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Home owners want to buy second one within two years

A survey carried out by Savills India has revealed that almost 70 per cent of respondents want to invest in a second home priced at Rs two crore or less and that too within two years. This short-term commitment of less than two years is evident not only in the domestic market but also in the preferred offshore destinations.

Almost 80 per cent of potential second home buyers intend to hold the properties for more than five years. As the ticket size of the property increases, so does the intended investment period reflecting an intent to attain capital appreciation and rental return before eventual exit from the cherished property.

Critical parameters that buyers consider while purchasing a second home include owning a second home at a holiday destination, spacious and larger floor space, health and wellness factor, connectivity from home city, internet infrastructure and an eventual return on investment.

Almost 60 per cent of the respondents who participated in the survey said that they would like to invest in a second home within the security of a gated community that offers a sense of security and allows home owners to enjoy facilities such as swimming pool, gymnasium, health centre and sporting amenities, without having to worry about the maintenance of such provisions on a regular basis.

The survey shows that respondents were willing to invest in second homes across the length and breadth of the country and the top 10 destinations emerging from the survey collectively have a share of 87 per cent within the domestic locations. These include Goa, Maharashtra, Uttarakhand, Himachal Pradesh and Tamil Nadu.

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