Young Turks building sand castles
By Smitha Venkateswaran, TNN |
Highlights
MUMBAI: Every long weekend, like the one around January 26, you will find a whole lot of young techies and corporate executives hanging out in Goa. For them, it���s the ultimate chill-out zone-sea, beach, beer and seafood. Therefore, it comes as no surprise that many of them have started buying real estate in the state.
And, such has been the spike in demand for holiday homes that a number of major real estate developers have entered the Goa market, including DLF, Gera developers, Parsvnath, Palacio Property Developers and Dynamix Group.
For some buyers, it is just the sheer convenience of owning a house in a place they visit at least four or five times a year. Says Kirti Jaypaul, a software techie from Mumbai, "I love to holiday in Goa, so owning a place became obvious. Besides, it has good resale value."
For others, it is the steeply rising hotel tariffs. Room rates have risen more than 25% since the introduction of VAT in 2005, which have made home purchase a more practical option.
But unlike the Vijay Mallyas and the Shah Rukh Khans, this breed is not into the quaint little heritage cottages. They prefer apartments with modern amenities like a swimming pool and gymnasium-where maintenance and security are taken care of. "People look for hassle-free environments. In an apartment, the maintenance is taken care of, thus adding to resale value," says John Britto, director, Acron Developers.
Besides, housing developers also provide lucrative options through rent schemes���, which allow the place to be hired out to tourists when not in use. A house with a good view or close to the sea can fetch Rs 1 lakh per month as rent.
smitha.venkateswaran@timesgroup.com
And, such has been the spike in demand for holiday homes that a number of major real estate developers have entered the Goa market, including DLF, Gera developers, Parsvnath, Palacio Property Developers and Dynamix Group.
For some buyers, it is just the sheer convenience of owning a house in a place they visit at least four or five times a year. Says Kirti Jaypaul, a software techie from Mumbai, "I love to holiday in Goa, so owning a place became obvious. Besides, it has good resale value."
For others, it is the steeply rising hotel tariffs. Room rates have risen more than 25% since the introduction of VAT in 2005, which have made home purchase a more practical option.
But unlike the Vijay Mallyas and the Shah Rukh Khans, this breed is not into the quaint little heritage cottages. They prefer apartments with modern amenities like a swimming pool and gymnasium-where maintenance and security are taken care of. "People look for hassle-free environments. In an apartment, the maintenance is taken care of, thus adding to resale value," says John Britto, director, Acron Developers.
Besides, housing developers also provide lucrative options through rent schemes���, which allow the place to be hired out to tourists when not in use. A house with a good view or close to the sea can fetch Rs 1 lakh per month as rent.
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smitha.venkateswaran@timesgroup.com
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