Indians love the idea of farmhouses. Not just are farmhouses believed to be an extension of lifestyle but they also give a great escape from congested city lives and bond well with nature. As per the latest research by 360 Realtors, which surveyed 400 HNIs in India, 58% of the respondents want to buy farmhouses or other related properties in the near future. Close to 26% of the respondents are willing to invest around 1.5 – 3 Crores. A little less than 13% of the respondents indicated they are willing to invest between 3 -5 Crores.
Roughly 38% of survey respondents want to buy a farmhouse property in the hill station. In Maharashtra, the hilly terrains of Lavasa and Lonavla are highly popular destinations to build farmhouses, second homes, villas, etc. In the North, popular destinations such as Shimla, Solan, Mussoorie, and Nainital are preferred to farmhouses and gated villas. Industrialists, businessmen, retired officials, senior corporate from NCR, Chandigarh, etc. flock to such locations, lured by scenic views. In the South, Ooty is a highly sought-after farmhouse and second home destination, as it can give a very calm and serene life to the people. Meanwhile, 25.5% of respondents prefer to build farmhouses in the city peripheries. Sea beaches are also sought-after farmhouse destinations. Besides regular favorites such as Pondicherry, Vizag, Goa, etc. Other upcoming locations such as Western Ghat and Sindhudurg are also luring buyers’ interest.
“A lot of HNIs are gravitating towards city peripheries to build farmhouses and gated villas, as they offer easy commute options. In this way, one can go with friends and families over the weekend. In MMR, Kajrat, Alibaug, etc. are popular choices. Panvel is also steadily rising up as a top-notch, farmhouse destination. It is known for wider roads, plenty of greeneries, water bodies, etc. In NCR, the list includes the likes of Aravalis, Chatarpur, Delhi- Jaipur Highway, etc. In Bangalore, the Nandi Hill Region, which is located at a distance of around ~ 50 Kms from the Indian Silicon Valley is gaining steam. One can enjoy a lot of wood walks, sporting activities, etc. in Nandi Hills and its nearby regions.” Quoted, Mr. Ankit Kansal, Founder and MD, 360 Realtors.
The research by 360 Realtors has also offered some powerful insights on the growing uptrend of value additions in the farmhouses as a property category. Farmhouses are no more limited to the conventional definition of building a cozy cottage or house in the midst of farmland with some leisure facilities clubbed together.
Buyers and investors are willing to go the extra mile and spend money for better facilities. As per the survey, 47% of the respondents want yoga, meditation, and other wellness facilities. 57.5% of participants want facilities for events & private parties, while 65.6% wish to have a swimming pool. 17.2% of respondents want laundry facilities whereas 21.4% would love to have concierge facilities, even at an incremental cost.
“There is a steady but visible trend of hotelization of farmhouses. New features are continuously added to farmhouses to give more enriching and enhanced stay experience. Moreover, farmhouses along with bungalows and second homes are now actively used for long stays. They are also becoming very popular to host parties, wedding events, corporate shows, etc. This further necessitates the need for better security, increased amenities, and layers of new services & offerings.” Added Mr. Kansal.
On being asked about their preference for designs, 32.5% of the respondents suggested their liking for conventional rural-styled designs. A little less than 28% indicated liking for Scandinavian design features which mainly include white shades, minimalist & clean styles, etc. Roughly 9% of the respondents also indicated their liking for rustic/ industrial type designs demonstrating the willingness amongst Indian farmhouse investors/ buyers to try out new ideas.
In the real estate category, farmhouses will continue to gain momentum in the times to come. The lines between farmhouses, gated villas, and retirement & second homes are blurring. The space is also getting organized as in recent times, a slew of big developers such as Tata Housing, Lodha, Kalpataru, Axon Homes, etc. are venturing into the space. Interestingly farmhouses are also lucrative investments. Buyers are smartly tapping into attractive capital gains and recurrent rental income streams.
