Buyers of second homes back in Delhi NCR

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 st1:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} Second homes are now a revived real estatecategory and all class of buyers are active here. Brix Research finds out why Girish Bindra bought a single-floor apartment in South City for Rs 73 lakh. With registration of single floors restarted in Gurgaon market,he wanted to beat the rush and purchase a home that would remain affordable. Italso helped that Delhi Metro's soonto-be-opened Sector 29 station is a mere walkingdistance away. For Bindra, who had been scouting markets for a while, it madesense to strike before property prices went out of control. A critical thirdfactor was that rental values are not showing signs of abating. For awell-maintained home, there are always takers and a walking distance from Metroline is an added advantage. Bindra is by no means an exception.      Real estatedeveloper and asset management company, Alpha G: Corp, is currently in theprocess of handing over plotted development of 141 acres in Phase-I of Alpha International City , Karnal. Just atwo-hour drive from Delhi ,and close enough to Chandigarh ,the group found among its buyers an interesting mix of users.     For some young couple from established families inKarnal, it was a weekend option to get away from the crush of living in a jointfamily. The Alpha City home was their smallnest where they experienced nuclear family comfort. For some others from Delhi and Chandigarh , it was aweekend or holiday home accessible in under two hours from the city of theirwork. The scenic surroundings, the pleasant drive, the impeccableinfrastructure and availability of water and electricity in abundance made thisa good second home option.     So what is a second home? Rohit Gera, executivedirector of Pune-based Gera Properties, says: "People buy second homeseither for an investment or to upgrade to a larger home, with betterfacilities, amenities or a better location. Most second homes are in the samecity, but probably in a new upcoming suburb, which offers better infrastructureand amenities. If they buy in some other city, it will be due to the exposurethey have had to that place before. They would have studied, lived or workedthere."     This is borne out by Aplha G: Corp's experience inKarnal. S K Sayal, director & CEO of Alpha G: Corp, says: "Extensiveresearch done by our team before the launch revealed very clearly that therewas an ever-increasing aspiration and demand for more wholesome and organizedlifestyle among adults, as well as children in families of Tier 2 & Tier 3towns, as also people from Delhi and Chandigarh. They seized this opportunityfor a second home in a destination deemed as a premium investment opportunityin real estate."      Gera 'sobservation seems to be bang on target. For Prince Khattar, who purchased asmall two-bedroom apartment in Gurgaon in 2003, this seems to be the right time to upgrade. The money he gets fromselling his existing flat becomes seed money for a newer apartment and havingfinished his first home loan, he is ready to take on a new home loan to meetthe shortfall in the second property. The stabilizing values give himconfidence to do so.     For Mamata and Anil Saxena, a second home did notnecessarily mean a place that was at an easy driving distance from the city.They chose one in the heights of Geeling in the Himachal. "We wanted aplace away from radio, television, close to nature and one which is still to bemade motorable." It helped that their present home in Nirvana city alreadyhas all benefits of spacious layout and likeminded neighbours. Therefore, theforbidding drive to Geeling became pleasurable for them.     A third category buying a second home, Sayal found, are"NRIs looking to trace their roots with an option to invest in theircountry of origin with all the amenities and comforts of a truly internationallifestyle here." This is a segment that most developers today aretargeting. NRIs are game to purchase in areas that have future potential andare well-connected from international airports. For Shailaja and Kishore Nair,a home in Gurgaon near theirrelatives' homes meant they could drive there straight from the airport whenthey returned home for holidays from Singapore . "It is a pleasureto stay in your own house, than stay with relatives," says Nair.     For Anup Nair, the purchase of a premium apartment hasgiven him the option to switch to apartment living whenever he decides to doso. Currently staying in a premium villa in Gurgaon, he has used his surplusresources to purchase an apartment in a condominium to be used whenever theydecide.     The parameters for an investor are slightly different,as an investor will buy into a location which is slated for robust developmentand promises a good return on investment. "They prefer locations that arecloser to large work places like IT parks or industrial centers that wouldgenerate yields or capital appreciation," explains Gera .     Today, in a stable real estate market , there are allthese categories of buyers actively scouting for good deals. And many arefinding the house of their dreams yet again. Courtesy:- Times Property dtd:- 06-02-2009 More information: about Real Estate,Real Estate india,property,   http://www.zameen-zaidad.com/ http://www.propertycafeteria.com/  

Was this helpful? 0 0 Comments

You're reading Buyers of second homes back in Delhi NCR.