Pandemic spurs demand for second homes, say realtors

The COVID-19 pandemic seems to have spurred the demand for weekend and second homes in key markets, according to real estate developers and analysts.

Mumbai-based Nirvana Realty said it recently sold more than 400 weekend homes at its Signature Resorts near the city.

“We are also launching a project where we will develop custom-built Royale Pool Villas at Wollywood, Wada and Viroha, Dahanu,” said Punit Agarwal, MD and CEO.

“The pandemic may give a new lease of life to the previously lacklustre second-home market,” said Santosh Kumar, vice-chairman, Anarock.

He said while short breaks from city life, rental income and/or eventual retirement were the previous aspirations for owning a second home, COVID-19 has given rise to a more urgent motivation — the relative safety from infection of homes away from the urban hot zones. “For those with the financial means, it is certainly the optimal time for such an acquisition.”

He said work-from-home options (WFH), now extensively available across many industries, the rock-bottom and often further negotiable property prices, the lowest home loan interest rates in two decades and significantly-reduced stamp duty and registration rates in some States have helped in creating demand.