India's retirement and second home market segment is expected to grow annually by 23.63 per cent in the next 5 years taking the size of the market to USD 4.021 billion by 2026 from the current size of around USD 1.4 billion, an industry report showed.
According to 360 Realtors' latest research report, sales for vacation homes have sky-rocketed in the last couple of years. The COVID-19 pandemic has acted as a catalyst and pushed the demand for second homes and retirement houses in India.
The concept of retirement and second home (RSH) started to gain traction in the previous decade. With the lockdowns and travel restrictions, more people have warmed up to this idea.
"Second homes have been part of an aspirational lifestyle for a long-time, and with the pandemic changing the real estate market in various ways, the second home industry has come into the spotlight," said Aditya Kushwaha, CEO and Director, Axis Ecorp.
"Today, most corporate professionals are working from home, so geography is less of a constraint and that has further fuelled the demand for a getaway home that is away from the hustle-bustle of the city," Kushwaha said.
"In the last couple of years, we have launched several big-ticket projects on the holiday home concept in North of Goa. These projects include Axis Blues, Axis Yog Villas and Axis Blues and they have all been accepted well by the consumers," he added.
There is also a surge of people looking to escape from the city and are looking to settle in quainter places. Goa has emerged as the top choice for people looking for a holiday home. With sun, beaches, and a beautiful landscape, Goa has emerged as an appealing destination for buyers. In addition to Indian buyers, NRIs also invest heavily in the coastal state. Rowhouses, gated communities, and villas are some of the numerous options for buyers.
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