While the real estate market as a whole in India may be struggling, one sector remains resilient. The Economic Times reports on strong vacation home sales in the nation, fueled by high-net-worth individuals, non-resident Indians and wealthy industrialists. Ashwinder Raj Singh of JLL India spoke to the publication about the strength of the second-home sector in spite of the larger market malaise.
"The vacation home market in India is growing at 10-12% per annum. This is because this market follows a different dynamics and is immune to slowdown affecting the real estate sector in general. Due to the rise in number of HNIs and a desire to have a second home for leisure and relaxation, this market is showing signs of steady growth," said Ashwinder Raj Singh, CEO Residential Services, JLL India.
Singh estimates that vacation homes account for around 5% to 7% of the property market and identifies “Goa, Shimla, Kerala and areas around Mumbai like Lonavala and Khandala” as the preferred locations of second home buyers. Developers have taken note and are spearheading projects in these preferred regions, with one builder telling the Times that the strong performance of the sector has given it the confidence to launch three more projects over the coming months. [The Economic Times]View the full listing (pictured top)