Namrata Kohli |
Goa, Alibaug, Lonavala, Coonoor, Ooty, Kasauli, and Shimla have emerged as the second home hotspots within the country. Several factors are driving this demand. With many companies willing to offer at least some of their employees the option to work from home, many people are investing in a second home in places that offer a salubrious climate. Some are investing for quick appreciation.
Says Dhimaan Shah, co-founder, Isprava, which offers fully furnished second homes priced between ~5.5 crore and ~30 crore: “If you buy with the right brand and invest in the right project, you could get appreciation within a short period.” Goa currently offers the best investment return on second homes. Some are buying a second home, so they can rent them out for long stays. “While in top-tier metros like Mumbai, the rental yield is barely 1 per cent, in a place like Goa, you could get 6 per cent or more with the right property,” says Shah.
Choosing right home
Besides climate, choose a place with easy connectivity, so you can return quickly in case a need arises. Stick to a branded developer — one who has a track record of delivering quality projects on time. Decide whether you wish to buy the property for self-use, to rent out, or for investment.
Says Gunjan Goel, director, Goel Ganga Developments: “To earn a high return on investment, go for a popular location. If you are buying for self-use, focus on whether it offers the amenities and infrastructure that suit your lifestyle.”
Buying within a gated community is prudent. Says Shveta Jain, managing director, residential services, Savills India: “Look for an independent home or villa within a gated development. Such developments offer greater security and you can enjoy facilities such as swimming pools, gyms, health centres, and state-of-the-art sporting amenities without having to worry about their maintenance.”
Ensure the area does not suffer from water scarcity. “Make sure there is assured water supply all year round. Water scarcity can be an issue, especially in the hills.” Go for a RERA-registered project, so that you have the option to complain if there are structural defects.
Look for clear land title
Land title can pose an issue, more so in non-urban locations. If you are buying from a smaller developer, engage a lawyer to conduct a detailed title check. Make sure the seller provides you with documents such as title deed, sale deed, registration papers, pledged property, and encumbrance certificate. Make sure no utility bills, maintenance charges, and property taxes are due.
Some additional due diligence may be
required when investing in certain states.
To invest in Shimla, a non-domiciled
buyer needs permission under Section 118
of the Himachal Pradesh Tenancy and
Land Reforms Act, 1972. But non-domiciled
purchasers can buy a plot of land or
apartment from a licensed builder who has
taken approval under Section 118.
Since property laws vary across states,
it is advisable to engage a local property agent who can help you navigate through the legal maze
HOME RUN: KEY SECOND-HOME PROJECTS
|
City/Town |
Name of Project
and Developer |
Approximate
unit size |
Price (₹) |
|
Kasauli |
DLF Samavana |
1,500-2,500
sq. yard plot |
4-6.5 crore |
|
Kasauli |
Tata Myst |
4,275–4,915
sq. ft villa |
5.5-6.2 crore |
|
Naldehra,
Shimla |
Auramah
Valley, Imperial Realty & Developments |
4,000 sq. ft,
5,500 sq. ft (4/5-BHK villa) |
3.3-8 crore |
|
Alibaug |
Green Park Developers |
2,500-3,000
sq. ft built-up and 5,000 sq. ft plot |
2.5-3 crore |
|
Alibaug |
Mahindra
Lifespaces The Serene |
3BHK villa 2,000
sq. ft 4BHK villa
2,500 sq. ft |
3BHK 1 crore 4BHK 1 crore+ |
|
Lonavala |
Tata Privé |
3BHK 4,500
sq. ft |
6 crore |
|
Lonavala |
Kalpataru
Amoda Reserve |
3BHK villa
2,600 sq. ft |
3BHK 3 crore |
|
Goa |
Veera
Developers |
4,200-5,200
sq. ft built-up area |
4-5 crore |
|
Goa |
Casa Del
Sogno |
3,229-3,500
sq. ft |
3.5-4 crore |
|
Goa |
Acron
Edgewater Villas |
3BHK villas 3,500-6,000
sq. ft |
4 crore |
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