News & Views on Indian Real Estate

Wednesday, October 15, 2008

Second Homes Gaining Popularity in India

With strong economic growth, the residential real estate in India is growing. Rising incomes and impressive home loan options have fuelled the demand for second homes. Over the years, the variety of newly built second homes in India has increased substantially. These days, one can choose from a host of options, both in terms of geography as well as the format. Urban fringe homes or suburban homes present an option beyond the limited inner-city residence options. Suburbs across the country have emerged as a preferred location for homebuyers for premium residences, given the better land availability in these areas as compared to city centres. Looking ahead, it is anticipated that the depth and size of the second homes market would improve further owing to the sophistication of buyers as well as the pro-activeness of developers to meet the burgeoning demand for such products across the country.

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