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Second Homes Lure of the Mountains & Water Bodies

Second Homes Lure of the Mountains & Water Bodies Hills popular destination for holiday homes, investment

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Second Homes Lure of the Mountains & Water Bodies

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  1. Second Homes Lure of the Mountains & Water Bodies Hills popular destination for holiday homes, investment “OxyGreen” will help you choose the Best site for your Second Homes “But” our Vision is to make it your First Home at the earliest, so that you enjoy the same Natural Luxury throughout your life with utmost benefits & minimal cost.

  2. Second Homes Lure of the Mountains Hills popular destination for holiday homes, investment Residential property prices in metros are nearing their peaks. With a studio apartment in the Delhi-National Capital Region (NCR) and Mumbai priced at as much as Rs 15-50 lakh or even more, people are looking at properties in new locations closer to the metros. If you dream of having a home with a picturesque view of snow-capped mountains or lush green hillocks, it might be time to explore properties in hill destinations such as Nainital, Ooty, Coorg, Lonavala, Mahabaleshwar, Matheran and Kodaikanal.  With growing popularity of real estate as an investment, these destinations also offer fantastic investment opportunities as people desire to break free from the fast-paced life in the cities and demand for properties in hill destinations is growing. • NEW AVENUES • Rising disposable income and the desire to get away from the frenetic pace of city life is opening up new windows of growth for real estate in the hills. "There is a robust demand for hill destinations. We've seen a mix of young people looking for second homes or holiday homes-entrepreneurs, self-employed professionals such as doctors, lawyers, etc.,

  3. Tips to attract higher rent for your property Despite some fluctuations in the number of buyers for hill properties, high net worth individuals with deep pockets are flocking to these destinations. "The current economic climate has dampened the number of buyers for hill town homes. Those who are still buying tend to have higher disposable incomes, hailing from the middle and top management segments, usually in the age bracket of 35-45,“. "The market for residences in hill towns is still evolving in India. It will pick up, but not on the scale seen in the West. In the West, people tend to spend the entire summers at their vacation homes. The concept is emerging in this part of the globe, but the driving motives and scale are very different,“ • Better to be an owner or a tenant? • "Though the interest in hill properties remains leisure-centric, these are being viewed as second homes, rather than holiday homes. The terminology plays an integral part in how they are priced and utilized. The demand is booming, as it makes for a viable economic investment for the buyer as well as the developer due to low construction cost and easy availability of labour and construction material," a Mumbai-based real estate developer, which has a project in Lonavala, a scenic hill location near Pune in Maharashtra. • Realty majors are also developing properties in the hills among others. Most of the big realtors target the affluent by offering luxurious properties. For instance, some big companies are developing a residential project in Shimla with villas being sold to select buyers through invitation. According to the company, 90% of the 24 villas (priced at Rs 4 crore onwards) in the under-construction project have already been sold. Enthused by the response to its existing project in Shimla, the company is planning another residential project in Kasauli, Himachal Pradesh.

  4. PICKING A PROPERTY As hill properties are seen as holiday homes or weekend getaways, buyers prefer easily accessible destinations close to metros or their first homes. "In the case of Mumbai and Pune, Lonavala, Khandala, Baneshwar and Alibagh are preferred destinations. In the northern and the eastern parts of the county, the places of choice would include Darjeeling and other non-restricted areas around Dehradun, Mussoorie and Nainital," Several property developers are selling plots, apartments and villas in these hill stations to capitalise on the growing market. You can easily find a suitable property starting from a few lakhs for economical apartments and plots to several crores for luxurious villas in popular destinations. We atOxyGreenwill come back with more news…

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