The Rise in Investment of Second Homes Near Mumbai - Pushpam Sanskruti

 

Second-home – a concept that has emerged as the new hero in the real estate sector. While the concept of owning a second home in India has been around for quite a time now, it has seen a sudden surge, thanks to the pandemic. With the ongoing pandemic, most of the urban population of the country has been seen showing interest in purchasing bigger homes in a secluded place not very far away from their actual homes. These homes offer a retreat from the mundane city life and also act as a good source of returns. When observed, these homes are a choice for the people who have enough disposable income comprising mostly of the high income earning individuals or the upper class. Their choice usually depends on the luxury and amenities these second home near Mumbai have to offer and also the return on investment in the form of rent and overall capital gains. A concept that has evolved in recent times in the second home sector is resort home. Resort homes are villas or suites located in a resort away from the city with all amenities, owned by investors and managed by the resort authorities. These resort homes have undoubtedly become an active investment choice because of their picturesque location and all the amenities in hand.

1.       Increased Desire in a Safe House

The pandemic has certainly taken a toll on everyone and hence, people are mostly looking for second homes in areas that are secluded where they can live and work peacefully. An active choice for this has been locations that are surrounded by nature like Karjat, Alibaug, and the like. These homes provide a sense of security and better quality of life than the city, as they are usually located in areas that are not much crowded.

 Decreased Rate of Interest in Home Loans

At times like these when the real estate sector has taken a low dip, another contributing factor to the aggravated buying of second homes is the decrease rate of interest on home loans. Investors are seeing this as an incredible opportunity, as buying a property at lower rates will definitely be turning beneficial in the long run. Lending institutions are offering a historic low in the interest rate and this, in turn, has led to home affordability, combined with a decrease in stamp duty in Maharashtra and significant discounts from developers has made a person invest in something that becomes a source of savings and asset both.

 Piqued Interest  by HNIs and UHNIs

Resort homes are luxurious buys and hence its buying pattern is mostly observed among the urbanites that have disposable income to spend, covering majorly the high-income earning individuals and upper-middle class. This lot seems to be extremely interested in making an investment in houses that have open spaces, are located in a beautiful location, and have amenities at their disposal. They are basically looking for an abode away from their daily hectic life, and thus the rise in Second Home near Mumbai investment.

Amenities

As is observed, the potential group are looking for luxury particularly; resort homes offer a lot of amenities. The sudden rise in investment in resort homes in India is supported by the added amenities and experience that comes with the investment. This pattern has mostly been observed with people living in cities like Mumbai, Pune, Delhi, Bangalore, for whom amenities like gym, food, swimming pool, etc become a consideration while investing in a property.

 Maintenance and Security

Resort homes offer proper maintenance of the property and also a sense of security. With resort homes even when the owners are away, their homes are taken care of. A lot of second homes are located in an isolated area and thus maintenance and security can be a tedious task. When opting for a resort home near mumbai, these issues get fixed automatically as the management and security of the property becomes the responsibility of the resort owners.

It is seen that the surge for second homes is seen in those areas which are within 3-4 hours drive from the city and are located in a picturesque location. With the amenities and multiple benefits that these properties offer, resort homes are the new trending properties in the real estate sector.