New Delhi: In a significant shift within the Indian real estate landscape, the demand for second homes in popular vacation destinations is reaching unprecedented heights. Fueled by a growing middle class, increased disposable income, and the desire for tranquil getaways, the concept of owning a vacation property has become a tangible reality for many. The COVID-19 pandemic further accelerated this trend, as individuals sought safe and secluded spaces away from crowded urban areas.
Investing in a second home is no longer merely a luxury; it’s a strategic move that offers both lifestyle enhancement and potential financial gains. As urban life becomes increasingly fast-paced, more individuals are prioritizing opportunities to escape and rejuvenate. This has led to a surge in demand for weekend retreats and serene locales, prompting investors to explore the potential of vacation properties.
On this trend, Mr. Rajesh Saini, Managing Director, of ETH Infra said “In the evolving landscape of Indian real estate; the surge in demand for second homes reflects a profound shift. Owning a vacation property is no longer a luxury, but a strategic choice that marries lifestyle enrichment with the potential for financial gains. As the pace of urban life quickens, more individuals are embracing the allure of serene getaways, reshaping the market and leaving an enduring mark on India’s real estate sector.”
Sharing his insights, Shashank Vashishtha, Executive Director, of eXp Realty India said, “With pandemic-induced fluctuations in India, real estate seems to be thriving, and as a result, investors and buyers from India and around the globe have shown tremendous interest. Additionally, NRIs view India as a highly suitable choice for establishing their second homes. The enhanced transparency in the property acquisition process, along with the depreciation of the Indian rupee, are contributing factors that have attracted this demographic to the Indian real estate market.
The demand for second homes in India’s vacation destinations is on the rise, and this trend is particularly evident in tier 2 cities like Haridwar and Dehradun, among others. These cities are becoming attractive options for people seeking a retreat from their regular lives. The serene beauty, pleasant climate, and cultural richness of places like Haridwar and Dehradun offer a compelling allure.
As urban congestion and fast-paced lifestyles become more challenging, individuals and families are increasingly looking to these destinations for their second home investment. These cities not only provide a tranquil escape but also hold the promise of potential financial gains as the real estate market in these areas experiences growth. The combination of leisure and investment potential is driving the soaring demand for second homes in tier 2 vacation destinations across India.
Experts predict that this trend will continue to evolve, transforming the way individuals approach real estate investments. With the allure of both lifestyle benefits and financial gains, the rise of second homes in vacation destinations is set to leave a lasting impact on India’s real estate sector.