Increasing demands of holiday homes in India

A house is not a home unless it contains food and fire for the mind as well as the body, it is the place where the heart is, it is the place where, when you have to go there, they have to take you in, unless you have had a fight with your wife.

The justified Indian belief states that two homes are always better than one, and the second one should provide the comforts and luxuries what the first one cannot. In most of the metropolitan cities, the price tags on residential properties are extremely steep and the lifestyle quotient is low. This means that 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.

The demand of holiday homes in India is as wired into the country’s economic performance as every other segment of residential real estate. That said, it is also remarkably enduring. Call it a vacation home, personal retreat, or a home away from home – the second home market is becoming a rallying point for developers and investors. The second home market is, to a great extent, immune from recession, and operates on slightly different considerations and dynamics. The reasons for buying a second home are mostly for investment purposes or for polishing up one’s status. Holiday homes are becoming a slow but sure rage, with people increasingly buying homes that double up as a great place to holiday. The market for such properties is still emerging in India. It will pick up, but not on the scale seen in the West. Buyers of holiday homes in the West tend to spend their entire summer or winter at their vacation home and buy them accordingly, in terms of scale and numbers. The concept is an emerging one, but the motives and scales are very different.

The foremost dream of all Indians for ages has been to own their own home. But, the past few years has seen an extension to that dream – an aspiration to own a second home or a holiday home. The progress witnessed by the country in large employment opportunities brought in by the economic reforms leading to ever increasing double income of various families has all played a part in enlarging the average Indian’s aspirations. The concept of holiday homes and second homes has become quite popular with the well – heeled community. While majority of the buyers look at a second home to be used as a holiday home, several buyers also look at it for investment or additional income purposes.

Indians who buy second homes or holiday homes tend to have higher disposable incomes and hail from the middle and top level management segments. This buyer segment is usually in the age bracket of 35 years and above. These buyers purchase such homes for weekend getaways. Among the people of India, the main demand criteria for second home locations is that they must be within a few hours of motorable distance from parent cites.

A new breed of developers have sprung up to construct bungalows, villas, cottages and independent apartments in scenic locations and rural areas. Mostly, such development is in the radius of up to 200 – 300 kms of the city, where people can go for their much needed holidays with their family. These places could be Nainital, Ranikhet, Manali, Ramgarh or Mukteshwar. Besides a lucrative return on investment, a holiday home is largely seen as an escape from one’s stressful lifestyle. Investing in propertiesin these areas makes a lot of sense these days.

There are certain things that one needs to keep in mind, if you are considering a retreat property. Apart from the clear title of land there should be accessibility which includes infrastructure and transport, water and foremost the panoramic view. If these are in place, your dream home will be worth every paise in gold.

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