This is a budding concept in India. Second home has been a long lived concept however strictly restricted to the top notch and millionaires. The second home is a home away from home majorly meant for relaxation and vacationing.
Lately, this concept is becoming more and more popular and a wide acceptance is being noted. Industry professionals, say that with the hustle bustle in the busy city lives, relaxation is restricted to watching a movie or having dinner. Unfortunately, due to lack of option, it has become monotonous. This could be regarded as a main reason for revival of a minimalist concept of second home. In the last decade, Indian economy has seen a lot of growth. The working professionals have higher income and spending power. This also has contributed towards the acceptance of the concept.
Something to be always kept in mind is that second home should not be a burden on the pocket. At the same time do realize a fact that in next five to ten years, this second home may become your first home. Based on this fact, you should choose the features and obviously the space.
The reason of purchase of such properties is generally related towards relaxation and should not be eyed as an investment. Most of the big players in the real estate market, such as Tata housing, etc. are into the second home segment. Usually, second homes would be built in areas of less population and having a leisure aspect. The leisure aspect could be a golf course, scenic beauty of the hills, proximity to the shrines, overviewing a sea beach, etc. It is imperative to match the aspect with your families and your personal interest.
Top three locations for second home:
- Uttarakhand: This location has vowed many. The hills have abundance of fresh air and greenery. This is the major reason of sale of second home. Something to be kept in mind is non-Uttarakhand residents can buy up to 250 sq. m. of land, though this restriction can be eased by forming a housing society or gated community with others, or by applying to the local authorities. You can also buy up to 12.5 acres of agricultural land as an individual, but you still need local permission to build on it.
- Coorg: Coorg has been called the Scotland of India, quite possibly because it’s also known for producing a coffee. If you’re going to plant your roots here, get familiar with the Kodava culture. Fiercely martial, fiercely loyal, you do not want to mess with a people who have a festival dedicated to weapons, and whose harvest festival, a tame affair anywhere else in the country, is kicked off with a gun volley.
- Himachal Pradesh: If this is going to be your summer getaway, great. You’re about a five-hour drive from Delhi, so loading up the SUV for an extended weekend should work. And as long as you’re the kind of person who likes, walks and views, there’s nothing to beat the mountains. But it’s the months you won’t live there that are going to be the problem. Freezing winters can be hell on your pipes, as can the snow on the roof, and it’ll usually take you a week to fix all the things that went wrong in your absence. If you’re attracted to the animated landscape you saw in Frozen and are going to spend winters in your home, accept that you may be snowed in with all basic utilities on the blink.
As mentioned earlier, majority of the demand for such homes would come from the cities where clusters of working professional live such as Delhi, Gurgaon, etc. Kolabro – Neighbourhood Experts is an app that would help you share deals with your clients even if you do not deal in that location. So download the app and stay ahead of the competition.