‘Second homes gaining popularity among Mumbaiites across classes’
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.