‘Sec­ond homes gain­ing pop­u­lar­ity among Mum­bai­ites across classes’

Hindustan Times (Chandigarh) - Estates - - NEWS - The au­thor is as­so­ciate di­rec­tor - Val­u­a­tion & Ad­vi­sory at Col­liers In­ter­na­tional In­dia Divya Seth Maggu ht­spe­cial­pro­jects@htlive.com n

Buy­ing a house in the city for many Mum­bai it es is a dream and a chal­lenge. How­ever, growth in the In­dian econ­omy has brought about a sig­nif­i­cant pos­i­tive change in the life­style of peo­ple liv­ing in the met­ros. Peo­ple are earn­ing well and many more are fall­ing un­der the bracket of the mid­dle class and up­per mid­dle class. Pur­chas­ing power has in­creased, thus ac­cen­tu­at­ing peo­ple’ s in­vest­ment po­ten­tial. There was a time when sec­ond homes meant only vil­las and bun­ga­lows and came ex­pen­sive - within reach of pri­mar­ily the ul­tra- af­flu­ent. But to­day, the grow­ing pop­u­lace of the up­per mid­dle class and up­ward ly mo­bile is en­ticed by the tempt­ing op­tions of sec­ond homes on the plat­ter.

Be it as a mere real es­tate in­vest­ment or a rea­son to get away from the con­crete jungle of Mum­bai, choices are ga­lore to sat­isfy each in­vest­ment type. Along with the tra­di­tional week­end home des­ti­na­tions lo­cated within a three-hour drive from Mum­bai, Mum­baikars are also keenly eval­u­at­ing op­tions out­side the state and even abroad.

With de­vel­op­ers sens­ing the op­por­tu­nity in this seg­ment, a sub­stan­tial num­ber of projects have come up in the last few years. Re­puted builders have been able to at­tract more buy­ers com­pared to the smaller ones. In or­der to in­crease the buyer base de­vel­op­ers are now de­sign­ing pay­ment meth­ods that are able to ac­com­mo­date a larger seg­ment of buy­ers in­clud­ing the mid­dle class. Space op­tions on of­fer are be­ing in­creased to fit the bud­get of a larger con­sumer base. Given the sup­ply of houses, aided with easy fi­nanc­ing op­tions pro­vided by builders, Mu mb aika rs ow­ing to their over­whelm­ingly busy and hec­tic life­style, get temp ted to eval­u­ate these sec­ond home op­tions.

Some of these may just mean buy­ing a va­ca­tion home for spend­ing week­ends or hol­i­days right out­side Mum­bai in lo­ca­tions like Kar­jat, Lon­avala, Alibaug, Nashik and Igat­puri or tourist des­ti­na­tions like Goa, Shimla Kasauli Ooty and Coorg

A lot of fac­tors are con­sid­ered be­fore tak­ing a plunge into buy­ing a sec­ond home. The buyer to­day en­sures that ev­ery­thing in the in­vest­ment works in his favour.

Apart from the com­fort the prop­erty of­fers, it is im­por­tant to eval­u­ate the ap­pre­ci­a­tion or re­turns the prop­erty is ex­pected gen­er­ate. Ren­tal re­turns may not be com­pa­ra­ble to those achieved in the city, how­ever, the val­u­a­tions should be promis­ing. It is im­por­tant to en­sure that ba­sic in­fra­struc­ture fa­cil­i­ties like wa­ter, elec­tric­ity, sewage dis­posal are well taken care of.

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