This is the latest trend in Indian realty.
Millennials are changing the face of real estate.
Showing interest in buying a second home in tourist and spiritual places.
After COVID, there have been many changes in people’s ways of leading life as well as their tastes and habits. Those who once wanted to live in the city now want to rest in the lap of nature in a peaceful environment away from noise and pollution. Although they stay in the city for work and business, they buy a second home to stay in such an environment during weekends and holidays. Millennials in particular are stepping forward, saying that there is nothing to reduce in this regard. As a result, real estate builders are also undertaking projects as per their hopes and aspirations. In a way, millennials have changed the face of real estate. Apart from being limited to one house, second houses are being bought in tourist and spiritual places. As a result, realtors are undertaking ventures and projects in such places.
Many techies who work from home are buying a second home, no matter how far away. They are interested in buying a second home in their favourite tourist areas, along with a home in the city where they live. They are especially choosing places like Goa, Manali, Shimla, Ratnagiri, Kasauli, Coonoor, Munnar, Coorg, Ooty, and Gokarna. While those who work from home stay there and go to the nearby areas on weekends and enjoy themselves, those who do not have the option of working from home go to their second home on weekends and holidays. In this order, realtors are also undertaking projects to meet the aspirations of millennials. Residential and commercial structures are being designed in tourist areas. That is, those who bought the house are building it in such a way that they can go there with their family on vacations and rent it out when they are not there. Also, resorts are being built, and some of the structures are being sold by square feet. Buyers rent them out when they are not living there and pay a fair share of it. Villas are also divided into four parts and sold to buyers on a low budget.
Once, they used to think of going to their hometown and settling down after retirement. But now it’s all about vacations and retirement. Both have become very important. They are making arrangements to buy a second house in their favourite place, use it as a vacation home, and stay there after retirement. They are making plans in advance to lead a peaceful life by cultivating organically. Ritesh Mehta, Senior Director, JLL India, said that people between the ages of 28 and 45 are more interested in buying a second home. It was found that one of the reasons for this is that the returns on them are also good. He explained that an investment of Rs. 20 lakh to Rs. 40 lakh is enough. Those who have a budget can invest even more. In this background, many techies and businessmen living in Hyderabad are buying second homes in Goa, Hampi, Rishikesh, Gokarna, and other areas.
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