A weekend home in Alibaug is finally within reach
Imagine painting the prettiest-ever, sea-swept landscape â€“ and then living in it. Till fairly recently, only the super-rich were allowed to have that dream, and Alibaug made it a reality. But in the last R
Imagine painting the prettiest-ever, sea-swept landscape – and then living in it. Till fairly recently, only the super-rich were allowed to have that dream, and Alibaug made it a reality. But in the last decade or so, this scenic coastal town not far from Mumbai has been becoming more and more accessible as a second-home destination for those with a surplus budget.
Blessed by no less than a dozen palm-fringed beaches, spectacular sunsets and oodles of rustic charm, Alibaug has gone from being a hugely popular weekend getaway for day-trippers from Mumbai, to an exclusive retreat for HNIs from South Mumbai, industrialists and film stars, to a vacation home for even regular folk looking to invest in a lifestyle destination.
Alibaug’s main selling point is its proximity to Mumbai – a 3-hour drive or 60-minute ferry ride across the harbour. Add to that a string of ancient forts, beautiful temples and drop-dead gorgeous scenery, and it was only a matter of time before developers started pitching to a variety of budgets.
The demand for second homes here has escalated in the last decade. Row houses in Alibaug range from Rs 70 lakhs to Rs 2 crores; bungalows from Rs 1.25 crores to Rs 7 crores; and plots from Rs 10 lakhs to Rs 2 crores. The appreciation potential is huge, keeping in mind two Special Economic Zones that are being developed in the area. This includes a new port at Revas and a new road that will reduce the distance between Alibaug and Mumbai to about 50 kms.
While 90 per cent of the catchment belongs to Mumbai, 10 per cent belongs to Pune. “Future economic activity in Alibaug is making this micro-market a magnet for investors. A lot of big developers from Mumbai, investors and industrial houses have realised the future potential of Alibaug and are investing here heavily,” explains Santosh Naik, CEO of Disha Direct.
See also: Weekend homes: Does luxury rule the roost or affordability?ROI from Alibaug properties
Buyers are no longer looking at investment only but at returns on investment as well. Some analysts believe that prices will see a sharp restructuring once actual end-users get active in second homes in the region. Consider the facts.
Plots in Alibaug that were once sold at Rs 250-300 per sq ft till 2007, are today going for Rs 1,200-1,400 per sq ft.
This shows that this market has not only appreciated sharply but is ready to see the next wave of the property rally. Remarkably, this appreciation has taken place amid an overall property slowdown in and around Mumbai.Local push
According to Devang Trivedi, managing director of Progressive Group, “There are no two opinions about the attraction quotient of Alibaug as a second-home destination. That’s why hundreds of hotels have come up, apart from a number of industries setting up base here. The only worry is that all this activity may compromise the natural beauty of Alibaug and make it a cramped first-home locality like other Mumbai and Pune property markets.”Main attractions in Alibaug property market Alibaug has always been a first choice as a weekend home due to connectivity with Mumbai. Its main draw is its natural beauty, laidback ambience and spectacular scenery. Developers are now pitching at a variety of budgets, not only to the super-rich. NRIs and HNIs buy second homes in Alibaug for quality lifestyle. Alibaug is an equally attractive destination for Pune holiday home buyers.
(The writer is CEO, Track2Realty)