Just when the globe thought they'd had enough of COVID-19 and were looking forward to happier times, Omicron appeared and confirmed that the pandemic was far from over. This new type, which has been dubbed "extremely transmissible," has caused mayhem across countries and disrupted businesses.
This new version has had a significant impact on the travel and hotel industries. The holiday home segment is prospering in the midst of all of this commotion. For a long time, the concept of a vacation home has been gaining traction. The section, however, really took off during the pandemic. Commenting on the growing popularity of holiday homes, Aditya Kushwaha, CEO and Director, Axis Ecorp, says, "Due to the COVID-19 pandemic, the concept of a holiday home or a second home has gained widespread acceptance."
With most corporate professionals working from home, geography is no longer a constraint. Millennials who are scouting for a perfect balance between work and personal life have fueled the concept of a weekend retreat in a holiday home. Given that people are giving extra importance to health and hygiene, a holiday home makes perfect sense. " Vinit Dungarwal, Director, AMs Project Consultants, says, "The demand for luxury properties has seen an uptick worldwide and India is no different.
Prospective buyers are attaching a lot more value to community, design, surroundings, greenery, amenities, and services. This trend is fuelling the demand for holiday homes. Earlier, for a getaway, people would either rent a place or check in to a hotel, but with the pandemic, people are apprehensive about common spaces and thus more receptive to the idea of having a holiday home. "
It makes financial and practical sense to have your own home in a beautiful, well-equipped, and fully-stocked place. Holiday homes are also considered to be a relatively safe investment option because they produce higher capital appreciation than residences in metro areas. These houses can be rented out to home-stays and tourism firms, a burgeoning market that offers investors a secure and consistent source of income.