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A total of 1.3 million properties were sold as weekend homes in the country.
Weekend homes or properties are the ones which exist in towns and cities that lie within 2-3 hours of road, train or even plane travel.
“The total number of properties sold was 1.3 million, and it made up almost 21 per cent of all real estate transactions,” said Ashwinder Raj Singh, CEO – Residential Services, JLL India.
“On an average, the second homes market is growing at a healthy rate of 10-12 per cent per annum,” he added.
The primary reason for the increased demand is the growth in economy, rise in high networth individuals (HNIs) and the steadily growing aspirational middle class.
“In absolute terms, the growth registered by the vacation home segment in year 2014 was 57 per cent over the year 2013,” Singh said.
With the larger real estate sector not showing any immediate signs of revival, the weekend/vacation homes segment is showing attractive growth.
Singh said: “All major developers are vying to get a slice of the pie with options priced from a few lakhs to a few crores being launched quite regularly to cater to different end-users and investors.”
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