WFH Culture Fuelling the Demand for Holiday Homes in India
The year 2020 was a difficult year for many. People had a hard time coming to terms with the lockdown and the repercussions that it brought. When the lockdown was first announced, many thought that it will be just a three week thing and then life will go back to what it was. However, that was not to be the case so. Three weeks stretched to three months and here we are almost half way through 2021 and life is nowhere near what it was before the pandemic.
Work-from-home (WFH) has now become a norm and most people have now come to terms that it may be a good while before the entire working staff can go back to office. This in turn has resulted in a strong demand for holiday homes that allow people to be close to the nature. Work-from-home or Work-from-anywhere (WFA) setups allow for a unique work-life balance because people can get through your workday and enjoy your free time as if they were on a holiday. This blend would be impossible at metro cities. Places like Goa offer great environment for work purposes, and the sun, sand, and sea to help you relax.
Having your own home at a location that is scenic has all the essentials for your work and holiday makes strong fiscal and practical sense.
Satiating the holiday itch!
Most working professionals would look forward to sneaking a holiday or two in year. This would give them the much needed break from the work and allow them time to unwind and rejuvenate and come back to work with more vigour and fresh ideas. However, this pandemic has disturbed that rhythm.
As per the data that is available in public domain, around 20 million+ Indians travelled overseas for tourism in 2019. However, the travel is now restricted due to the pandemic; a big quantum of this segment of travel lovers is now pushing to Indian holiday destinations. This is expected to drive the holiday homes/secondary housing segment in India. The overseas investment in the Indian market has also significantly grown owing to the fall of Indian rupees against the US dollar. NRIs are considering Indian real estate as the most sensible investment option during COVID-19. The possibility of NRI coming back to their roots is also high. It has also been observed that they are eager to invest in real estate and create something that is their own during these uncertain times.
All these factors combined have lead to an increased interest in holiday homes near Goa, Shimla, Dehradun, Darjeeling among others. The potential buyers are scouting for homes that are luxurious, spacious, close to nature and have all the amenities that we have become accustomed to.
Better return on investment
In these uncertain times, people want to invest in options that they can bank on. Real estate is always considered to be one such investment as compared to other options such as share, mutual funds etc. A second home in non-metro cities are a relatively safe investment option with higher capital appreciation compared to homes in metros, especially during COVID-19.When not in use these properties can be easily rented out to home-stays and tourism businesses, a booming market promising an assured and stable source of income to investors.
The changing work environment has fuelled a greater demand for holiday homes in India. AS more people come to terms with this new normal, they would seek such options that enable them to enjoy a holiday without getting anxious about the vaccine status, air bubble and the risk of contracting the virus.
CEO & Director Axis Ecorp, Aditya Kushwaha, has his fingers on the pulse of the real estate market in India. Axis Ecorp has continued to focus on quality of construction, timely delivery, and providing avenues for improving the standard of living for buyers. The Group’s solid contribution includes creating, constructing, and managing world-class resort-living projects such as Axis Blues, Axis Yog Villas, and Axis Lake City in Goan territory, and Axis KNCJ in Darjeeling.