Real Estate Developers Enter Holiday Home Development Mode
According to property consultants, big real estate developers are entering the holiday home development market as the pandemic has prompted well-to-do people to look for second homes in hills or beach destinations.
While the country’s largest real estate developer DLF is planning residential development in Goa and Kochi for 2022, several other developers are eyeing sites in Himachal Pradesh and Uttarakhand. One of the growing real estate developers The Luxury Kapoor Hills is also ready to launch a gated society at Rishikesh Uttarakhand with the name of Amrita Hills, Rishikesh’s first gated society.
Developers have tapped into the demand for holiday homes development in such cities with innovative offerings with world-class amenities. Organized players who have a remarkable track record, have an advantage over others due to their vast experience and understanding of laws that govern real estate in such markets.
Homebuyers have been investing in high value holiday homes development set in the lap of nature for the past two years, as they seek social distancing, safety, and comfort all in one place. Hill stations have always been considered the preferred destination, especially for quick travel by road, or train.
“While Dehradun, Kasauli, and Shimla have always been popular for quick access from Delhi NCR, cities close to these hills have also received a big boost, for example, New Chandigarh, Panchkula. Within a few hours’ drive from metro cities. Strategic location within. Spectacular views of Shivaliks, pleasant climate, and tranquility are the hallmarks of these cities.”
Nearly 70% of the people who took the Seville poll said they want to buy a second home for less than ₹2 crores, and 57-70% want to buy a second home in the next two years.
The second-home market is slowly growing. Unlike earlier, when capital appreciation and rental income were the governing norms, an added dimension of a safe home away from pandemic hotspots has become an important consideration. According to the survey, Goa is at the forefront of home demand for second homes, with one-fifth of the respondents interested in buying a second home in the popular beach destination.
Realty developer Tata also has a project in Kasauli, while Eldeco, another listed developer, plans to enter the holiday home development segment soon.
Uttarakhand leads the domestic demand for second homes in the northern part of the country, while Himachal Pradesh has seen limited demand for second homes.
Holiday homes are the talk of the town today. The lockdown has made everyone realize the importance of a peaceful environment life. People self-medicate themselves regularly to be ready for their hectic routine.