Indians who buy holiday homes tend to have higher disposable incomes and hail from the middle and top management segments. This buyer segment is usually in the age bracket of 35-45.
Villas are a unique real estate configuration because unlike in apartments, the buyer gets to own the piece land on which a villa is built. Pricing of villas would vary with the size of the plot on which they are built, their built-up areas, the amenities offered, whether or not they are gated, the location of the project, its accessibility, value-adds such as sea view and so on.
There has never been a real decline in the popularity of second homes in India. It certainly is a full-fledged real estate market segment in its own right. However, just as on the first home market, the demand for second homes is driven by the general economic climate. When the economy declines, all real estate segments decline with it. By the same coin, the demand for second homes always rises when people’s spending power increases.