Some want it as a holiday home and some as a second home. This appetite, though still niche, is catching up fast amongst Indian home buyers.
Although most individuals want to own a house in the hills, how many really feel that it can be a good investment option? Which hill stations are favoured by individuals? What are the preferences for such an investment?
According to a makaan.com survey, ‘Home, Away From Home,’ conducted on a national basis, a majority of homebuyers are ready to move into the hills and are looking at these destinations not just as an investment option, but are hoping to stay in these homes at some point.
At 37 per cent, a majority of those who took survey (the respondents were in the 26-35 age group) said that for them, the purpose of buying a house in the hills was clearly for their own use, be it for now or in the future. Another 29 per cent of respondents want to look at such options as a holiday destination or a weekend getaway.
Interestingly, only 21 per cent want to buy real estate in the hilly areas as probable investment options. The remaining 14 per cent of respondents want to beat urban stress and plan to settle in the hills post-retirement in these areas. Property seekers who participated in key Indian cities and their prime reason for buying a property in the hills.
Amongst all cities, Delhi grabs a maximum share of the pie at 37 per cent and residents of Delhi are seeking to look at a home in the hills for taking a break from city life, as a vacation home. Residents of all other major cities point out that the use of property for their own use seemed to be the most important.
The climatic conditions of a hill station is the most significant factor for attracting real estate buyers to that area. Amongst all factors that could matter in deciding which hill station to choose, climate seems to be the driver for this decision.
A whopping 43 per cent of national respondents feel that weather conditions are the most important while selecting a hill station as a property destination. Interestingly, development of the area has emerged as the next preferred factor. Seventeen per cent of homebuyers feel that they would pick a hilly location on the basis of the development of the area.
The next are those who want to opt for a hill station that is closest to their current city of residence. Fifteen per cent of survey takers want to base their property purchase factoring this.
For another 14 per cent, proximity to a nearby metro city emerged as the most critical factor. At least 11 per cent consider decent infrastructure, in terms of educational facilities and popularity of the place as the most important aspect.
When the data was broken city wise, it has emerged that both metro and non metro cities are echoing the same trend. Unanimously, climate of a hill station seems to be the most critical factor that is considered by homebuyers today. Other factors like development of the area, popularity etc seems to be secondary.
Owning a house in the hills may sound niche or rather exceptional, but Indian homebuyers want it at an affordable cost.
Budget preferences
An affordable house in the hills is most in demand for property seekers from key Indian cities. Most of the of demand is for a home that is under the Rs 20 lakh price bracket.
This clearly indicates that if Indian property seekers are offered real estate options within the Rs 20 lakh budget, most of them would opt for it. The next budget range i.e. Rs 20-40 lakh has also garnered significant preference. Houses below the Rs 40 lakh budget have willing buyers.
A majority of respondents, 56 per cent want to buy a house under Rs 20 lakh. At least 30 per cent of respondents prefer options that cost between Rs 20 and 40 lakh.
Only nine per cent of respondents are looking at locations under the Rs 40 – 60 lakh category. Only six per cent of the national demand is for homes in the Rs 60 lakh category.
When it comes to type of property; preference for bungalows wins hands down as compared to other property options like apartments, plots etc. Most of the Delhi respondents showed their preference for bungalows and apartments.
A majority, i.e, 34 per cent, want to buy a bungalow, followed by 32 per cent of respondents, who feel that owning an apartment in the hills would be ideal. For participants from Mumbai, Bangalore and Hyderabad, bungalows are the most preferred choice. Pune’s property seekers have shown their preference towards apartments and plots.
With 34 per cent of property seekers for each type, a majority want to own these property types in the hilly locations. Ahmedabad respondents prefer buying a plot over all other property options. At least 33 per cent want to construct their dream home in the hills, on a plot. With 36 per cent, a majority of Chennai respondents want to own an apartment in the hills.
Ideal hill station
When respondents were asked what the ideal real estate destination amongst all Indian hill stations were; and were given an option of choosing among 30 most popular hill stations across the country; a majority of national respondents said they want to own a house in Lonavala.
Nainital and Mussorie tops the charts amongst respondents from Delhi/NCR region. A majority of property seekers who participated in the survey opted for Nainital and Mussorie as the most preferred destination. For Mumbai respondents, owning a house in Lonavala is most desired. Mahabaleshwar is the next preferred option. A majority of Bangaloreans have shown their preference towards destinations such as Ooty and Kodagu. Ooty along with Araku hills have garnered the maximum preference amongst respondents from Hyderabad.
http://www.deccanherald.com/content/174363/home-away-home.html
Although most individuals want to own a house in the hills, how many really feel that it can be a good investment option? Which hill stations are favoured by individuals? What are the preferences for such an investment?
