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Demand for second homes on the rise
The residential real estate in India is growing. Rising incomes and attractive home loan options have fuelled the demand for second homes. Over the years, the variety of newly built second homes in India has increased quite substantially. Today, one can choose from a host of options, both in terms of geography as well as the format. Urban fringe homes or suburban homes present an option beyond the limited inner-city residence options. Suburbs across the country have emerged as a preferred location for homebuyers for premium residences, given the better land availability in these areas as compared to city centres. New residential projects and communities in tranquil suburban areas offering landscaped living, high-end specifications and top-of-the-line internal amenities provide an alternative way of living close to existing urban centres, yet away from its hustle and bustle.
The ever-growing size of homebuyers in the country is poised to drive the phenomenon well into the future. In fact, there is now an established trend of homebuyers looking at options beyond the ordinary for their second home purchases – both by geography as well as by residence formats. Looking ahead, it is anticipated that the depth and size of the second homes market would improve further owing to the sophistication of buyers as well as the pro-activeness of developers to meet the burgeoning demand for such products across the country.
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