New Delhi [India]Mar 22 (ANI): India’s pension and second home market segment is expected to grow annually by 23.63% over the next 5 years, bringing the market size to USD 4.021 billion by 2026 from a current size of around 1.4 billion USD, an industry report showed.
According to the latest research report from 360 Realtors, vacation home sales have skyrocketed over the past two years. The COVID-19 pandemic has acted as a catalyst and pushed the demand for second homes and retirement homes in India.
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The concept of retirement and second home (RSH) began to gain traction in the previous decade. With closures and travel restrictions, more and more people have warmed to the idea.
“Second homes have been part of an aspirational lifestyle for a long time, and with the pandemic altering the real estate market in various ways, the second home industry is in the spotlight,” said Aditya Kushwaha, CEO and Director of Axis Ecorp. .
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Kushwaha said buying a second home is often not just about investment, but also a lifestyle choice, alternative residence, future residence or simply asset diversification.
“Today most business professionals are working from home, so geography is less of a constraint and this has further fueled the demand for an escape home away from the hustle and bustle of the city,” Kushwaha said.
“Over the past two years, we have launched several significant projects on the holiday home concept in North Goa. These projects include Axis Blues, Axis Yog Villas and Axis Blues and they have all been well accepted by consumers” he added.
There is also a wave of people looking to escape the city and seek to settle in more scenic locations. Goa has become the first choice for people looking for a vacation home. With sunshine, beaches and a beautiful landscape, Goa has become an attractive destination for shoppers. In addition to Indian buyers, NRIs are also investing heavily in the coastal state. Townhouses, gated communities and villas are some of the many options for buyers.
As Goa continues to attract a lot of attention, Ooty is becoming another popular option. The areas around Ooty offer a range of entertainment and entertainment options as well as easy access to cities such as Bangalore, Chennai and Mysore. All of this has made Ooty a popular choice for people looking for a second home.
In the North, hill stations such as Shimla, Solan, Dehradun, Nainital and Mussoorie are gaining acceptance.
Not just vacation homes, the retirement home segment has also grown in the country.
Commenting on this trend, Vinit Dungarwal, Director at AMs Project Consultants Pvt Ltd, said: “In this post-pandemic phase, the demand for a care home has increased many times over. During the pandemic, the majority of the elderly population, despite their financial resources, had been left to fend for themselves.
“From regular grocery shopping to medical emergencies, they were left to do it all on their own. are designed with their needs in mind and enable them to live their lives peacefully and independently,” Dungarwal said.
With all these factors coming into play, the RSH segment in India is expected to continue growing. The rise of WFH culture, the move away from city living, and the viability of second homes as an efficient, low-interest investment are other factors driving this trend.
In the coming years, Himachal Pradesh, Uttarakhand and Nilgiris in Tamil Nadu are also expected to become viable RSH destinations. Apart from townhouses and villas, farm life is also gaining in popularity. It has further enabled people to bond with nature, providing a holistic way of life.
“The pandemic has further given a huge boost to the RSH market in India. While the growth of many traditional asset classes such as residential, office and retail assets has taken a hit, the demand for second homes has increased significantly,” said Ankit Kansal, Founder. and MD, 360 realtors.
“Faced with the threat caused by the virus, many buyers have started looking for vacation homes to escape the congested, paced and hectic city life. A growing push on the work-from-home culture or rather the Work lifestyle from Anywhere further propelled the uptrend,” he said. (ANI)
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