Lonavala Becomes Favourite Hotspot For Second Home Buyers

Bangalore: Lonavala real estate market is witnessing healthy growth and is becoming a preferred destination among second home buyers. A small town and a hill station, Lonavala situated between Mumbai and Pune, has become one of the most sought-after location with lush greenery and tranquility. The best way to access Lonavala is through the expressway. The future real estate market of Lonavala seems to be optimistic and if planned out properly, Lonavala may become the centre of Mumbai and Pune, according to Sainani, Director of Nanak Properties, reports Times Property, Mumbai.

Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India, stated that Lonavala is one of the most popular holiday as well as weekend destination. He also added that “Lonavala covers only about 38 kilometers, but as a weekend getaway hill resort and second home destination, it is a national byword. It’s 64 km from Pune and 96 km from Mumbai. Thanks to the excellent road and rail connectivity, it is often a default option. The second home market in Lonavala and Khandala is a boom story in its own right. It also has excellent boarding schools, corporate training centres, spiritual retreats, alternative medicine centres and old age homes, which is quite a package of offerings for such a small town,” reports TOI.

According to Shveta Jain – Director, Residential – Cushman & Wakefield, “Hill stations, riversides, beaches and eco-friendly rural locations are some of the more popular destinations for the new crop of holiday homes that are being developed in the country, attracting national as well as local developers for building gated residential projects that are specifically marketed as second homes or holiday homes, and come with fully-furnished options, along with various entertainment and well-being facilities such as club houses, swimming pools, spas and yoga centres, landscaped areas, etc.”

Several developers are recognizing the potential of Lonavala, which is situated away from the busy crowd of the city. “Lonavala is by far a favourite with Mumbai residents and there is a good supply in the pipeline of row-houses and bungalows by leading players. There is also a healthy demand for plots in Lonavala. The prices for row houses range from 1 crore to 2.5 crore, for bungalows from 1.5 crore to 4.5 crore and for plots from 25 lakh to 1 crore,” said Ahuja.