Last year was filled with many learnings. Moreover, it was a year where we saw both the revival and revision of many industries. Case in point – the hospitality industry. Traditional vacation rental markets, earlier restricted to a select demographic in India, have found their way to the mainstream. A drastic shift in preference is evident. Travellers that once sought chic hotels now look for standalone lodging. The pandemic, need for social distancing and other factors have significantly contributed to the country’s long and short-term vacation home rental market.
As the country’s economy is on its course to recovery, the real estate sector is also witnessing a rise in the demand for second homes, especially in tier-2 and tier-3 cities because of affordability and better growth prospects. These homes are in turn being rented out to guests as vacation homes.
In terms of preferred destinations for vacation homes, the emerging destinations in South include Pondicherry, Nandi Hills, in Chennai Kottivakkam, Mahabalipuram and Kovalam with beach-front properties are the hot favourites for secondotspot homes.
In the West, while Alibaug, Lonavala, and Goa are preferred locations, in the North, farmhouses at Chattarpur, Jaipur, Shima continue to be preferred destinations. These homes away from home rentals give a unique perspective to travellers, often more imm