Goa, or Alibaug, people choose vacation homes or villas.
What factors should you consider while searching for a vacation home in hill stations or small towns? The property should be reachable, have internet access, and be near essential facilities like food shops and hospitals.
Before buying a vacation home, buyers must check that the property has the essential clearances and permissions. Non-domiciled residents require additional permissions and documentation to buy a vacation home at a hill station. Before buying, verify local property rates to make sure the price is fair and within the circle rates.
Especially in hill stations, only buy from developers who understand local rules and regulations. Many local real estate businesses might offer you a ‘dream bargain’ but buyers must carefully conduct proper checks to evaluate their track record, especially with relation to transactions they have already completed.
When buying a vacation home, it is important to thoroughly verify all of the relevant documents to ensure a smooth and secure transaction. This includes checking:
It is also important to review any zoning or building restrictions that may impact the use of the property. It is recommended to seek the assistance of a real estate lawyer or title company to perform these verification tasks and to ensure that all necessary paperwork is in order.
By taking the time to verify the documents, buyers can avoid any potential legal issues and ensure that their investment is secure.
In conclusion, the trend of vacation homes in Maharashtra is on the rise, and there are many reasons behind this trend. From the growing disposable income to the health and wellness concerns, there are many factors that make Maharashtra a popular destination for buying vacation homes.
With the increasing demand for vacation homes, this trend is set to continue, making it a great investment opportunity to own private pool villa in Lonavala for those looking for a comfortable escape from the city life!