Concept Called "Second Home"

The concept of second homes has always been around, though often restricted to the extremely affluent. It is this class that could afford to have a home away from home, for vacationing or for an occasional weekend relaxation. But lately, the concept appears to have gained widespread acceptance.People are looking for relaxation and research around a year ago showed that within Mumbai and Thane there is a demand for around two lakh second home units and there is a supply of only 5,000 to 6,000 units a year. In the next 20-25 years the demand will be good but the land will not be there. It is a great industry to be in. A lot of developers are expected to enter this industry and people will thus get better and newer products at every level. It is a great industry to be in.
Second homes are a different market altogether. People who are taking a property as a second home will, within five to 20 years, take it on as a first home

One is the investment proposition. If you see today in terms of returns, whatever we have invested say five years back, and whatever we are supposed to get today, is huge compared to any of the other instruments one can think of.
So that has driven people more towards going in for an investment in second homes. Apart from that, there are several categories of such people. One would just like to just invest in the landed property, be it a barren land or a plot, not deciding if he would construct something there. But only hoping that four to five years down the line the prices would go up and he would sell off the plot.
The second are those who are expecting something of a monthly return from those properties. Could be a form of rent back schemes. The third are those who just want to have a leisurely time. During the weekends or whenever they want to have their holidays.
So these are the categories of people who want to invest in these kind of second homes.