Farmhouse culture has persisted for a long time in India. Owning a farmhouse away from the noise and hectic city life gives people a much-needed escape and offers the opportunity to enjoy the confluence of nature. It is also a status symbol amongst the affluent class in India.
In NCR, a host of locations such as Chattarpur, Brijwasan, Aravalli, Sultanpur, and Delhi-Jaipur highway have emerged as popular choices for farmhouse-style living. Likewise in Mumbai, Karjat and Alibaug are popular destinations. In southern India, locales such as Ooty, Vizag, Pondicherry, and Mysore have seen a surge in interest from farmhouse investors.
In the wake of the pandemic, there has been a renewed interest in farmhouse-style living. Demand for farmhouses, gated villas, second homes, holiday homes, etc is soaring. Buyers who can afford it, now prefer alternate destinations away from the crowded city centers, as it can safeguard against possible future outbreaks. It also gives much-needed peace and serenity from a typical congested and busy city life.
Moreover, the virus has taught an important lesson in general. It is not always the wisest decision to keep money in banks. If it can be spent wisely on things to have a more enjoyable life without compromising on the investment potential, it is worth the risk. Such shifts in thinking are also giving buying boosts to alternate asset classes such as farmhouses, holiday homes, etc.
Moreover, there are plenty of options in the market, which no longer makes farmhouses an asset just for the super-rich, as they once used to be. There are products available in the range of INR 1- 2.5 crores, a sweet spot for the high mid-income buyers. This is drawing interest from a large number of senior corporate professionals, lawyers, doctors, techno entrepreneurs, businessmen and women, freelance creative artists, etc.
Mentioned below are 5 major points that are shaping the modern farmhouse style living in India
Farmhouses within City Limits on the Wishlist: These days amidst flexible working cultures and a surge in Work from Home/ Work from anywhere practice, farmhouses are preferred within the city or at the edge, preferably within a distance of 1-2 hours from the city limits. Buyers prefer farmhouses that are far enough to give relief from the concrete urban lifestyle but close enough for frequent visits. In this way, it also allows for weekend retreats and recreations. Having a farmhouse close by can also allow professionals to take frequent breaks and work amidst a calm serene natural lifestyle that can recharge their professional acumen and thinking.
Elevated ROI Prospects: Farmhouses are no more just about natural retreats or status symbols. It is also about smarter returns. Farmhouses can give smart appreciation in the middle to long run. Moreover, it can also be used as rental homes, holiday resorts, parties & marriage destinations, corporate event retreats, etc there by offering new avenues to money. Farmhouses are generally made on sprawling areas, which further gives the owner the flexibility to sell a parcel in case some liquidity is required.
Niche Segment on The Radar of Big Developers: Looking at the long-term potential of farmhouse-style living, large developers are now entering the space, despite ~ 85% of the market remaining unorganized. Large developers such as Tata, Lodha, Axon, and Kalpataru have forayed into the farmhouse style of living. Institutional players and HNIs are also venturing into the category, lured by attractive dividend potential. The arrival of large players is a very good sign for the niche category as it will make it more transparent, improve the overall quality, and offer more flexible payment options to discerning buyers.
Farmhouses Becoming Synonymous with Second Homes: In a time when traditional boundaries are being blurred, the idea of farmhouses is increasingly clubbed with Retirement and Second Home (RSH). Besides farming, additional facilities are developed such as adventure, eco-tourism, sports, etc. so that such properties can also be used for homestays. Old hotel properties in picturesque destinations are now given a facelift to be transformed into farmhouse cum second home destinations, to match evolving demands. The RSH segment is one of the fastest-growing categories and is expected to cross a market size of USD 4 billion in the next 5 years, as per research by 360 Realtors.
Preferences Swinging Toward Rustic-Styled Farmhouses: Increasingly rustic-styled farmhouses are also becoming very popular. Modern farmhouses are just not limited to Exotic Cottages, Swiss Chalets, or French Chateaus. New age farmhouses are now experimenting with indigenous design concepts to give it a more natural, authentic, and country-styled homely look. Increasingly, stones, mud, wood, etc. are used in such a way to make farmhouses appear more tropical/ subcontinental without compromising on comfort and functionality. The stony, edgy farmhouses are becoming very popular as they are seemingly more authentic.
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