Demand For Vacation Homes Are Surging

Demand For Vacation Homes Are Surging

The Covid-19 pandemic has given a new lease of life to the previously lacklustre second homes or holiday homes market. To understand more on this, we spoke to Lincoln Bennet Rodrigues, Founder and Chairman and Lindsay Bernard Rodrigues, Co-Founder and Director of Bennet & Bernard Group, a luxury real estate developer in Goa. From Portuguese styled villas to Penthouses in a French Chateau style, they have created some of the most unique themed projects in the city. 

Here are the excerpts. 

In the current times, is the demand for holiday homes gaining traction? 

Luxury housing has largely remained insulated from the slowdown as the market is driven by end-users at the top of the pyramid. The desire to own a second home in salubrious, green surroundings is very much part of the overall Indian ethos. However, while breaks from the hustle and bustle of city life, rental income, and eventual retirement have been aspirations till now, the Covid-19 outbreak has given rise to a more urgent motivation – relative safety from the pandemic in holiday homes. 

The perception of lifestyle has changed in response to the new reality, and buyers are attaching a lot more value to community, design, surrounding, greenery, amenities, and services. 

Demand For Vacation Homes Are Surging

Who are the buyers? 

Buyers are diverse varying from HNIs to NRIs to people who are looking for retirement homes. HNIs and NRIs are becoming a force multiplier in fuelling luxury housing demand. 

How is Goa’s real estate market positioned currently?

The demand for luxury holiday homes in Goa has always been high and has gone up in the post-Covid-19 context. As the second wave of the pandemic continues to rage across the country, the enquiries for second homes continue to be robust with the thrust on wellness and greenery. With work-from-home being the new norm, geography is no longer a constraint, and hence the need for a perfect work-life balance has fuelled the concept of a second home among corporate professionals. 

Demand For Vacation Homes Are Surging

What are some USPs of your projects?

Sustainability is an integral part of our DNA. As a premium developer, we always strive to build homes that are balanced on space, modern amenities that add to the convenience, privacy, and oneness with nature. 

Over the last decade, we have delivered many exclusive homes in Goa that are appreciated for their architecture and high standards of aesthetics, be it the English, Spanish, or Portuguese-styled villas or duplex condominiums and penthouses in a French château-style structure. Lastly, none of the designs is ever repeated making each project exclusively unique for every owner. 

Tell us about property prices in Goa.

Property prices in Goa depend upon location, type, and region. On average, prices can vary anywhere between Rs 1–10 Crore for premium properties.

How do you expect the second half of 2021 to be for the Indian real estate sector?

We are at the start of a fundamental shift. The sooner we relate to it, the better off we will be. Although the future won’t look anything like today, we are certain that leading developers and homebuyers will jointly reshape the luxury residential landscape for the good.

With everyone banking on a sharp V-shaped recovery with the provision of the vaccine, 2021 is poised to be a strong one for holiday home transactions. 

Considering situations like home quarantine and lockdown, people have realised the importance of larger spaces and self-sustained communities that ensure safety, health, and hygiene. 

Lastly, your advice for our readers who wish to invest in a holiday home.

Time and again, the real estate industry has proven to be an attractive asset class with healthier relative returns. In the current scenario, it has gained the attention of both locals and NRIs across the world. Buying a holiday home can be great for several reasons. Not only it allows you to take a vacation at no extra cost, but it also helps you to diversify your income and plan your retirement well.

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