MUMBAI: Owning a home is considered one of the most important investment decisions for anyone. Purchasing a second home is thus, the second most important decision. Having an asset that provides rental income can mean long-term financial security. In addition, appreciation in capital values can result in a significant corpus via sale of the asset, if and when needed. Many second home buyers from Mumbai also invest in second homes, primarily for the convenience of having a weekend getaway or to accommodate the extended family. There are two types of destinations for second homes. The first type includes localities which have been popular second home options for the last few decades, including Khandala, Lonavala, Alibaug, etc. Here the prices of homes are in the range of Rs 1-5 crores due to the high land costs. Hence, only the highly affluent people can afford homes here.
The last few years have also seen a few emerging destinations like Talegaon, Wada, Manor, Murbad, Shahapur, etc., where second homes are available at a very reasonable price. Shailesh Puranik, managing director, Puranik Builders, avers that “The second home market now caters not only to the ultra HNI crowd but also the upper middle-class, which has become an active buyer in the category. The price for second homes hence ranges from Rs 1-6 crores, depending on the project offerings.”
Kishor Pate, CMD, Amit Enterprises Housing Ltd, adds that “Second homes can come as cheap as Rs 10-15 lakhs in the affordable segment and as high as Rs 5 crores and above for luxury homes. The highest demand is for mid-income housing options, since rental demand is high and resale is easy in this segment, depending on the area one selects.”
If you are looking for a second home close to Mumbai, which can have a good resale value, Alibaugh is your destination. Perfect scenic beach locations like Kihim at Navgaon, Thal, Varsoli, Akshi and Nagaon, and an ancient fort with a moderate to cool climate, makes Alibaugh the perfect choice for a weekend home, very close to Mumbai (Alibaugh is 110 kms away from the city.)
Om Ahuja, CEOresidential services, Jones Lang LaSalle India, says, “Alibaugh is a preferred destination for Mumbaikars who have a penchant for the coast. There is greater appreciation potential for this area waiting in the wings, in the form of the proposed Nhava-Shewa link, which would vastly increase accessibility.”
This locality is well-connected with Mumbai by road via the Mumbai-Goa highway and the nearest railway station is Pen, which is just 28 kms from here. To reach Alibaugh by sea, one can also use the catamaran/ferry services from the Gateway of India for Mumbai to the Mandwa jetty. Alibaugh’s proximity to Mumbai has made it a global lifestyle destination today. Referred to as the ‘Goa’ of Maharashtra, it is the most sought-after destination for property buyers from all over India who are looking to live a better life away from the metropolitan clutter.
Alibaugh has a lot of good holiday home projects developed by several leading developers. According to players in the real estate industry working in Alibaugh, with themed villas, serviced apartments, golfing tracks, gated communities and marinas, complete with a Mumbai-Alibaug sealink, this is soon going to become the lifestyle destination to watch out for. Also, work on the 12-lane Virar-Alibaugh corridor has begun after the Mumbai Metropolitan Region Development Authority (MMRDA) completed the acquisition of the required land for this ambitious project. Once completed, this would mean that people heading to Alibaugh from Virar can cover 140 kms in less than 75 minutes. While villas in Alibaugh bordering the sea line and the highway, are the most in-demand, serviced studios and 2/3-BHK apartments in Alibaugh hold equal appeal for the budget holiday home-buyer.
Alibaugh’s beach-side properties attract a huge premium compared to hillside plots. Plots in Alibaugh which are on the beach are 4-6 times expensive than the hilly areas. Apartments in the locality are priced between Rs 25-30 lakhs for a 1-BHK flat, Rs 34-36 lakhs for 2-BHK units and above Rs 38 lakhs for 3-BHK apartments. However, the pricing may differ by a couple of lakhs depending on the offering’s proximity to the coastline and the common amenities/facilities offered by the developers. There are also many plot schemes offered by developers, with sizes varying from 1,000 to 5,000 sq ft. The prices for such plots range from Rs 1000-3500 per sq ft, depending on the view, access roads, infrastructure, etc.
Dapoli is a pleasant town situated at a height of about 800 feet above sea level in the Ratnagiri district. It is blessed with abundant natural beauty and enjoys a cool climate throughout the year. There are plenty of cashew nut, jackfruit, coconut and betel nut plantations in this locality. Known as the Mahabaleshwar of Konkan, many second home-buyers are looking at this destination. This area offers plenty of farmhouses and residential properties with a touch of the rural setup. Sunita Mali, who bought a farm house in the area, informs, “With lush greenery all around and an open sea view, buying a farmhouse near the coastal region is definitely a boon to those who wish to free themselves from the clutches of the concrete jungle. Investors now prefer to invest in farmhouses apart from making a worthwhile investment in the heart of the city.”
Plots and farmhouses have come up near Dapoli and in the near future, coastal areas like Konkan will grow in terms of real estate investments. Though property prices are reasonable as of now, a significant hike can be anticipated in the years to come, as far as real estate is concerned. In this area, plots are available at a distance of 1-1.5 kms from the Dapoli ST stand, whereas farm plots are available at about 7-8 kms away from the same. The area has abundant water supply, electricity and public transport facilities.
Daman’s realty is growing with every passing day, touching greater heights in turnover and offering lucrative investment opportunities. Development of facilities and infrastructure at Daman is attracting the masses to buy residential properties here. Apart from being a beach town, Daman is popular among south Gujarat residents as liquor is freely available here at cheaper rates compared to Maharashtra due to tax exemption.
“I bought a studio apartment recently for Rs 8 lakhs near the beach. It is affordable and I also give it on rent,” says Mahesh Gupre, a resident of Borivali. To attract buyers, developers are increasingly offering studio apartments. “Expenditure on constructing a studio apartment is less. It is also comfortable and a large group can be accommodated. We are receiving a good number of inquiries from weekend home buyers,” opines Sunil Jain, a developer.
Vipul Kakaria, president of the Vapi Confederation of Real Estate Developers’ Associations of India, informs, “A number of buyers are purchasing low budget apartments and small bungalows in Daman and Vapi, as their weekend homes. It is a new trend.” The price of a 100 sq metre land in Nani Daman was Rs 1 lakh, four years ago, which has a price tag of Rs 4-5 lakhs today. Two years ago, an apartment near Nani Daman beach at Varkund or Devka Beach Road, would cost anything between Rs 1,100 and 1,200 per sq ft. At present, the same apartment is available for Rs 1,800 to 1,900 per sq ft.
In the last two years, around 20-25 high-rise building projects have been developed by real estate developers, mainly from Surat and the neighbouring Valsad district in Nani Daman. Most of these flats have been bought by people from Surat and Mumbai.
At a distance of 140 kms from Mumbai, Igatpuri is a small town embedded in the Western Ghats and can be reached within three hours by rail or road. Being situated at a height, this town has a chilly weather throughout the year. During the monsoons and winters, especially June to February, the entire town is submerged in heavy fog and mist. Since Igatpuri is 2,000 ft above sea level, it enjoys the privilege of a cooler climate. Igatpuri is surrounded by the Sahyadri mountain, forts, lakes, forests of verdant greenery and cascading waterfalls that are at the zenith of their beauty in the rainy season.
The area is also famous for the world-renowned meditation centre, Vipassana. In the vicinity, are several tourist attractions like Tringalwadi fort; India’s most revered Shirdi Saibaba temple; Bhandardhara plateau and Vaitarna lake. The area has developed into a hotspot of renting, selling and buying all types of properties – from residential to commercial properties.