Farmhouses or weekend homes as a concept has been known for a long. However, it has gained popularity only in recent times. Driven by factors such as the augmenting congestion in the metropolitan cities and the need for social distancing, weekend homes have emerged as a necessity than mere weekend retreats.
Farmhouses/ weekend homes have always been on the wishlist of the majority of families in India. However, it was never an immediate priority prior to the outburst of the global pandemic. After the unexpected COVID-19-led lockdown in 2020, people living in metro cities such as Mumbai had the toughest time being cooped up inside the four walls of their flats. It was highly claustrophobic for most people, especially for families with young children. Not having a proper space to run and play took a toll on the majority of children. Even people living in larger flats in Mumbai found it extremely uncomfortable to be confined inside their homes for long. This experience prompted people to invest in second homes outside the city limits.
Since the majority of people are working from home these days, living in the chaos of a metro seems to be the last priority. Instead, people are using this opportunity to explore nature and the outdoors. As people, in large numbers, have cut down their socialising and travel needs, the family as a unit is spending the majority of time together. A weekend home gives the family members a lot of space and activities to enjoy quality time.
The pandemic has made people realise the importance of their health and immunity. People have started to exercise, play sports, and eat healthy organic food. As a result, kitchen gardens are now mushrooming in the majority of homes, more than ever before. A weekend home allows the residents to explore farming and give them the joy of eating their own fresh produce.
In the last few years, we have seen a massive demand for farmhouses/weekend homes close to Mumbai. Places such as Karjat, Igatpuri, Vaitarna, and Nashik are on the wishlist of people living in Mumbai and Pune. People prefer locations that are close to mountains and lakes and yet have proper connectivity. We have also seen extended families pooling in resources and buying 4-5 plots collectively in the same project to be close to one another. A second home provides safety and complete ownership of the surroundings with ample resources. Above all, investment in second homes helps you generate additional income in the form of monthly rentals. You can easily rent these homes during peak vacation seasons and receive a reasonable amount per year.
Even though the lockdown restrictions have been eased to an extent, people want to stay back in their weekend homes and are hesitating to move back to the chaos of city life. Living in a weekend home helps improve the standard of living and simultaneously reduce the cost of living. The buyer can still purchase a big house with a private garden on the outskirts of the city at affordable rates, which is quite unlikely in a posh locality of a metropolitan city.
In the wake of all these reasons, second homes have emerged as a favourable real estate asset class for affluent and middle-class residents amid distressed times.
