All about week­end homes

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What are week­end homes? Week­end homes are called sec­ond homes or va­ca­tion homes. These prop­er­ties are gen­er­at­ing in­ter­est from the coun­try’s mid­dle class with le­gal source of in­come. Af­ter ba­sic needs of shel­ter are met, most peo­ple have a de­sire to own prop­er­ties to use purely for re­lax­ation. These prop­er­ties are in hol­i­day spots with hills or beaches, far away from pol­luted ci­ties Va­ca­tion homes vs ho­tels: Since qual­ity ho­tel rooms in most getaway ci­ties are limited and also ex­pen­sive, peo­ple like to in­vest in week­end homes for short, has­sle-free get­aways. These homes pro­vide own­ers with qual­ity fam­ily time away from their rou­tine city lives and of­ten serve the ex­tended pur­pose of pro­vid­ing a peace­ful post-re­tire­ment life Where are these lo­cated? The week­end homes seg­ment ex­ists in towns and ci­ties that lie within two to three hours of road, train or even plane travel. Well-known week­end home des­ti­na­tions are Shimla, Harid­war, Alibaug Im­pact of de­mon­eti­sa­tion: With curbs on cur­rency and ex­tra cash van­ish­ing from the mar­ket, the ap­petite for sec­ond homes has gone down af­ter the note ban. Also, only those with le­gal source of in­come and ready-to-in­vest through ad­e­quate le­gal chan­nels are in­ter­ested in buy­ing a sec­ond home, says Ash­winder Raj Singh of JLL In­dia, CEO – res­i­den­tial ser­vices, JLL In­dia . Bud­get 2017: Bud­get 2017 has also served a se­vere blow to those with sec­ond home as­pi­ra­tions. The gov­ern­ment has capped the tax ben­e­fits on the pur­chase of sec­ond home. The max­i­mum de­duc­tion on in­ter­est has been capped at ₹ 2 lakh against the en­tire in­ter­est that was tax-free ear­lier, even though there is a pro­vi­sion to carry for­ward the losses in the eight con­sec­u­tive fi­nan­cial years, says Singh

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