Weekend homes: New normal or gimmickry?

Work from home: Have these three words changed the way homebuyers shop? While weekend homes are the current buzz in the Indian real estate market, some analysts aren’t convinced about the soundness of it. Until the Covid-19 pandemic recedes and lockdowns are a thing of the past, real estate developers believe that people don’t want to be locked down in the four walls of their city home. “Weekend homes are back in vogue after having shed the ‘weekend’ tag, becoming the mainstay option for homebuyers today,” says Punit Agarwal, CEO of Nirvana Realty.

The pandemic, says Agarwal, has had a significant impact on our lifestyles, helping to bring into focus the advantages of clean, healthy living. “Many aspiring homeowners have decided to make a quick move from life in bustling city lanes to calmer, cleaner, more open spaces in smaller towns or hill stations and places of scenic beauty and pleasant weather,” he adds. And to some extent it's also a herd mentality, believes Anshuman Magazine, Chairman and CEO, India, South-East Asia, Middle East & Africa, of property consultancy firm CBRE.

Typically, weekend homes are located at short distances from metros and have access to connectivity, developed infrastructure, serene surroundings and modern amenities. “From Delhi a lot of people have gone up to the hills and bought in droves,” says Magazine, adding that the preferred locales are the hill destinations in Uttarakhand and Himachal Pradesh. However, people from across India, he adds, are buying in Goa. “I would say Covid-19 is pushing a change in lifestyle among the HNI (High Net Worth Individual) category.” On the contrary, “For the people who are well-off their houses are pretty big even in the city,” points out Amarjit Bakshi, Chairman and Managing Director, Central Park.

Another distinct advantage of buying these homes is the lower cost of owning property in smaller towns as compared to that of owning the same in a big city. Locales like Alibaug, Lonavala, Karjat, Pavana have been top choices for home seekers from Mumbai, “Here they have large, spacious homes set amidst green expanses. These homes make it easier to cater to the needs of different family members across generations and be close to nature, something which is not easily achievable in a typical city dwelling,” says Prashant Bindal, Chief Sales Officer, Lodha Group - one of India’s largest real estate developers.

Weekend homes are designed in a manner that with basic luxury factors vested, buyers also enjoy returns on their investment. “Being located at strategic locations with year-round tourism, they attract potential rental income,” says Agarwal of Nirvana Realty. That said, Gulam Zia, Executive Director at property consultancy firm - Knight Frank India - isn’t convinced about the trend. “I don’t want to believe that for a couple of quarters of stress, you would take a decision to buy a house that would last for a couple of decades,” says Zia. “It’s a marketing gimmick!”