Begin A Second Life In A Second Home

Indian real estate is a world of possibilities. The pace at which it has changed over the years is testimony to its unparalleled capacity to meet the demands of property investors. “Second homes” combine luxury, comfort and leisure. Purnesh Bhattacharya reports.

The roof is a blue sky; the neighborhood is a green forest, the garden is a mini world of flora and fauna, the music is chirping of birds, the calm is flowing rivers and the picturesque landscape are serene hilltops. If that rings a bell in your mind, it definitely presents a picture of how modern India is dreaming and imagining its dream home. These are no ordinary homes. They are simple but distinguished by luxury. They reflect individuality and connect with aspirations.
The concept of owning a second home is not very new to India. Earlier such homes were considered the prerogative of the rich and famous. Mostly they were farmhouses where only weekends were spent in company of family and friends. In recent years, the concept has gone through a transformation. Earlier considered a priced asset of a few is now accessible to the middle-class. Real estate marketing companies have played a major role in this transition. Combining the best of what was available in farmhouses, plots and bungalows, most marketing groups developed the idea of presenting a packaged deal to the home buyer.
The changing preferences of buyers provided a much needed impetus to this emerging wave of second homes. Today nearly 60% of India is experiencing immense growth in this segment. Some completely unexplored locations are being considered ideal second home destinations. This presents a unique possibility that if a home cannot be afforded within city limits, there is merit in investing in a second home away from the city. People who have already taken this decision are rejoicing.
The past seven years have been very dynamic for the second homes segment. Investors are believed to fall in the age group of 40-45 years. Second homes have also paved a new investment route that involves lower risks and higher returns. Research shows, the accelerating pace in development of second home projects have contributed towards appreciation of land value. The most startling example of this can be found in destinations closer to Mumbai. Wada was once considered a haven of industrial names but is now a sought-after destination to begin a new lifestyle. Murbad was completely unheard of till some developers acquired extensive acres of land to create homes with a feel of an urban lifestyle. Shahpur was only a technical halt for state-run buses plying between Mumbai and Nashik but now is the core of an emerging upper-class home segment. Kasara was known to be a customary halt taken by travellers driving to Nashik but is now an ideal location to live the life one always dreamt of.
Renowned developers share the common view that second homes are no more a cash-rich affair. The pricing of some projects have been kept realistic so that the middle-income group too looks forward to owning a second home. This certainly is happening. People who have lived their entire life in city limits have shed their apprehensions of settling down in a new destination.
Prices of second homes usually range from a minimum of Rs. 10 lakh to a maximum of Rs. 2 crore. But that hasn’t affected the rising demands. Developers are striving to cater to this rising demand by imaginatively designed projects of second homes.

Premium Homes
Property experts say that the perception of second homes changes from person to person. In terms of a physical product, it can mean a premium bungalow with a large open plot in an exclusive location for those who cherish the best that life can offer. It can also be an apartment in a holiday destination, a simple home for those who do not have a very lavish budget. And then it might also be something that merges the two.
The liberalization of the Indian economy in the 1990s brought in a new phase of growth in the real estate industry. Economic growth contributed towards an increase in the standard of living. Consequently banks also started providing home loan solutions.
The recent upsurge in the second homes segment cannot be attributed to just one factor. There are various reasons associated with it. Second homes are usually in locations with picturesque topography and serenity. Another interesting aspect about second homes is the levels of maintenance. Housekeeping personnel are assigned the task of maintaining complete hygiene throughout the project. The architecture of second homes is also given keen attention. They are designed exclusively to make dwellers feel special and are laid out imaginatively to ensure optimum utilization of space.
Apart from every other factor, what second homes really encapsulate are the prospects available of earning returns. The owner’s capital value keeps growing. If an investor plans to rent out the property, it serves the dual purpose of earning income and growth in capital value.
The uniqueness of second homes also revolves around the unusual themes developers adapt to develop a project. From international themes to very Indian themes with rural backgrounds, the basic element is that of comfort. Developers understand that second homes being away from city limits, infrastructure has to be excellent.

Marketing Transparency
Second homes also enjoy the maximum advantage of reliability. Real estate marketing organizations ensure that higher levels of transparency are maintained in property deals. The documentation process too has been simplified and a clear picture of all transactions are made available to consumers in a printed format. Investors are presented with a wide range of property options to choose from.
Developers too are not confining themselves to certain boundaries. If western India-based developers are penetrating the north Indian real estate segment, the eastern groups are stepping into southern terrains. Encouraging healthy competition, every developer has developed remarkable USPs for the projects they build. Some have emerged pioneers. Similarly, others are enjoying maximum attention for being well organized.
The emerging status of second homes has also registered maximum interest from NRI buyers. After having stayed away from their motherland for a long time, the eagerness to return home is intense. Accustomed to a very organized pattern of lifestyle, they expect similar services to be extended to them in India by realty developers.
Decisions of investing in second homes are driven by destinations too. In the past few years, it has been noticed that Shimla occupies the top spot in an investor’s mind. Apart from being a four seasons spot, it offers endless avenues of holidaying. Dotted with traditional Buddhist monasteries and with picturesque beauty, Shimla is a coveted destination. Second on the list is Kerala. God’s own country boasts a tropical climate and stretches of land are lined with coconut palms. In the neighborhood are renowned wildlife sanctuaries and tea plantations that date back to the colonial era. Complementing the nature-rich ambience of Kerala are the world-famous backwaters. Some might consider these two destinations as two extremes. But at the end of a decision-making process, it is the investor or the home buyer who takes a call.
Alibaug is the next best holidaying destination that is enjoying great demand from investors of second home. Deemed a globally emerging holiday destination, Alibaug has beaches, forts, temples, coconut trees, beautiful nature and more. Second home projects are being developed by the coastline. The proximity of projects to some of the finest beaches in Alibaug draws home buyers to a new lifestyle. Leading industrialists are foraying into this coastal town with a wide range of residential options. Alibaug’s connectivity to Mumbai by road, rail and waterways contributes towards the decision-making process.
The main aim of owning a second home is to spend time with family and friends. Second homes are also looked upon as an ideal option for spending a retired life away from the busy city. And capital appreciation is always an added bonus.                        q