Track2Realty Survey: Call it more stressful life in fast paced cities like Mumbai and Pune, or the competitive edge among the professionals, but the fact of the matter is that the cities of Mumbai and Pune are far ahead of any other Indian city in terms of penchant for having a holiday homes.
A Track2Realty pan-India survey finds that despite of high spending pattern of North Indians in general and Delhi-NCR in particular their investment and aspiration for a second home is far less than the citizens of Mumbai & Pune.
More than two third of Mumbaikars, as many as 66% would like to have a holiday home; followed by 58% in Pune; 52% in Chandigarh and 48% in Delhi-NCR.
The top 10 cities where people have a penchant for holiday homes are:
These are the findings of a pan-India survey by Track2Realty, the real estate think-tank group. The survey was aimed at finding the investment pattern of the Indians into the property market once they have reached the goal of having a house for self-use. The survey tried to find out whether the Indians would like to invest in a lifestyle driven property segment like the holiday home.
The results indicate that though the Indians are more and more investing into the holiday homes, their understanding about the holiday homes is still tilted towards investment into the second homes.
Close to three out of the four, as many as 72% have appreciation potential and investment ROI when looking for a holiday home. Only 28% have “real holiday” in mind when going for a holiday home.
Traditional destinations are more in demand as the Indians are still not ready to experiment with upcoming or lesser-known holiday destinations. 78% wish to have secured investment and hence in Mumbai and Pune places like Lonavala, Khandala, Baneshwar and Alibagh are preferred destinations.
In the northern India the choice is by and large tilted towards places like Musso0rie, Shimla, Nainital and Dehradun.
Key survey highlights
66% in Mumbai would like to have a holiday home; followed by 58% in Pune; 52% in Chandigarh and 48% in Delhi-NCR.
72% have appreciation potential and investment ROI when looking for a holiday home
Only 28% have “real holiday” in mind when going for a holiday home
78% wish to have secured investment in established locations
62% would love to invest in picturesque view of snow-capped mountains or lush green hillocks
34% of the second homebuyers are inclined towards beaches
Among the beach lovers, 74% prefer to invest in Goa
60% of the second home buyers are salaried class and only 40% are either business class or self employed professionals
78% won’t mind paying a bit more to get a leisure living villa uninterrupted by strangers on the same floor
In the eastern parts of the county, the place of choice is mostly veered towards Darjeeling.
In south India the choice of a holiday home is mostly towards Ooty, Coorg, Kochi, Alappuzha, Yelahanka, Kodaikanal and Kannur.
In terms of the USP of the location, destinations with hills outnumber any other location with as many as 62% would love to invest in picturesque view of snow-capped mountains or lush green hillocks. 34% of the second homebuyers are inclined towards beaches, and the rest 4% have other multiple of choices, including historical places.
Take, for instance, Maria Fernandes, a 38-year-old IT professional in Mumbai. It was far more convenient for her to invest in Goa and slip away every now and then. But she rather preferred a hill station like Lonavala.
“We have sea beaches in Mumbai as well, even though not as good a tropical paradise as Goa. I really wanted to have a holiday home in a hill station. Had the distance not been a factor, I would have preferred Shimla or Nainital instead to get away from the hustle and bustle of city life. The best part is that these places are really economical when I compare it with the cost of property in Mumbai,” says Fernandes.
Among the beach lovers Goa nevertheless scores cut above any other location with as many as 74% second home lovers prefer to invest in Goa. And it is not just from the western part of the country, but even the north Indians have a special affinity to carefree Goan living.
Vivek Sharma, a self employed CA from Gurgaon has bought a villa in Goa. He feels this is a true paradise location and worth taking a flight every now and then, instead of going to any other location with lesser travel.
“One week in Goa is more relaxing than a month in the locations having four to five hours of short drive. So I took a conscious decision to have a second home as real peace of mind and best place of my choice. Failing this, the very idea of holiday home would not have any meaning,” says Sharma.
In terms of the second home buyers the survey puts an end to the perception in the collective consciousness that it is a game of wealthy Indians. The survey finds that 60% of the second home buyers are salaried class and only 40% are either business class or self employed professionals.
The statistics and the psyche of the Indians investing into the second homes might give the impression that the budget buyers would prefer to have apartments in these picturesque locations. Contrary to that, the survey finds that the demand and the quest is more for a villa living in these distance locations. No less than 78% say they won’t mind paying a bit more to get a leisure living uninterrupted by strangers on the same floor.