SECOND HOMES – Corona Pandemic’s Blessing In Disguise
--By Abeer Auradkar- Head of Sales, Plotalong by Prop.vu
Along came a virus, which restricted us to our homes, cramped in BHKs, life became miserable, living and breathing within concrete walls. Who would have imagined living this lifestyle in 2020 after all those technological innovations and personal strugglesto own a home in big cities at the cost of freedom of life itself?
This pandemic has evolved humans to understand priorities that really matter in life --- open air, healthy living, freedom to move etc. Shelter has always been one of the three basic necessities (Roti, KapdaaurMakaan)for humanbeings to survive. It provides a haven where one can relax and feel protected with his/her loved ones. The attraction of big cities, infrastructure, and lifestyle attracted talent from the length and breadth of India. Talent worked and earned their living in these big cities and the city expanded vertically and horizontally to absorb them. Over a period of time, Real Estate evolved from being end customer housing sector to wealth creator. Earlier, owning more than one home was considered to be a privilege, which only the rich and the super-rich could afford. It was a luxury, and the right to brag about ‘spending the weekend at our weekend home’ belonged to the upper class. However, as India’s economy began to grow, the working middle class began to grow exponentially. Owning a second home became a dream, which everyone could dream of.
Why Second Homes?
1 Freedom to Breathe & Live: The psychological bent of the buyer/investor in the second home space changed from just being a weekend or retirement option to being a place where the whole family could spend more time amidst nature, with best-of-class infrastructure readily available. With work-from-home (WFH) being the future, living safely in the second home is a trend that has caught on and will go on in the future too. Serene locales, villas, and bungalows nestled in nature with all the amenities that one needs, easy access and the greatest benefit of maintaining social distance, has bolstered the second home market, strengthening its hold in the real estate sector.
2 Investment: Investment was the leading reason for buying a second home;the most common way the rich became super rich was through methodical investment in real estate. While the traditional thinking of a working family was to invest in gold first, the lucrative real estate investment was never far behind. Investing in multiple properties ensured returns through rent and even assured good returns as the real estate prices have been steadily climbing up. However, in the last few years, the investment in second homes has seen a surge among millennials. Technology and good pay packages have made the young investor ready toinvest prudently in the second home sector.
3 Affordability: For first-time home buyers, affordability of these homes plays a significant role vis-à-vis projects in city, which help buyers save huge costs and have stability in these dynamic times.With WFH with best infrastructure and digitally ready homes, first-time home buyers can utilize the opportunity to buy affordable home and health lifestyle.
4 Retirement benefits: Most of us remember going to our native places during the school summer holidays. Most Indian families have a native place and build proper houses there for retirement purposes. However, mostly working in the metro cities means that our native place could be in any corner of India,thus, easily accessible locations of second homes close to big cities are viable retirement options.
4 Weekend getaways: While investment and profitable returns are considered to be important factors in buying a second home, the main reason has shifted to properties being easy weekend getaways for the working class and business class alike. Having a place to go where one can relax and unwind without being in strange surroundings or spending too much, is the reason most people are investing in properties around the main metro cities and nearby tourist places. For examples, places like Igatpuri, Lonavala, Khandala and even Karjat, which are accessible easily by the city dwellers of Mumbai, have become hotspots with numerous lucrative second home projects offering good facilities and relaxing environments.
As second home projects are mostly designed as a relaxing and rejuvenating escape from the congested residential complexes of the city, they are more appealing, With the pandemic changing our priorities, latest trends indicate that property buyers have definitely turned their attention to these second home projects.
(Prop.vu – a complete online customer engagement and sales platform for second homes. Helping developers and customers engage online, allowing customers to have an in-depth understanding of developer projects through virtual site visits and book inventory online througha secured ecosystem).