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India's secondary home market is heating up, with many people opting for a second home away from the hustle and bustle of city lives. For home buyers, a second home provides a respite from the crowded pollution filed cities and the stress of work. Till now buying a second home was a lifestyle choice with more buyers looking to improve their health and well being with the property. However people have now realized the investment potential of owing a secondary home for retirement or even to generate secondary rental income.
The second home market in India is estimated to be growing at 10-12% every year and is driven by the increasing disposable income of the middle class as well as the rising number of high net income individuals in the country. Analysts claim that even though the Indian real estate segment has seen a downtrend in the last couple of years, the holiday home segment has remained somewhat immune as the demand for second homes is driven by surplus income and is generally recession proof.
It's not only Indians; NRI's are also investing in a second home in India. The rising property prices in India and the chance of earning a high rate of return is making investments in a second home attractive for buyers. For NRI's a second home in India provides an ideal vacation spot where they can visit and live for a few days or weeks in a year and meet with their family and friends. For NRI's hailing from Delhi or surrounding areas among the top second home destinations is Gurgaon or Noida due to the proximity to the Indira Gandhi International Airport.
Among the Top second home destinations for NRI's looking for a relaxing vacation is usually at a hill station or a beach which offers an ideal place to relax and live in comfort. Goa, Himachal Pradesh and Kerala are some of the most preferred holiday home destinations in India. Also the segment offers a huge choice for each pocket; a second home could be a small apartment, large villa or even a farmhouse.
Himachal Pradesh is one of the best second home destinations as it offers vacationers a relaxing environment with cool weather, adventure sports, trekking, etc. during the hot summer months, and during the winter month a cool snow covered haven where you can enjoy skiing, etc. Famous tourist destinations like Shimla, Solan and Kasauli are ideal Second Home destinations and offer a variety of properties for investment by leading developers.
Shimla, the Queen of hills has witnessed a huge development in real estate projects, however the city has become very crowded and now people are turning to Solan for their second homes. Solan is strategically located on the Kalka Shimla Highway 22 and is just an hour's drive from Shimla. It's also near other scenic destinations in Himachal Pradesh like Kasauli, Manali and Chail. TATA Housing has launched an ultra luxurious residential project called TATA Housing Myst in Solan, Himachal Pradesh. The project offers 2BHK, 3BHK, 4BHK and 5BHK residential villas filled with all amenities you can think of. The villas are made in lush green surroundings where you can enjoy the beautiful fresh air of the Shivalik ranges. Each villa is surrounded by a garden where you can go for a walk, jog or do mediation. There is a children's play area as well where your little one can enjoy.
Another excellent holiday home destination is Goa with its tropical climate and laid back lifestyle. Goa offers pristine beaches, colorful markets, and an amazing night life. People looking to invest in Goa, can opt for excellent options available from renowned developer TATA Housing. The developer has launched Goa Paradise in Murmagao, Goa which offers 2BHK and 3BHK residential apartments ranging from 985 - 2125 SQ FT. The apartments are strategically located near the Goa International Airport and the Zuari River. The project is spread over 4.82 acres and offers a peaceful haven in Goa. The luxurious apartments include a state of the art club house, sauna, gym, swimming pool and a meditation garden where you can relax.
Investing in a holiday home destinations in India provides you with a space where you can indulge yourself in activities you love, whether you are looking to connect with nature, or just want to enjoy the sheer opulence of lifestyle amenities, it offers a refuge that gives you break from the fast-paced urban environment!
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