What Qualifies Manor As A Good Place To Buy A Second Home?
In India, the demand for second homes has been expanding quickly, especially since the pandemic started. Manor in Palghar, Maharashtra, is a developing hotspot, competing with prominent second-home markets in India like Goa, Coimbatore, and Darjeeling. But what qualifies Manor as a good place to buy a second home?
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Manor is a neighbourhood in the Maharashtra region of Palghar, roughly 90 kilometres from Mumbai. It is a census town, which means that the community has achieved urban characteristics such a population exceeding 5,000, a population density of 400 people per square kilometre, and more than 75% of the male workforce employed in non-agricultural industries. It follows that it is no surprise that the town is becoming increasingly popular among those looking for a second home in an easily accessible but tranquil area.
What characteristics are buyers looking for in a second home?
By the end of 2021, the second house market in India will have expanded at a Compound Annual Growth Rate (CAGR) of about 40%. Even though second homes are regarded as a luxury, the epidemic has significantly increased demand for them among those who work from home. The necessity for another housing unit, particularly in a rural setting, has been realized by many buyers. As many people might not buy a second house, these homes can also be a source of passive rental income. They might only need a tranquil setting to stay for a few months, though.
As a result, when buying a second home, purchasers typically favour a neighbourhood where the purchase price is affordable. To reduce their financial load, homebuyers frequently choose a neighbourhood that is reasonably priced. Additionally, buyers frequently consider the unit’s long-term use. Potential investors typically place their money in places with more vegetation and less pollution since second houses can be converted into retirement homes, weekend getaway homes, or even vacation homes. Home purchasers also carefully consider connectivity and available transit options in the area.
Manor as a potential second-home location
Now that we are aware of the characteristics and purposes of a second home, we must consider the factors that make Manor a suitable location for a second home.
Capitalization potential
Ample land tracts are available on the Manor real estate market, attracting the interest of homebuyers, investors, and builders. Other limited possibilities are independent homes and units in housing organisations. After a yearly increase of more than 25%, the average property price in Manor is currently around Rs 2,900 per square foot. The majority of the goods are reasonably priced, falling within Rs 50 lakh. As a result, people making investments in the area are likely to benefit from being first to market. As Manor is anticipated to experience significant price increases in the future.
Population density
The area’s low population density & several undeveloped lush green zones are significant contributors to Manor’s attractiveness as a location for second homes. Therefore, Manor can be the perfect location for individuals who value peace and time spent in nature.
Strengthening connectivity
Manors are situated at a key location along the Mumbai-Ahmedabad National Highway (NH-8), & nearby NH-48 and NH-160A are also accessible. The distance to significant micromarkets like Navi Mumbai & Nashik is about two to three hours. Manor may also be accessible by air as it is about two hours away from the Mumbai International Airport. The Palghar Railway Station is the closest station to the area in terms of rail accessibility; it is located on the Western Railway Line around 20 kilometres away.
The Mumbai-Ahmedabad High-Speed Rail Corridor’s operation at Boisar is anticipated to boost Manor’s connectivity. Furthermore, Manor residents will have access to the Delhi-Mumbai Expressway, which will connect to NH-8. Through the forthcoming Mumbai-Kandivali Expressway & Mumbai-Vadodara Expressway, South Mumbai and Vadodara will be accessible in less time thanks to the area.
Manor’s second home market is anticipated to have higher demand as a result of the area gaining greater attention as a desirable destination. Homebuyers & investors can benefit from the low costs and earn greater returns. Before investing in a project, it is prudent to only take into account reputable RERA-registered builders and to perform due research.
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