Even as the overall real estate market is witnessing a robust demand in India, the second home market is also gaining pace with people considering buying another vacation home. According to a report by realty firm Axon Developers, Shimla, Sindhudurg and Coorg are among the top 10 destinations in India for second homes. Other second home destinations, according to the report, are Dehradun & Mussoorie, Siliguri & Darjeeling, Nandi Hills, Pondicherry, Chamba & Tehri Belt, Rishikesh & Haridwar belt, Lonavala & Mahabaleshwar.
In the northern India, Shimla (alongside Kasauli), Mussoorie & Dehradun, Tehri, etc. are popular second-home destinations. Owning a house amid spectacular Himalayan and Shivalik ranges and near the pristine pine forests is like a dream for many, especially in northern India. In the foothills of the Himalayas, besides the Ganges, Rishikesh alongside Narendra Nagar and Haridwar is also a desirable destination for many.
In the West, after the opening of the Mopa airport in Pernem, the Sindhudurg and the adjacent regions stretching across the Goa-Maharashtra border are emerging as the hidden gem of Konkan. Undiluted natural bounties in the form of thick green forests, breathtaking hillocks, natural springs, and turquoise sea water make Sindhudurg the perfect destination to develop second-home villas, farmhouses, eco-hotels, etc. The region is also blessed with laid-back, but scenic, rural backyards and authentic Malvani-Goan cuisines that further make it a perfect destination to relax and rejuvenate. There is a gold rush to own property in this region, which has also been expedited in the wake of the Rs 2,300-crore airport project. Property prices have jumped by 24-32 per cent in the past 12 months, making Sindhudurg one of the fastest-growing real estate markets in India. As the demand is soaring, rental yields are also attractive in the range of 6.7-7.2 per cent.
In the West, Lonavala, also called the Jewel of Sahyadri is another hot property market to look out for. Strategically located between Mumbai and Pune, it is a perfect weekend destination for many. Currently, the average price at Lonavala is 8579/sq. ft. The rental yields are to the tune of 5.5- 6 per cent. Just like Lonavala, in the Silicon Valley of India, the Nandi Hills region soaked with verdant scenery is an upcoming second home destination for Bangaloreans. Property prices are in the range of Rs 6,000-8,000 per sqft. It is said that the second home market size is set to cross $4 billion by 2026.
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