Second Homes Turning First Choice for Many

By Ankit Kansal, Managing Director, Axon Developers Noida, December 10, 2024:
With alarming air pollution and endless cacophony, Indian urban dwellers are feeling the pinch. While the world is full of clarions like “work-life balance”, “sustainable living, and “go natural”, the cumbersome state of modern Indian cities is far away from reality. Ultra-busy lifestyles, congested roads, over crowded marketplaces have deprived modern Indian residents from the foundational element(s) of leading a joyous life: peace & tranquillity.

Modern urban dwellers now genuinely aspire to a lifestyle that is more sustainable in the longer run, is closer to nature, and based on nurturing rich experiences. Besides lifestyle changes, this has also led to increased demand for second home properties to periodically escape in peaceful & idyllic environs away from the hustle bustle of cities. Second home projects comprising of gated villas, plotted lands, serviced apartments, cottages, and farm stays, etc. are growing at a vigorous pace.

Cohorts of buyers comprising corporate, professional advisors, doctors, business men, start-ups mavens, bankers etc. will continue to readily invest in holiday homes & second home projects. While personal use will be an objective, the prospect of leveraging the long rental market and higher appreciation will be equally compelling.

Few years back, second homes would have sounded delusional, especially for the vast middle-income households in India. Many would have dismissed it as an elitist fad to own a house somewhere in a hill station or a sea shore. However, now this is no more the case, as the niche segment is going mainstream. For many new age Indians, second homes will be their first choice.

India’s rich & diversified landscapes: A Natural Impetus to Second Homes

In the scenic Himalayas, both across the peaks as well as the foothills, there is gold rush to own properties. Property markets are bullish across popular tourist spots such as Mussoorie, Shimla, Solan, Kasauli, Rishikesh, Haridwar, etc. Meanwhile, search for aspirational living close to nature, are seeing vigorous interest in upcoming markets as well such as Chamba, Narendra Nagar, Tehri, Rudraprayag, etc.

In the west, Goa continues to be the most premium second home destination with its luxury property market jumping in places such as Mandrem, Morjim, and Vagator. However, Goa is also expensive with property option(s) in the range of ₹7-35 crores. Precisely not for everyone to indulge.

This is diverting attention towards neighbouring Konkan region of Maharashtra comprising Bhogwe, Vengurla, Kudal, Tarkali, Shimoga, Amboli, etc. Crystal clear sea water, white sand beaches, thick Eco reserves, and verdant hillocks nearby makes these places a perfect destination to relax and rejuvenate. There are two airports within 70 kms (Chipi and MOPA) that has further emancipated the overall connectivity to the next levels. Property prices are yet very reasonable compared to Goa, as luxury options are available in the sweet spot of ₹7,000 per sq. ft.

In the east Siliguri and its adjacent regions is the favourite and continue in the times to come. The scenic Himalayan region is full of spellbinding valleys, ornate tea gardens, old-styled cafes, quant styled surroundings and much more. Within a radius of 60-70 km of Siliguri, there is a host of other second home hubs such as Darjeeling, Kalimpong, Gangtok, etc. Owning a villa or a cottage perched on the panoramic mountains, take casual strolls and enjoy the hues of vibrant local culture will simply be irresistible.

Improved Logistics and Infra will further foster growth in Second Home Market

Many scenic places in India were vastly unapproachable and inaccessible in the past due to limited infrastructure facilities. However, with fast pace of infra push the gaps are bridged and overall connectivity is improving. In the last few years, work has been done in full speed on multiple new highways, transport corridors, greenfield airports, railway networks, regional roadways, riverways, underground tunnel projects, and much more. This has brought India closer. From remote hamlets tucked in the Himalayan peaks to far flung valleys in the North-East to tranquil backyards of mesmerizing Konkan, it is easy to reach new destinations.

This will also help the second home markets in the coming year. Increased connectivity on new destinations are no more just boosting tourism & hospitality, but also intriguing property developers, F&B business owners, retailers, etc. thereby unlocking new streams of business opportunities. Many buyers are also willing to bet more on unexplored destinations rather than more popular ones.

Meanwhile democratized digital space marked by proliferating volumes of vloggers, youtubers, influencers will also play a pivotal role. They will bring spotlight on hidden natural treasures of the country, with positive impact cascading to other areas as well.