Major property developers are entering the holiday home market as the pandemic has prompted wealthy people to seek second homes in the hills or seaside destinations, property advisers say.

While

the country’s largest property developer, is planning residential developments in Goa and Kochi for 2022, several other developers are considering sites in Himachal Pradesh and Uttarakhand.

“Developers have capitalized on the demand for vacation homes in these cities by providing innovative offerings with world-class amenities. Organized players who have had an enviable track record have an edge over others due to their vast experience and their understanding of the laws that govern real estate in these markets,” said Aakash Ohri, Group Executive Director and Commercial Director of DLF Home Developers.

Homebuyers have been investing in high-value vacation homes set in nature for the past two years as they seek social distancing, safety and comfort in one space. Hill stations have always been favorite vacation destinations, especially for quick jaunts from the metros.

“While Dehradun, Kasauli and Shimla have always been popular for quick getaways from Delhi NCR, towns near these hills have also received a major boost, eg New Chandigarh, Panchkula. Strategic location within a few hours drive metropolitan cities, great views of the Shivaliks, pleasant climate and calm are the characteristics of these cities,” Ohri said.

Almost 70% of people who responded to a Savills survey said they want to buy a second home for less than ₹2 crore, and 57-70% want to buy a second home within the next two years.

“The second home market appears to be experiencing a gradual recovery. Unlike before, when capital appreciation and rental income were the guiding criteria, an added dimension of a safe home away from pandemic hotspots seems to have become a key consideration,” Shveta Jain said. , MD, Residential Services, Savills India. According to the survey, Goa leads in domestic demand for second homes, with a fifth of respondents interested in buying a second home in the popular beach destination. Property developer Tata also has a project in Kasauli, while another listed developer, Eldeco, plans to enter the vacation home segment soon.

“We will enter the segment with projects in Kasauli, Rishikesh and Goa. We will create a joint venture and develop high-end villas. With our presence in Tier 2 cities, we are receiving strong demand from our existing customer base,” Pankaj said. Bajaj, President and CEO, Eldeco Group.

Uttarakhand leads in 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 closures have made everyone aware of the importance of peaceful rejuvenation. People want a place to recharge on a regular basis in order to be ready for their hectic routines,” said Prateek Mittal, Managing Director of Chandigarh-based Sushma. Group.

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