According to a recent JLL report, the weekend home market in India is expected to grow at 10-12 per cent per annum. Due to the upsurge in number of HNIs and NRIs, a desire to have a second home for leisure and relaxation has increased.
What better New Year gift than a peaceful getaway from your home! A recent survey conducted by Expedia says that India is the fourth most vacation deprived nation globally with 64 per cent of the population missing out on a good vacation. As per the survey, more than 50 per cent Indians prefer taking several short trips over weekends rather than investing time in long vacations. A host of factors contribute to this like the trouble of pre-planning and pre-booking. Concerns like non-availability of good places to stay and the thought of having to drive a long way through traffic jammed city roads is mind boggling. The one way out of these difficulties is owning a second home not so far away from the main city that serves as a vacation home for the weekend.
Vacation homes encompass five to seven per cent of the total home sales in the country, with places such as Goa, Shimla, Kerala and areas around Mumbai like Lonavala and Khandala being the most sought-after locations. In the last two years, the total number of vacation properties sold made up almost 21 per cent of all real estate transactions.
There are many motives that are driving people to invest in a vacation home like psychological, emotional and family reasons. A short trip over the weekend helps an individual rejuvenate, making them feel happier, rested and less stressed. This, in turn, brings families closer and builds focus at work.
Developers today feel investing in a good second home is more rewarding than investing time in a bad vacation. It is tedious to plan short weekend getaways, since finding good places to stay can be expensive and there is no certainty of quality. Having a weekend home aids such plans, and there are developers who guarantee to take care of maintenance, multi-level security and entertainment. The Belmondo project by Lodha Group is one such example that provides fully-serviced homes located right on the Mumbai-Pune expressway ensuring a short pleasure drive from both Mumbai and Pune. The best vacation properties propose special amenities, from having a dedicated club house and spa for rejuvenation, golf course for sports enthusiasts and concrete jungle for nature lovers.
Developers of weekend homes have shifted focus from basic amenities to a wide range of entertainment options to break away from the monotony of daily life. Keeping in mind the best interest of the buyers, these projects are revolutionizing the vacation lifestyle. With open spaces, landscaped green zones, seamless security and community experiences, every weekend only gets more enriched. The basic luxury factor comes in the form of open landscapes like rolling hills and rivers – the ideal alternative to a space starved metropolis. Such homes provide their owners the added quality time away from their routine city lives and often serve as a good retirement home later in life to spend those golden years with loved ones.
Author's Note: Samujjwal Ghosh is the Executive Vice-President and Head of Marketing at Lodha Group. He has been with Lodha Group for almost a decade; a coherent marketer, product and business manager with a rich experience of over 15 years. Before Lodha Group, he has worked with esteemed brands such as United Spirits and L’Oreal among others.
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