Perennial demand for holiday homes

This means that in the final choice of first homes by most Indian property buyers,comfort and natural ambience must invariably be sacrificed in favour of daily commuting distances that are,as far as possible,achievable. By the same coin,it is axiomatic that these limitations must be dispensed with when it comes to second home locations and configurations. Those who buy vacation homes tend to make their purchases in close-by hill stations or other accessible locations with convivial surroundings.

Indians who buy holiday homes tend to have higher disposable incomes and hail from the middle and top management segments. This buyer segment is usually in the age bracket of 35-45. These buyers purchase such homes either for investment purposes or as weekend getaways. One of the main criteria for second home locations in India is that they must be within a few hours’ of motorable distance from the parent cities.

Mumbai

For second home buyers in the financial capital,the most preferred locations are Lonavala,Alibaug,Karjat and Goa. Lonavala is by far the favourite with Mumbai residents,and there is a good supply pipeline of row-houses and bungalows by leading players such as Tata,Lodha,Piramal and Kalpataru. There is also a healthy demand for plots in Lonavala. The prices for row houses range from R 1 crore to R 2.5 crore,for bungalows from R 1.5 crore to R 4.5 crore and for plots from R 25 lakh to R 1 crore.

Alibaug is a preferred destination for residents of Mumbai who desire a waterfront home. There is greater appreciation potential for this area in the form of the proposed Nhava-Sheva link,which would vastly increase accessibility. Peninsula,Piramal and Samira Habitat are few of the prominent developers active in Alibaug. Row houses sell for between Rs 70 lakh to R 2 crore,bungalows from R1.25 crore to R 7 crore and plots from R 2 lakh to R 2 crore.

Karjat is a new fad among Mumbai’s holiday home buyers,offering affordability and serenity as its primary USP. Not too many reputed developers are active in Karjat at the moment. Row houses sell from R 30 lakh to R 1.5 crore,bungalows from R 65 lakh to R 1.8 crore and plots from R 10 lakh to R 50 lakh.

Goa

Goa is a perennial favourite and second home paradise for Mumbaikars. This rather unique market primarily offers villas for ready property buyers,these units being priced between R 65 lakh and R 5 crore,depending on how close they are to beaches and other preferred micro-locations within Goa. Plots are also available at prices between R 30 lakh to R 3 crore.

Chennai & environs

Chennai has its own second home hotspots in Pondicherry – a unique microcosm that was formerly a French colony and still has much of that era frozen in time – and Yercaud near Salem – the perfect hill station located in the Shevaroy hills and perched at an altitude of 1,515 metres above sea level.

Pondicherry is a highly preferred destination among Chennai residents,and it has many second home options available. Villas are the predominant second home format and the prices of these range from R 50 lakh to R 2.5 crore. Residential plots are also available in a price range of R30 lakh to R1.5 cr.

Yercaud’s peaceful,scenic splendour has of late emerged as a magnet for Chennai’s second home seekers looking for something different. Because of its relatively recent entry on this market,it still has no reputed developers active with projects; local players are catering to the demand,but it is only a matter of time before this changes. The Yercaud second homes market currently offers villas ranging in price from R 35 lakh to R 1 crore,and plots priced between R10 lakh to R 15 lakh.

Bangalore

Despite competition from many other hotpsots,Mysore has stood the test of time as one of Bangalore citizens’ favourite second home destinations. Famous for its overall cleanliness (it was rated the second cleanest city in India and the cleanest in Karnataka in 2010) and famous festival celebrations,Mysore is Karnataka’s second-largest city. Here agin,villas are the most popular second home configuration and are available in the range of R 60 lakh to R 3 crore. Land for personalised residential development is also in demand and plots range between R 25 lakh to R 1 crore. Ootacamund (or Ooty) is also a evergreen choice with second home buyers. Property rates in the Queen of Hill Stations range from R 60 lakh to R 3 crore for villas and bungalows,which have seen constant buyer interest.

Hyderabad

Vizag is the second home investment location of choice for Hyderabad dwellers. Its USPs include relatively affordable property rates,decent appreciation potential,pleasant weather and the fact that it is a coastal region with many sea-facing property options available. Despite these obvious draws,there are currently still very few reputed developers active in this market.

Bungalows are the preferred second home configuration in Vizag,and these can be picked up from anywhere between R 45 lakh to R 90 lakh. Plots for residential development are priced between R 5 lakh to R 1 crore.

Delhi

In Delhi NCR,the most favoured second home format is the farmhouse. Farmhouse developments are located in clusters around Mehrauli,Bijwasan,Rajokri and Chattarpur and come in various sizes and configurations. Delhi NCR is unique in the respect of offering a unique farm house culture and temperament,which has not found many parallels elsewhere in the country. These properties are available in the price range of R 2.5 crore to R 12 crore.

— The author is CEO,Residential Services,Jones Lang LaSalle India