BENGALURU: Ambuja Neotia Group, which has a diversified real estate, hospitality and healthcare portfolio, has re-entered the second homes segment after a long hiatus, a top executive said following a resurgence in demand after the coronavirus pandemic. behind.
The Kolkata-based firm has a pipeline of projects in planned value segments in various locations in West Bengal such as Darjeeling, Dooars and Macabari Tea Estate.
The company will monetize its plots for construction of second homes and will also develop hotels in such locations, to address a large base of tourists and potential home buyers. Ambuja Neotia Group launched The Fort Raichak project near Kolkata about 25 years ago, which consists of a resort, villas and self-catering apartments.
“We acquired these properties (land parcels) about a decade ago. We wanted to build hotels first and see how they did. COVID opened new avenues in the second home market as well, and we feel more confident today than we were a few years ago. These properties will be marketed as genuine second homes in beautiful locations away from the city, as we do not expect locals to buy there, Harshvardhan Nevatia, President, Ambuja Neotia Group, said in an interview.
In the prestigious Macabari Tea Estate, it plans to develop 24 uber luxury villas, while in Ghoom, near the popular hill station Darjeeling, it will build smaller, 1000 sq ft premium apartments with common amenities and few servicing. Is planning to build cottages near Lataguri forest in Dooars area. The company is planning to launch some of these projects this year.
The second domestic market in the country is set to see higher traction in the near term, led by wealthy individuals as they seek to move away from cities amid the pandemic. Developers such as Tata Realty and Infrastructure Ltd (TRIL), DLF Ltd and Isparava have seen demand for large individual homes at high budgets for both self-use and investment in Goa, Kasauli, Coonoor, Alibaug and ‘away from the city’ locations. ,
The group is also opening hotels in Darjeeling and Lataguri, Sunderbans, New Town Kolkata and seaside tourist destination Digha. It has hotels coming up in Sikkim and Patna, which should be operational in the next two years.
“After the pandemic, people realized the need for bigger houses. That being said, ready-made apartments are witnessing better demand, while only reputed builders are seeing demand for under-construction properties. Property prices were stable till mid-2021 but have started rising in the last six months. Depending on the quality of the product, prices may see a further increase of 5-7% across the board,” Neotia said.
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