Goa, Maharashtra lead demand for second homes: Savills India report

Goa and Maharashtra lead the home demand for the second properties in the country, as nearly 70% of respondents are looking to invest in a second home valued at Rs 2 crore or less, according to the Savills India survey of prospective home buyers. The survey of 325 respondents from a mix of non-resident Indians (NRIs), high net-worth individuals (HNIs), shows that 57- 70% of them want to purchase a second home within two years. This short-term dedication of lower than two years is not only within the domestic market but additionally in the popular offshore locations. When in contrast, the most attractive of investments is inside India in a horizon of lower than six months. Nearly 80% of potential second house buyers aim to carry the properties for more than five years. Residential Services Savills India, MD, Shveta Jain, said that the second homes market in the country seems to be on a gradual improvement. Unlike earlier, when capital appreciation and rental incomes were the regulatory criteria, an additional dimension of a safe home away from pandemic hotspots seems to have become a key factor. The survey added that respondents had been interested to spend on second properties throughout the nation, and the highest 10 locations rising from the survey collectively have a share of 87% inside the home areas. Goa leads the home demand for second homes with one-fifth of survey respondents all in support of buying a second house there, as almost 70% demand is inside the Rs 2 crore worth vary. Rental yields have been within 4-7% and are on an upward development. Around 29% of respondents are interested in spending within the standard second house of Maharashtra. Around 65% of the demand is inside Rs 2 crore, and net yields have been within the range of 4-6%. Image Source Also read: 40% home buyers seek luxury and premium properties: ANAROCK, CII