Second homes valued between Rs. 50 lakh and Rs. 50 crores are seeing rising demand from the affluent, especially non-resident Indians (NRIs), businessmen, corporate personnel, and as they seek to escape the hectic city life.
In Goa, Khandala, Kasauli, Coonoor, Alibaug, and other ‘out from the city’ destinations, realtor companies like DLF Ltd, Tata, Isprava, and many others are witnessing a demand for bigger private residences that includes space for office—at big budgets, both for private use and investing.
TRIL (TATA Realty and Infrastructure Ltd) has completed Phase 1 of its super luxury project ‘Myst’ in Kasauli and will begin Phase 2 in April. Over the previous year, it has sold residences priced at Rs. 4-6 crore in its Lonavala project ‘Prive.’ Only a few homes remain in Goa, where residences cost less than a crore.
There has never been a higher demand for second homes. People are considering purchasing a second home in India, London, and Dubai. NRI interest in such residences in India has increased, mostly for investment motives. Mr. Sanjay Dutt, the MD of TRI said, “The majority of the second home property we sold was move-in ready”.
As more individuals look for larger living spaces with offices, luxury homes development company Isprava, which sells completely furnished residences that are ready for moving in ranging from 5 crores to 50 crores, has witnessed a 30-50% rise in purchases. The CEO of Isprava, Mr. Dhimaan Shah is of the opinion that many business owners, ex-pats & HNI used to travel a lot before covid, but today everyone understands how important it is to have a second home within the state that is also easily accessible.
Strong demand for luxury second homes always existed, but the outbreak of the pandemic served as a trigger. People now understand that working from home is possible and that it is feasible to carry out business for a longer duration from the second home in Alibaug, Goa, or Coonoor.
According to Mr. Shah, homebuyers who would have invested Rs. 6-7 crores on a home are now ready to spend Rs. 10–11 crores in real estate.
Because rental prices are so low in the major cities, a few of our clients are also buying expensive luxury homes (costing Rs. 20 crores and more) with our company in Alibaug, and Goa and renting out their properties in their hometowns. We can clearly notice a trend toward young folks (30-45 years old) buying more properties from us.
Isprava is also coming up with second homes in Kasauli, which is a new destination for them.
In August, Savills, the property advisory, threw a virtual Goa festival, featuring selected villa projects, resale properties, and apartments for prospective buyers from throughout India.
After the pandemic, Shveta Jain, MD of residential services at Savills India, said that more people want to buy or rent a second home. “Not only can you now buy a 2nd home in places like Goa, which has seen rapid real estate development in recent years, but you can also do so in many other locations in India.
People are looking for homes all over the country. People from Mumbai or other countries who want to purchase homes are considering properties in Uttarakhand, or Kasauli, and this is applicable to individuals from other regions of India too, she stated.
“Such properties may also provide a second source of income to the homeowners. In terms of buyer preference, the best options are residential areas and homes on large plots that are between 3,000 and 4,000 square feet. Most people want to invest in luxury villas that cost between Rs. 1–3 crores or high-end homes that cost between Rs. 5–11 crores ” added Jain.
Both homeowners and real estate developers have changed their plans because of the epidemic. People are looking for dependable assets and folks who can buy them choose bigger houses.
There was a significant amount of interest in residential properties that could function as multipurpose spaces, as well as spaces that can function both as homes and as offices. Areas of metropolises and cities of Grades II and III have developed into new realty hotspots.
In Q3 and Q4 of FY21, we saw a drastic rise in queries and sales from micro-markets such as Kasauli, Indore, Lucknow, Panchkula, and Kochi. “We are also receiving calls from clients in major cities interested in moving, as well as from NRIs seeking to purchase a property for their kids,” a DLF representative shared.
Since the outbreak of the epidemic, focus on Samavana I, a luxury residential and planned project by DLF in the Kasauli location, has increased, particularly among purchasers hailing from the NCR (National Capital Region).
Goa, Kasauli, Coonoor, Alibaug, and other ‘out from the city’ destinations are witnessing a demand for bigger private residences that include space for offices. Luxury homes development company Isprava has witnessed a 30-50% rise in purchases.
Savills, the property advisory, threw a virtual Goa festival, featuring selected villa projects, resale properties, and apartments for prospective buyers. Savills noticed a trend toward young folks (30-45 years old) buying more properties from them in Alibaug and Goa.
Since the outbreak of the epidemic, the focus on Samavana I, a luxury residential and planned project by DLF in Kasauli has increased. Areas of metropolises and cities of Grades II and III have developed into new realty hotspots.