The real estate sector, which took a beating during the global recession, is showing signs of picking up in a gradually recovering economic scenario, fuelled by a revival in investment and private consumption demand. India’s real estate sector has seen increased business activity in the first half of 2010 building on the third quarter of 2009, with price stabilization and a lower oversupply percentage in comparison to other sectors. Chennai has seen sustained real estate demand — largely the result of growth spearheaded by a spurt in the knowledge sector comprising the IT and BPO-led businesses.
As companies grow and expand to suburban areas, a corresponding growth in the residential segment has followed. Across the country, more and more people are buying second homes today. Although a sizable number of vacation home buyers plan to retire in those homes some day, others see their second home doing double duty — as a vacation getaway and an investment in property.
Now, how many people know that real estate developers are offering fully completed houses as a vacation home? With the growing popularity of holiday homes, retirement homes and second homes, the niche housing segment is aggressively marketed by real estate developers at holiday spots and city outskirts.
Many such group residential developments are coming up and offer outdoor or sporting activities, such as golfing, water sports and community farming.
CRITERIA
Of course, a beautiful setting and decent weather are the foremost considerations, but the property must also meet a number of other criteria, as well. The search begins in smaller towns that are still within a two or three-hour drive from your house with plenty of recreational opportunities around. Depending upon personal taste, the choice changes from near a beach to mountains to beach houses with swimming pool, for a weekend getaway with friends. The price range varies accordingly and people invest based on their ability.
Areas such as the East Coast Road, or ECR (one of the most preferred residential spaces as it offers a magnetic beauty), hill stations like Kodaiknnal or Ooty are preferred for holiday homes. The popularity of beach houses and vacation homes is
growing, and in line with this rising trend of second home ownership, developers are buying into this phenomenon across the country. L&T, Emaar MGF, Vijay Shanthi builders, Saffronart and Cushmann & Wakefield’s prime properties and others offer a selection of some of the most luxurious and unique getaways and holiday homes.
On the ECR, for example, in Uthandi along East Coast Road, Vrkshi a peaceful seaside bungalow just outside Chennai, surrounded by orchard plots and just a short walk away from the beach. This holiday home offers residents an atmosphere of peace and quiet and is easily accessed from Chennai.
The two-level bungalow opens out to a landscaped garden dotted with trees, flowering shrubs and paved walkways. The extensive grounds also offer residents the space to construct a swimming pool if they want to add one, next to the bungalow and comes at a price of Rs. 6.20 crore.
Occupying an entire floor of a new building in the upscale Poes Garden neighbourhood of Chennai, and priced at Rs. 9.5 crore, this large apartment on a green, tree-lined street offers an airy and quiet urban residence in the heart of the busy city. With a total built up area of approximately 4,000 square feet, this
contemporary apartment, one of only four in the building, gives residents the feel of living in an independent house, with security and privacy ensured at all times.
In the cool and picturesque hills of Kodaikanal, a chalet offers residents the feeling of being far removed from the bustle of everyday life despite its proximity to Kodaikanal town. Just off Convent Road, this quaint and lush property is a five-minute walk
from the star-shaped Kodai Lake, where residents can go boating, or go on long walks or horseback rides, and is near many of the hill station’s other scenic attractions; it’s priced at Rs. 4.75 crore.
Finding a piece of land, buying it, and then constructing your dream vacation home is certainly possible: but it will take time, and a lot of running round. It’s much simpler to plonk your money down to buy a fully-developed property and enjoy it without the hassle of having to do everything yourself, with the developer taking care of everything else.
