The second-home boom

A serene ambience, connection with nature, and a personal garden to nurture and admire — this is the retirement dream for many. The joy of growing your vegetables, enjoying a spacious kitchen, and living far from the relentless pace of urban life capture the imagination of those who’ve spent their lives in cities. Second homes, often distinct from one’s primary residence, are designed as retreats that cater to evolving lifestyles and the changing dynamics of work and leisure. Beyond personal well-being, they also play a role in shaping regional development and influencing economic, social, and cultural landscapes.

The economic implications of this second-home trend are profound and multifaceted. Developers are starting to see the potential in these up-and-coming markets, leading them to craft more focused investment strategies. The pandemic has triggered a wave of people moving to these less-populated areas, creating new economic opportunities that benefit local businesses and generate jobs in previously overlooked places.

Biophilic design is gaining traction, with designers embracing elements that bring the outdoors in. Incorporating eco-friendly design is also one of the key factors that potential clients consider when investing in second homes.

Expansive windows, open floor plans, and seamless transitions between indoor and outdoor spaces create environments that inspire tranquillity and serenity. Community green spaces are another exciting addition, offering shared areas where neighbours can interact, unwind, and nurture a sense of belonging.

Now, many homes include multifunctional spaces that can quickly transform from living areas to workspaces and recreational zones. There’s a strong focus on acoustic design, ensuring that work areas are noise-isolated and conducive to productivity. Developers are recognising the importance of creating flexible workspaces that are not only comfortable but also equipped with the latest technology. Features like plenty of natural light, soundproofing, and reliable high-speed Internet have become essential in modern home design.

Fortunately, more financing options are available now, with banks rolling out specialised mortgage products that cater to these unique properties. Fractional ownership is also gaining popularity, enabling multiple people to share ownership and use high-end second homes.

Developers are working to create projects that not only meet existing regulations but also contribute to broader regional development goals. By investing in local infrastructure, supporting environmental conservation efforts, and developing sustainable economic models, developers are addressing complex challenges.

The writer is founder and principal architect, JMA Mumbai.