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Demand for holiday homes gains traction amid pandemic
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SME Times News Bureau | 28 Nov, 2020
As the pandemic has significantly impacted operations of businesses and
people's working model, housing preferences also have changed and the
demand for holiday homes or second homes has increased in the past few
months.
According to Aditya Kushwaha, CEO & Director Axis
Ecorp, the need for a perfect balance between work and personal life has
fuelled the concept of a weekend retreat in a holiday home.
"Due
to the COVID-19 pandemic, the concept of a holiday home or a second
home has gained widespread acceptance. With most of the corporate
professionals working from home, geography is no longer a constraint,"
he said.
He also noted that from the investment perspective,
second homes in non-metro cities are a relatively safe investment option
with higher capital appreciation compared to homes in metros,
especially during COVID-19, when alternative options such as mutual
funds, shares have seen diminishing returns.
These properties can
be rented out to home-stays and tourism businesses, a booming market
promising an assured and stable source of income to investors, Kushwaha
said.
He noted Axis Ecorp has witnessed a rise in demand from
NRIs and has around Rs 50 crore worth of stock at its project 'Axis
Blues' in Goa, since lockdown was announced in India.
On the
impact of the pandemic and the lockdown restrictions, he said that
lockdown impacted the development and expansion plans of various players
as most of the people were locked inside their homes and companies
adopted work from home to keep their employees safe.
"However,
with the implementation of unlock, things are slowly coming back on
track. Companies and developers are adapting to the new environment,"
he said.
He observed that the nationwide lockdown imposed in
March severely impacted the new launch activities as there was a
shortage of labourers and supplies initially. However, a major
component of workers stayed back and continued working, there was a ray
of hope to complete projects.
He said that the company expects sales at its Axis Yog Villa to reach Rs 70 crore by the end of next year.
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