A wisely chosen second home has great investment value

By Joy Kapoor:The trend is catching on, but buyers must keep in mind accessibility and quality of luxury amenities before taking the plunge A second home, which was confined to the bucket list for a post retirement life, has emerged as a trend in the Indian real estate market with more affluent young people with high disposable income and high propensity to consume aspiring to add more value to their financial status by owning a second home that serves as a more precise lifestyle statement for them. Young professionals or the corporate elite have an exceedingly tight work schedule but crave for a healthy and relaxed personal life. These are the people who are increasingly planning to buy a second home. A second home for them is a personal retreat from their bustling city life, where they seek to spend some quality time with their family. The second home should satisfy their hunger for more comfort and luxury, which their life in the city fails to do. Focus on exclusivity is the current and most prominent trend. The independent villa gave way to the enclave format that takes the exclusivity quotient to a higher plane. Here the residents are not only equipped with all the global amenities but are also gifted with the kind of privacy they desire. Either a waterfront villa or hill-based location away from the city would be an ideal second home location for the potential buyers. Ultra luxury is best defined by the quality and range of exclusive facilities and amenities that the developer provides. A second Home actualises the concept of super luxury home experience, which could boast of ultra lavishness, including open spaces, landscaped green zones, freshness, and exclusivity, which are beyond the realm of reality in the hyper extensive properties in a luxury location. Second homes experiment with a whole lot of Innovative concepts integrated in the luxury segment. A second home is much more than golf-based or destination-based, wellness-based or spa-based property and other for residents who aspire to experience endless amenities in the vicinity of a home. The concept of branded residences, which offer the best services of both a five-star hotel chain and a luxury apartment blended in a second home, is an emerging trend in India where developers collaborate with international luxury hospitality or lifestyle brands in building their property. The concept is slowly gaining ground in India, with projects coming up across the country. Theme homes and designer homes are much preferred by affluent buyers who do not go in ready homes but want a personalised touch when they buy a second home. Highend townships offer the highest level of convenience within their own perimeters, negating the need to travel to other areas for shopping, healthcare and entertainment. All modern infrastructural facilties are guaranteed in such projects. Most of the prospective second home buyers who have a higher budget look for ready-to-occupy premium villas. Connectivity is a major factor that has made investments in second homes a possibility. A property close to an ambitious infrastructure project like an expressway helps in the appreciation of property rates. It also reduces the travel time from the city, giving the home owner easy access to his second home without feeling the need to be bogged down by irritants such as distance, bad roads and traffic congestion. A second home boasts of splash pools, jacuzzis, resort-like salons and spas, luxury flooring, and private gardens complemented by steam/hydro therapy areas keeping exclusivity and quality in high regard. An independent villa with larger plot sizes, giving privileged residents much sought-after privacy and physical and visual space along with a whole gamut of five-star lifestyle amenities and services is true luxury for Indians. Big infrastructure development such as the launch of new commercial spaces, airport, IT parks, etc add great value to the property if the second home is seen from an investment perspective. Popular second home destinations near Mumbai include Mulshi, Khalapur, Alibaugh, Lonavala, Tamhini Ghat, Matheran, Talegaon, Karjat and locations near Sinhgadh fort such as Khanapur, etc. Buying or investing in a second home is a great way to expand your real estate portfolio. However, the quality and exclusivity of the project, along with the location and access to good infrastructure will determine the investment value.. (The author is MD of Woodlands Housing) Source: mydigitalfc.com