With the COVID-19 pandemic appearing to have created several resets in real estate and the wider acceptance of work from anywhere, the demand for second homes has gone up.As many as 70 percent respondents want to invest in a second home priced at Rs 2 crore or less within two years, a survey by Savills India, amongst prospective homebuyers, has said.
With the festive season ahead, banks across India have started giving offers and providing concessions. One such phenomenon that has been going around recently is interest rates of home loans that find themselves at an all-time low across the country. One such recent entrant into the list of financial entities to slash their rates was Kotak Mahindra Bank.
Buying a home in the favoured tourist destination Goa was once an aspiration for India’s elite. Since the onset of the pandemic, it is emerging as a need for a second home away from overcrowded cities. Remote workers who are able to log in from anywhere are increasingly snapping up homes in Goa, sending second home purchases skyrocketing since last year.
Goa, the holiday paradise on earth has lately emerged as a holiday home and realty investment destination of India. Goa has consistently been a favoured vacationer goal for both domestic just as foreign visitors. Because of the development in the travel industry, the city has likewise risen as an investment destination for individuals for second home.
After one of the most tumultuous years in modern history due to the COVID-19 pandemic, homebuyers are on the lookout for larger, greener properties. They are also moving towards suburbs, secondary cities and vacation destinations world over. Vaccines against the virus will bring urban centres back to life and high street life is slowly coming back.
It seems the demand for housing is back to pre-Covid levels. A number of government initiatives, including stamp duty cuts, seem to have helped. Do you think this demand can be sustained? It has been my view for a very long time that this is really one of the best times to buy a house for a variety of reasons.
Owning a luxury holiday home in places like Goa is an increasing trend for buyers who look at it as a luxury living and also as a good investment option with better rental yields. Effects of the COVID-19 pandemic are abundantly visible across the various sectors of the global economy. India too witnessed a subjugation of macro indicators, that were once believed to be the fastest, and no sector was spared from the deluge of pandemic aftermath.
Over the last few months, enquiries for larger homes have increased up to 40% with property seekers predominantly scouting for 3-bedroom apartments with average 1,800 sq ft built-up area as against the previously-preferred 2-bedroom units, showed data from ANAROCK Property Consultants. The emergence and acceptance of the Work from Home model in the backdrop of the ongoing Covid-19 pandemic has led to increased demand for relatively larger homes. The new demand pattern is driven by homebuyers’ need to accommodate space for remote working.
Goa’s serene location, quiet life and strong economic environment make it an attractive investment destination for many of the investors who are especially looking to buy a second home. Do you want to own a home which is away from the hustle and bustle of the city life and is close to nature? Then Goa is the place to be. Goa’s serene location, quiet life and strong economic environment make it an attractive investment destination for many of the investors who are especially looking to buy a second home.