58% of rich Indians want to buy farmhouses, hill stations preferred location: Report

The report also said that buyers and investors are willing to go the extra mile and spend money for better facilities. (Representative image)

The COVID-19 pandemic may have shifted many homebuyers' attention towards the need for a bigger house; however, India's high net worth individuals (HNIs) have set their eyes on farmhouses or similar properties. According to the latest research report by 360 Realtors, 58 percent of the 400 HNIs it surveyed want to buy farmhouses or other related properties in the near future.

According to the report, close to 26 percent of the respondents are willing to invest around Rs 1.5-3 crore while around 13 percent of the respondents are willing to invest between Rs 3 crore and Rs  5 crore.

Around 38 percent of the respondents want to buy a farmhouse property in a hill station. According to the report, the hilly terrains of Lavasa and Lonavla are highly popular destinations to build farmhouses, second homes, villas, etc in Maharashtra. In the North, popular destinations such as Shimla, Solan, Mussoorie, and Nainital are preferred to farmhouses and gated villas. In the South, Ooty is a highly sought-after farmhouse and second-home destination. Meanwhile, 25.5 percent of respondents prefer to build farmhouses in the city peripheries. Sea beaches are also sought-after farmhouse destinations. Besides regular favourites such as Pondicherry, Vizag and Goa other upcoming locations such as Western Ghat and Sindhudurg are also luring buyers’ interest, said the report.

Also Read: Second wave of Covid-19 spurs demand for farmhouses

“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. 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 km from the Indian Silicon Valley is gaining steam,” said Ankit Kansal, Founder and MD, 360 Realtors.

The report also said that buyers and investors are willing to go the extra mile and spend money for better facilities. As per the survey, 47 percent of the respondents want yoga, meditation, and other wellness facilities. 57.5 percent of participants want facilities for events and private parties, while 65.6 percent wish to have a swimming pool. Up to 17.2 percent of respondents want laundry facilities whereas 21.4 percent would love to have concierge facilities, even at an incremental cost.

Also Read: Varun Jaipuria buys farmhouse property for Rs 120 crore in Delhi

Also, 32.5 percent of the respondents suggested their liking for farmhouses with conventional rural-styled designs while a little less than 28 percent indicated liking for Scandinavian design features which mainly include white shades, minimalist and clean styles, etc. Roughly 9 percent of the respondents also indicated their liking for rustic or industrial-type designs.