Demand for premium second homes gaining traction

• Follow

The pandemic has brought a shift in housing demand among individuals. High budget, big houses with attached office space are in great demand now.

Change in preferences

The preferences of homebuyers have altered and in tune with that, the strategies of developers have also changed. While some are now seeking to acquire stable assets, the rest with higher budgets are looking for bigger and more spacious homes.

Premium second homes

There is also a surge in demand for second homes or properties, keeping in view the purpose of holidaying and recreational activities. Properties priced between Rs 50 lakh to Rs 50 crore are in high demand with rich individuals looking for a place to help them escape from cities amid the pandemic.

Top real-estate firms such as Tata Realty and Infrastructure, DLF, and Isprava are witnessing a demand for such large individual houses. These houses with attached office space are being bought for both personal use and investments.

Some of the top locations for such properties are Goa, Alibaug, Coonoor and Kasauli.

Phase 1 of ‘Myst’, Tata Realty and Infrastructure’s luxury villa project in Kasauli has been sold out and the second phase was launched in April. Its other project in Lonavala named ‘Prive’ has fetched between Rs 4-6 crore for a single home. Only a few units are left to be sold in Goa and they are all priced under Rs 1 crore/unit.

Luxury homemaker Isprava which specialises in fully furnished ready-to-move homes has seen a 30-50% hike in sizes of homes as people now want bigger homes with an office. The homes built by Isprava come in the range of Rs 5- 50 crore.

Real estate service provider Savills will be hosting an online festival later this month. The company will present a curated list of apartments, resale homes and villas for potential buyers across India.

DLF has seen a high demand for residential projects in places like Kasauli. For example, Samavana I, DLF’s premium plotted project in Kasauli, has caught the interest of buyers since the pandemic broke out and most of the interested buyers are based out of Delhi-NCR.