DREAM LAND

A weekend home can give you much needed break from the city grind, but make sure you invest in a place and project, which allows for sufficient resale value, says Neha Dewan & E Jayashree Kurup.

Are you confused about the different opportunities to get away this weekend? Why not get one of your own instead? Investing in a weekend home, can give you a retreat that will be your own forever.

But what is really the idea of a weekend home? And how popular is it? Says Raminder Grover, CEO, Homebay Residential, Jones Lang LaSalle Meghraj, "A weekend homes would differ from a vacation in virtue of being close enough to the primary residence in order to achieve within a few hours, but still far enough and in more convivial surroundings to provide a break from the oppression of city life. Buyers from the wealthier classes are those who are currently looking for a weekend at home opportunities. 

Agrees Rohit Gera, executive director of Pune-based Gera Properties, who feel that people buy these as either an investment or to upgrade to a larger home with better facilities, amenities or a better location. "Most of the weekend home is in the same city, but probably in a new upcoming suburb, giving them better infrastructure and facilities. If the buyer in another city, it will be because of the risk they had to place before . They would either have studied, lived or worked there. " 

Close to Delhi, Karnal, Jaipur and Manesar is a good opportunity to look for a weekend investment. Whereas in Mumbai, is areas like Panvel, Nerul, Matheran and Lonavala popular. In Chennai, is the best location for a weekend home in East Coast Road because of its road connection to the subway and close proximity to Chennai. 

Developers makes ample use of the opportunity at hand. Client and asset management company, Alpha G: Corp, for example, is currently in the process of transferring to buy development plot of 141 hectares in Phase-I of Alpha International City, Karnal. Just two hours drive from New Delhi and close enough to Chandigarh, the group found among its customers an interesting mix of users. The scenic surroundings, the pleasant drive, the impeccable infrastructure and access to water and electricity in abundance made this an attractive choice for potential buyers. 

Says SK Sayal, Director & CEO, Alpha G: Corp, "The extensive research by our team before the launch showed very clearly that there was a growing desire and demand for more healthy and organized lifestyle among adults as well as children in families of Appendix II & III cities as well as people from Delhi and Chandigarh. They used this opportunity in a destination regarded as a premium investment opportunity in real estate.

Similarly, Raheja Developers come up with a 160-acre township in Sohna near Gurgaon, which has a combination of large land and villas. They are also coming up with a group housing project in Dharuhera near Manesar, which is being positioned as "a good motorway retreat." Harinder Dhillon, VP, marketing, Raheja Developers say that the tendency to invest in such housing is improving. "This trend has become stronger now with a market revival. We expect this upward trend in demand for weekend homes to continue in the coming days." 

Closer to Mumbai, developers have choices that come up at Lonavala, Pune and Goa, which can attract customers from the western part of the country. Gera Properties Greenville SkyVillas in Kharadi, Pune, and their Astoria project in Panjim, Goa has seen a lot of these home buyer. 

Similarly, Magarpatta City in Pune started more than a decade ago as a premium lifestyle concept in the outskirts of town - a selling point for buyers from both Pune and Mumbai. Today Magar Group launched Nanded City, an educational hub with a good portion of the first home buyers. But its idyllic setting also brings in the second home buyers. If you are looking for opportunities around Chennai, weekend homes is very popular on the East Coast Road (ECR), which is one of the most premium residential locations in Chennai from Neelangarai up to Mahabalipuram. The areas include Injamakkam, Akkarai, Panayur, Uthandi, Kanathur and Muttukadu, according to Kalpana Murthy, Regional Manager, Housing Services at Cushman & Wakefield. 

An average of the minimum-sized three-bedroom house that is closest to the beach and measuring 3000 meters built on three grounds would cost around Rs 2.5 cr in Neelangarai. 

However, there are some important dos and don'ts while investing in a weekend home. The site selection, appropriate safeguards and proper documentation are the main measures to be kept in mind. "Invest in one location, and project that allows for sufficient resale value should be maintenance of the property proves untenable, or if quick cash is needed. Fix a due diligence on the property precedents and ensure that all necessary permits and approvals are available. Ensure that the property in an area not too secluded will also entertain you with good, "says Grover of JLLM. 

Rohtas Goel, CMD of Omaxe said that it is necessary that the buyer has a thorough market survey of the area before the finalization of the agreement which will give them a better idea of the facilities offered by the developer and the overall state of infrastructure. "A holistic view of the placement is crucial before any property purchase decision is taken."