Property Plus
Coimbatore
Second home, for prayers in peace, good returns
Religious dimension: Apartment complexes and new constructions in the temple town of Guruvayur.
A booming economy and the rising income levels are prompting more people to invest in a second home. The locations of these homes vary according to the tastes of the investors and fashions of the times. From the hills and beaches to temple and church towns, investments in second homes have continued to evolve over the generations. Rich businessmen in Kochi owning homes in Ootty or Munnar is not a relic from the past.
Only, they now tend to add another home in a pilgrim centre such as Guruvayoor or Kalady-Malayattoor. For, these are places where hundreds of thousands of people visit yearly, though for short durations. A comfortable stay in these locations has become more than a matter of convenience.
It is good investment. The trend is on and the real estate business has caught the fever.
Varying preferences
The younger among the rich may invest in holiday homes, whereas as an older person may prefer to buy a second home in a temple town, says a builder in Kochi.
Investment in suites or even a 750-sq.ft dwelling unit in a town such as Guruvayur is a matter of prestige, says K. Lava, managing director of SFS Homes.
The real estate developers have been encouraged by other factors too. For example, the Tourism Department is promoting pilgrimage tourism through campaigns just as the one it did successfully with health tourism linked to Ayurveda.
The department has made efforts to identify and list the hundreds of temples, churches and mosques that are monuments to thousands of years of religious and social evolution.
Mr. Lava points to the social dimensions of the travellers in India to build a case for his optimistic outlook on the boom in real estate business in pilgrim towns such as Guruvayur.
In India, he says, the percentage of people on business travel is much lower than in the West. People travel for social reasons: to visit relatives, to visit temples or churches or to attend ceremonies such as marriages.
This is a pointer to the investment opportunities in these towns which are the destinations of a large chunk of Indian travellers, Mr. Lava says.
The pride of ownership is a big factor when it comes to investments in second homes in a pilgrim town, he adds. They now rank along with second homes in famous holiday resorts.
SFS Homes, which has promoted a venture with 123 units, has received a good response, he says. The project offers 550-sq.ft suites and one- and two-bedroom units which have been a great hit with the buyers.
Sathish Menon, managing director of Maya Realtors Private Ltd., which is promoting Kesavam in Guruvayur, says that the real estate developers stand to gain from the boom in pilgrim centres.
He points to the appreciation in the value of units as an indicator of this fact. Maya Realtors is offering studio apartments as well as one- and two-bedroom units.
Guruvayur is first of the pilgrim towns to catch the real estate trend. This can also be attributed to the large number of people visiting the Sree Krishna temple there throughout the year.
Guruvayur is learnt to be an important destination for devotees from Mumbai.
The returns from investments in second homes in a place such as this are attractive. Even without what industry sources call sales gimmicks, there are buyers who are realistic about rent returns.
Hotel rates are high in most pilgrim towns and individual apartments stand a good chance of being rented daily. However, to run these units as hotels will involve a large number of staff, which poses practical difficulties, a builder says.
However, renting an apartment will be more economical, more homely and comfortable, especially for the elderly.
Features of the projects on offer in any pilgrim towns should include easy access to the temples as well as customisation to suit the tastes. Mr. Lava says that the apartments being offered by SFS Homes have the Kerala theme and the elevation is typically local while it jells well with the modern facilities inside.
V.N. Ramachandran, architect, says that the Malayattoor-Kalady area is witnessing great enthusiasm in real estate development. He says that the proximity to the international airport at Nedumbassery is a big factor that can be leveraged.
Both Kalady and Malayattoor are pilgrim centres. Kalady, the birthplace of Adi Sankara, is known across India as a sacred place and people from various parts of the country visit Kalady annually. Malayattoor is one of the oldest scenes of the development of Christianity in India.
The upcoming golf links close to the airport will be a major draw of the future. The completion of the second leg of the Seaport-Airport Road will add to the accessibility of the area, he says.
It will ensure that the airport is accessible from the city in about 30 minutes. This will provide a more healthy spread to the growth of the city.
In Varkala
Murali Krishnan of Gitanjali Projects says that the real estate business in Varkala, near Thiruvananthapuram, has not much been swayed by the pilgrim factor. However, the town is going through a big growth phase.
The growth in places such as Kochi and Thiruvananthapuram is reflected here too.
Considering the town’s closeness to the State capital, growth potential is big, he adds. While the rising income levels is a major factor in people investing in pilgrim destinations, the easy access to credit is a significant factor, builders here say.
The banks treat a home as an asset and there is nothing that prevents them from lending for a second home.
The growing professionalism in the building industry has also played a big role in boosting the confidence of buyers of second homes, among who are a large number of non-resident Indians.
Together with easy access to credit and the quality of the services being offered, the lack of space in key towns is certain to spur growth in neighbouring areas.
And, in that growth process, the importance of a place as a pilgrim destination can play a significant role.
K.A. MARTIN
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