According to a makaan.com survey, ‘Home, Away From Home,’ conducted on a national basis, a majority of homebuyers are ready to move into the hills and are looking at these destinations not just as an investment option, but are hoping to stay in these homes at some point.
At 37 per cent, a majority of those who took survey (the respondents were in the 26-35 age group) said that for them, the purpose of buying a house in the hills was clearly for their own use, be it for now or in the future. Another 29 per cent of respondents want to look at such options as a holiday destination or a weekend getaway.
Interestingly, only 21 per cent want to buy real estate in the hilly areas as probable investment options. The remaining 14 per cent of respondents want to beat urban stress and plan to settle in the hills post-retirement in these areas. Property seekers who participated in key Indian cities and their prime reason for buying a property in the hills.
Amongst all cities, Delhi grabs a maximum share of the pie at 37 per cent and residents of Delhi are seeking to look at a home in the hills for taking a break from city life, as a vacation home. Residents of all other major cities point out that the use of property for their own use seemed to be the most important.
The climatic conditions of a hill station is the most significant factor for attracting real estate buyers to that area. Amongst all factors that could matter in deciding which hill station to choose, climate seems to be the driver for this decision.
A whopping 43 per cent of national respondents feel that weather conditions are the most important while selecting a hill station as a property destination. Interestingly, development of the area has emerged as the next preferred factor. Seventeen per cent of homebuyers feel that they would pick a hilly location on the basis of the development of the area.
The next are those who want to opt for a hill station that is closest to their current city of residence. Fifteen per cent of survey takers want to base their property purchase factoring this.
For another 14 per cent, proximity to a nearby metro city emerged as the most critical factor. At least 11 per cent consider decent infrastructure, in terms of educational facilities and popularity of the place as the most important aspect.
When the data was broken city wise, it has emerged that both metro and non metro cities are echoing the same trend. Unanimously, climate of a hill station seems to be the most critical factor that is considered by homebuyers today. Other factors like development of the area, popularity etc seems to be secondary.
Owning a house in the hills may sound niche or rather exceptional, but Indian homebuyers want it at an affordable cost.
Budget preferences
An affordable house in the hills is most in demand for property seekers from key Indian cities. Most of the of demand is for a home that is under the Rs 20 lakh price bracket.
This clearly indicates that if Indian property seekers are offered real estate options within the Rs 20 lakh budget, most of them would opt for it. The next budget range i.e. Rs 20-40 lakh has also garnered significant preference. Houses below the Rs 40 lakh budget have willing buyers.
A majority of respondents, 56 per cent want to buy a house under Rs 20 lakh. At least 30 per cent of respondents prefer options that cost between Rs 20 and 40 lakh.
Only nine per cent of respondents are looking at locations under the Rs 40 – 60 lakh category. Only six per cent of the national demand is for homes in the Rs 60 lakh category.
When it comes to type of property; preference for bungalows wins hands down as compared to other property options like apartments, plots etc. Most of the Delhi respondents showed their preference for bungalows and apartments.
A majority, i.e, 34 per cent, want to buy a bungalow, followed by 32 per cent of respondents, who feel that owning an apartment in the hills would be ideal. For participants from Mumbai, Bangalore and Hyderabad, bungalows are the most preferred choice. Pune’s property seekers have shown their preference towards apartments and plots.
With 34 per cent of property seekers for each type, a majority want to own these property types in the hilly locations. Ahmedabad respondents prefer buying a plot over all other property options. At least 33 per cent want to construct their dream home in the hills, on a plot. With 36 per cent, a majority of Chennai respondents want to own an apartment in the hills.
Ideal hill station
When respondents were asked what the ideal real estate destination amongst all Indian hill stations were; and were given an option of choosing among 30 most popular hill stations across the country; a majority of national respondents said they want to own a house in Lonavala.
Nainital and Mussorie tops the charts amongst respondents from Delhi/NCR region. A majority of property seekers who participated in the survey opted for Nainital and Mussorie as the most preferred destination. For Mumbai respondents, owning a house in Lonavala is most desired. Mahabaleshwar is the next preferred option. A majority of Bangaloreans have shown their preference towards destinations such as Ooty and Kodagu. Ooty along with Araku hills have garnered the maximum preference amongst respondents from Hyderabad.
http://www.deccanherald.com/content/174363/home-away-home.html
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