Why urban Indians are heading to buy weekend homes?

Imagine something like this- soothing green pastures, white waterfalls from the valleys, eye-soothing scenery and the calm of nature.

Now, such a picture is certainly not possible in an urban metro city, where parking spaces are major issues and one cannot even breathe fresh air properly. From an extremely hectic lifestyle to long working hours, urban Indians are finding a way out and buying second homes to head out of the cramped spaces in the cities.

The biggest advantage working for long hours is the fat pay packages and the disposable incomes generated from them.

Urban India’s search for peace is prompting them to invest in second homes preferably on the outskirts of the city. With a sufficient amount of disposable incomes in hand, investing in land is the go-too option for the Urban Indians especially in top metro cities such as Pune and Mumbai.

What is the main reason for this?

• To break away from the monotony of city life.
• Investing in a second weekend home is a long term investment option.
• Affordable real estate deals along with loan facilities.
• The need for a short holiday or relaxation within reachable distance.
• The need for an investment option for rich future returns and to have a unique work-life balance.
• Spending quality time with the family without any outside disturbances.

Which are the top hotspots for investment near Pune and Mumbai?

Urban Indians, especially from Maharashtra, are looking at the Konkan coastal belt. The region which has gained the maximum in terms of real estate is Dapoli, a fast developing town near Ratnagiri. 

The reasons mainly are-

• Top road, rail connectivity.
• Various Government infrastructure projects.
• A pleasant and cool climate all the year-round.
• Most favored tourism destination.

Which segment of Urban Indians are opting for second homes?

Earlier the graph was such that post retirement, people opted for second homes. But with the changing market dynamics and economic growth, Urban Indians mostly in their late 20’s or also early 20’s are fast catching up with the concept of investing in land.

The profile is drastically changing for the weekend or the second home buyers. Most of them are salaried and the other part comes from the business class of buyers.

A sound knowledge of various real estate deals, upcoming Government infrastructure projects are pushing the new salaried class to invest in real estate.

On a concluding note-

Even though the concept of a second home is fast catching up among the millennials, it is important to note that everyone’s needs are different and so are the requirements. What works for one person, may not really work for another. So, thorough research is extremely important before opting for investment in real estate.

Take note of the disposable funds you are having and make sure you have an emergency corpus fund. Since the investment is a lifelong one, be sure so that you gain the maximum returns in the long run.