Retirement and second home market size will increase to $4 billion by 2026
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 $4.021 billion by 2026 from the current size of around $1.4 billion, an industry report showed.
"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.
Kushwaha said purchasing a second home is often not just about investment, but also about a lifestyle choice, an alternate residence, a future residence, or simply diversifying assets.
"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.
