Desire To Break Free From City Life Gives Rise To Demand For Holiday Homes, Says Isprava CEO
While the Indian homebuyers might be treading cautiously when it comes to an investment in real estate, there is no dearth of investors who are looking at other avenues within real estate such as vacation homes. Holiday homes are often the second investment for people who can afford to venture into it.
Sneha Sharon Mammen got in touch with Nibhrant Shah, CEO and Founder at Isprava and here is why he thinks holiday homes are value for money.
Mammen: What is the potential of holiday homes in India?
Shah: In 2017, India earned an income of $27 billion from foreign tourist arrivals, and was ranked 40th among 136 economies across the world in the Travel & Tourism Competitiveness Index (TTCI) , jumping 12 places higher from the earlier 52nd position. There has been a surge in domestic travel as well, further adding to the positive statistics of 2017.
India offers an array of holiday destinations, diverse cultures and a myriad of experiences. It is common for a couple or family to find a retreat in India, and global-trotters to explore the lush green and the deep blues present in this alluring terrain.
Mammen: Which are the strategic destinations across India that offer good returns and are likable, too?
Shah: For those who love to live by the sea, we chose Goa; Isprava’s first home. The lifestyle and culture in Goa are distinct and enjoyed by the old and the young alike. With the quality of life only becoming better in Goa, and the premium segment ready to pay a higher price to live and dive in its beauty, we saw an opportunity and the scope to expand and tap the untouched market of building luxury homes in Goa. The beautiful beaches, the social life and accessibility to all the basic amenities make Goa a favourite and one of the best places to buy a holiday home.
For equestrian enthusiasts, nature lovers and golf fanatics, we chose a state that is made for them. Nilgiris forms a part of the Western Ghats in Tamil Nadu, Karnataka and Kerala. It has good connectivity and road conditions and is home to few of the most breathtaking hill stations that comprise of Ooty, Kotagiri and Coonoor. Appropriately placed, this city has the best weather all throughout the year and is always adorned with lush tea plantations. With only two hours of a commute from Coimbatore airport, it is here that we saw an untapped holiday home market in the picturesque terrains of Kotagiri and Coonoor.Another growing city on the list is Alibuag. It is a coastal town in the Konkan region, just 100 km away from Mumbai, well-known for its sandy beaches, dense coconut groves, clean water and fresh, unpolluted, rejuvenating air. An ideal home for people who prefer their holiday homes not too far from their work, and those who enjoy short stays.
Apart from the above, Munnar, Wayanad in Kerala and Nainital, Dehradun up north, are promising. With burgeoning popularity of real estate as an investment, having holiday homes in these destinations also offer exceptional returns on investments. This is the current scenario as people desire to break free from the fast-paced life in the cities and demand for properties in the hills and by the sea.
Mammen: What is that one investment advice that you would like to give to potential holiday homebuyers?
Shah: One must buy or invest in a holiday home only if their financial status allows them and after proper evaluation of all the related pros and cons.
Mammen: How do you ensure that your clients get the best experience?
Shah: At Isprava, we seek destinations that will give our homes a unique personality. Destinations that are diverse and vibrant as also the ones that form attractive, long-term investments. From the most popular spots to the best-kept secrets. Whether that takes us to the sun, seas and sands of Goa or transports us to the tranquil hills of the Nilgiris. We handpick destinations that will fulfill every home owner’s desire—from the sea-loving to those who prefer peaceful mountain-scapes, and beyond.