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Purchasing Properties in Lonavala Is Still the Second Home Market?

Purchasing Properties in Lonavala Is Still the Second Home Market?

The second home market has seen a major boom in the past year. Ask around, and you’ll find people who’ll happily spend their holidays at a getaway in the hills, far from the city. What’s more, with the work-from-home (WFH) trend gaining traction, some are willing to even carry their work with them.

So, where should you get a vacation home? If you’re someone from Mumbai or Pune, you know Lonavala has always been a top choice. But is buying a second home in Lonavala still worth it?

Well, we think it is. Here’s why.

Location

Are you someone who enjoys the outdoors in your free time? Blessed with trekking, camping and exploration sites, as well as waterfalls, Lonavala is one location you cannot miss. Not an outdoorsy person? Maybe you’ll enjoy the pleasant weather, the scenic view of the pristine green hills, or the slow life far from the city’s bustle.

The best part? When you buy a property in Lonavala, you can enjoy all of this at any time of the year.

Additional Read – Why 2021 is the Best Time to Make a Real Estate Investment in Smart Cities?

Connectivity to cities

If you’re buying a second home to switch up your work from home location, you want to look for places that aren’t inaccessible from the city. Properties in Lonavala fit this bill just right. Even though Lonavala is located 96 km away from Mumbai and 64 km from Pune, it has good road and rail connectivity with its nearest cities, thanks to tourism.

One can easily reach Lonavala via the Mumbai-Pune Expressway or old Mumbai-Pune Road NH4. Want to enjoy a train journey? There are plenty of trains connecting you to Lonavala like the Intercity Express, mail and passenger trains.

Naturally, this means a getaway, weekend or otherwise, is never too far away.

Bright return potential

There’s no doubt you’re investing large funds into purchasing your second home. Maybe you’re planning to get a home loan too. So, you want to ensure the property offers good returns in the long run. The good news is a real estate in Lonavala fits that count.

Lonavala is sure to see development in all areas in the upcoming years, just as Kalyan and Dombivili located a mere 40 km away, have seen development in recent times. However, given the hilly terrain, the development will be limited. Hence, there is a high possibility that real estate prices will shoot up in the future, meaning the resale value of your property will also rise.

Additionally, with WFH gaining traction, professionals who can work remotely are moving away from the city bustle to tier-two cities and towns. So, it’s safe to say the demand for vacation homes and rentals will only rise from here on.

Additional Read – Important Things to Consider Before Buying Second Home

Final word

The average price of apartments in Lonavala is currently in the lower range. More importantly, home loan interest rates are affordable too. So, the time to buy a property is now.

Need some home finance for purchasing property? Get help from Tata Capital. We offer loans at attractive rates, flexible tenures and the best part, we’ll never make you run around. Use our home loan EMI calculator to estimate your EMIs and select the right loan plan today!

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