Mumbai’s affluent residents are increasingly investing in upscale second homes in nearby scenic destinations, prioritizing privacy and seclusion in serene settings.
Prominent figures including industrialists, corporate leaders, Bollywood celebrities, and sports personalities are acquiring properties in sought-after areas like Alibaug, Goa, Lonavala, Khandala, Panchgani, Karjat, and Pawna Lake.Their preferences range from pre-built or in-progress villas to plots of land for custom-designed residences.
Developers are catering to this elite clientele by offering a diverse range of luxury properties, including boutique villas and expansive estates. These offerings come with top-tier amenities such as private pools, landscaped gardens, and personalized concierge services, promising an unmatched lifestyle for the privileged few, states an ET report.
Home Away From Home
Government efforts to enhance connectivity are driving real estate development in the area, attracting developers, homebuyers, and investors as well.
As social media becomes more prevalent and paparazzi more intrusive, prominent individuals seek refuge in second homes to maintain privacy, said Ritesh Mehta, senior director at JLL India.
Bollywood personalities like Shahrukh Khan’s daughter Suhana Khan‘s purchase of land in Alibaug, near Mumbai, reflects a growing trend among the affluent. Other notable investors in the region include actors Ranveer Singh and Deepika Padukone, as well as cricketers Sachin Tendulkar, Rohit Sharma, Virat Kohli, and Anushka Sharma.
Alibaug, Lonavala, Panchgani, and Goa have become sought-after destinations for luxury second-home developments, thanks to their scenic beauty and proximity to Mumbai. The allure of these areas is not only due to their natural charm but also because of improved infrastructure.
Government efforts to enhance connectivity through road, rail, and air networks have made these regions more accessible, attracting affluent investors seeking luxury and convenience. Samujjwal Ghosh, CEO of The House of Abhinandan Lodha (HoABL), outlined the role of infrastructure development in boosting property values and economic growth in these areas.
In slightly over two years, HoABL has sold projects covering 360 acres in various locations including Goa, Alibaug, Dapoli, and Anjarle in the Konkan region, amounting to over 3,500 villa plots.
Individuals with a net worth exceeding Rs 500 crore are particularly drawn to these properties valued at over Rs 20 crore.
The upcoming Mumbai-Goa highway, upcoming Mopa airport, and proposed coastal road projects are expected to enhance travel connectivity, minimizing travel duration and enhancing convenience for second homebuyers.
