Why to buy home this festival reason?

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From Alibaug to Murbad and Vikramgad to Wada, second or weekend homes are awaiting buyers this festive season. "If one looks at the market dynamics, it makes sense to buy a second/weekend home this Dassera," says Pagur Desai, MD, Kshitij Builders and Developers.

"There's nothing better than owning your own piece of land amidst nature, where dew-drenched green grass under your feet in the morning gives your festive season a rocking start," he endorses.

For many a Mumbaikar, life in a concrete jungle demands rejuvenation and a weekend/ second home provides just that. "What better time to own one than the festive season that starts from Dassera" he suggests.

Sense of achievement

Buying real estate on the auspicious day of Dassera is not just about 'first homes'; from open plots of land to bungalows, this Dassera, we expect the bulk of real estate transactions to be in the domain of a 'second or weekend home', says Santosh Naik, CMD, Disha Direct.

"There is a sense of achievement that one gets when one purchases real estate on auspicious days like Dassera. Any property bought on this day, signifies a sense of achievement, of 'having arrived' at a particular stage in one's life. This segment can help one experience the heady feeling of success when one picks up a 'second or weekend home' on this auspicious day," he believes.

The price factor

"It is also all about entry price levels," Naik points out. "If you want to buy a first home within urban limits, the price factor can be a problem. Also, like in most cases, possession is expected after two and a half years. This is where a 'second home or a weekend home' wins – ready possession options, at prices that are easier on the wallet," he explains.

The second home destinations in greatest demand are within drivable distance from larger cities. The popularity of a second home destination is often driven by how close it is to large cities.

Projects available from Murbad, Neral, Khapoli, Karjat and other peripheral areas, have offerings across the price spectrum which should offer something that would fit every budget. For people looking out for themed bungalows and signature villas around a resort, to a one-BHK in a building, there's one such home for everyone.

Opportunities in periphery of cities

A study by the Mumbai-based real estate research agency Liases Foras supports this theory. It says that the entry level prices of apartments and flats in Indian metro cities have logged high growth rates.

"For anyone looking at investments in real estate, the 'entry level' pricing for a new project has steadily moved upwards across the past couple of years," says Pankaj Kapoor, CMD, Liases Foras.

"For many such buyers or investors, opportunities are now in locations at the periphery of cities and the 'latest' segment of interest is the 'second or weekend' home," he adds. The pricing level at the initial stage in such projects is lower as compared to the entry level pricing for 'metro city location' residential realty. "This creates a perception that these will give better returns on investments," he specifies.

Better growth rates

Mihir Dhruva, CEO, Habitat Group says there is a definite trend of 'second or weekend home' projects attracting buyers this festive season.

"For those who find the price levels of apartments in metro cities a dampener, the new option is to buy a second home or a weekend home located in the periphery of metro cities. These have a lower price at the entry stage and provide better growth rates as compared to prime properties within the metro cities," he agrees with Kapoor.

The second home segment has evolved from plain real estate to lifestyle oriented.

Lucrative investment

"Everyone has a dream to own a piece of real estate, away from the bustle of the city, where one can indulge. It may be something as simple as the family coming together or someone indulging in painting or writing. At times, it is planning for retirement or even appreciation of an investment. A second home fulfills all these and there's no better time than this festive season to fulfill these wishes," promotes Dhruva.

Why would people buy a second home? "From an economic standpoint,"Many buyers purchase the 'second home' as a lower priced investment, as compared to a 'first home', which can be an apartment or flat in a metro city. Homes bought in popular tourist regions are a lucrative investment because of the options of renting it out to tourists, who pay high rent," explains DS Kulkarni of Soft Corner.

Win-win scenario

Most second homes, however, are purchased for personal reasons, he adds. In some cases owners use their second home as a sort of refuge to temporarily escape their urban environment.

Advancements in communication technology in India is a major reason why such 'second homes' in India make a good option, says Desai. "Electronic mail, global cellular phone connections and improved telecommunication ensure connectivity with business associates or fellow employees just about anywhere in India or even the world. You can be in constant touch, all the time," he reasons.

"This is another reason why an investment in this segment, during Dussera would be a win-win scenario," he sums up.

Source: Economic Times

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