Realtors homing in on hobbies now

Written by Mona Mehta | Mumbai | Updated: Feb 20 2010, 06:36am hrs
Demand for second home projects is growing at a rate of 10-12%, and to tap this opportunity, top builders are entering into new land deals on the outskirts of metros. These innovative projects offer ample scope for recreation and pursuit of hobbies like golf, water sports facilities and community farming. For example, top real estate companies are signing land deals in certain locations outside Mumbai like Wada, Talegaon, Chakan, Murbad, Alibaug and Lonavala apart from Pune to launch innovative hobbies concept within second home projects.

The Lodha Group has recently entered into a land deal in Pune spanning 100 acres for developing a second home project. Abhinandan Lodha, director, told FE, The new project, which is expected to be launched during March-April 2010, will also include a golf course as adventure sports hobbies concept. As a result, we have earmarked huge investment budget. This is to offer hobbies concept as value addition to end-buyers of second homes owing to buoyant demand. Due to competitive strategies, Lodha refused to divulge investment details.

Adventure sports concept is understood to be developed in locations near to the sea and at green fields, certain developers like Samira Habitat are planning to launch adventure and water sports activities in Alibaug as part of its second homes project, complementing the topography of the region to create alternate entertainment options for their residents, Sameer Nerurkar, its managing director said. Currently, Amby Valley, promoted by Lucknow-based Sahara Group, already offers water sports recreation concept to its members. Apart from Samira Habitat, Hiranandani Constructions is also currently developing second home project in Alibaug.

Disha Direct too is entering into new deals for purchasing 500 acre under the Nirvana Scheme at an investment of Rs 100 crore in Wada, Talegaon, Chakan and Murbad. As part of the scheme, on purchase of a 5,000-sq ft plot, customers can become a member of the scheme and avail themselves of a 5-acre land for producing fruits and vegetables.

Santosh Naik, managing director - Disha Direct, told FE, With the move, members of the Nirvana Farms Scheme will have the right to use the land for farming, but will not be able to sell it since this is an agricultural land.

According to Naik, Disha Direct has recently bought 100 acre in Wada with a scheme of 400 plots and another 10 acre for community farming. The company will launch five more such schemes on the outskirts of Mumbai. A professional team of horticulturist and agriculturist will assist the members of Nirvana Farms Scheme.

Supreme Universal too is currently scouting for land in Lonavala, Khandala and Alibaug in order to enter into real estate deals for developing mini township second home projects which will also have community farming, apart from adventure sports as innovative hobbies concepts, Sunny Bijlani, director, Supreme Universal said.