The Growing Concept Of Weekend Getaways And Affordable Second Homes: New Kolkata: The Perfect Choice

By its very definition a weekend home, also referred to as vacation home or second home, is a property purchased by an individual subsequent to ownership of his primary home. The motivation for acquiring such a weekend home is its use as an occasional getaway option, or as a pure investment, or as it happens in most instances - as a result of a combination of both these reasons. At one time, weekend homes was a property segment relevant only for the wealthy having old family money. In today’s economy however such properties are generating interest even from amongst the burgeoning middle class buoyed by their growing affluence. 

Why this growing concept

Since the option of occasional or maybe even more frequent self-usage of this getaway is an important factor behind such an investment, the most sought-after weekend home destinations lie within a belt of two to three hours of travel time from the main cities and towns. Quite naturally, weekend homes need to be located in more picturesque and bracing environs than the polluted and cluttered cities their owners reside in. With the basic improved quality-of-life factor vested in such locations, these homes provide their owners with short, hassle-free getaways for quality family time away from their routine city lives. In addition, they could also serve the long-term goal of providing a peaceful post-retirement life. Thus, the requirement today is for smaller residential units, usually located inside self-contained communities boasting of all amenities and facilities, within convenient distance for short unplanned getaways. 

The significant points that need to be considered when deciding on the perfect weekend home can be summarised as follows:

Location

Location is always the foremost factor to be considered when looking for any property, but even more so for the ideal weekend home. In fact, the very price of the property is primarily dependant on its location. For convenience of usage, the weekend home property has to either be within proximity of the primary place of residence – ie. within a 1-2 hour driving time at the most – or the location has to have convenient connectivity to other parts of the state or country for outstation owners. 

Profile of the Developer

Having a sound developer is a fundamental requirement whatever be the nature of the property. A trustworthy builder with an established track record of constructing and delivering quality projects by using the best of construction material and adhering to proper standards will go a long way in providing the necessary confidence for committing to the investment.

Adequate Security and Amenities

This is a very important criterion when investing in a second home. Security concerns and the requirement of regular maintenance of infrastructure necessitates that the builder should ideally provide a secure template for a strong security set-up, including CCTV cameras and manned security, along with the necessary systems in place for 24/7 surveillance and fire protection. In general, these are more easily available in a large format gated community rather than in a standalone building.

Embrace New Kolkata to meet all your needs

New Kolkata, on the banks of the river Ganges just 30 kms north of Kolkata is one such project by Alcove Realty that ticks all these boxes and perfectly addresses all the aspirations that go behind a weekend or second home. Located in the historic town of Serampore, New Kolkata is the first Platinum-rated Green Building project in the affordable housing segment in eastern India. This large-format housing project has the tallest residential towers on the banks of the Ganges, and is the only real estate development boasting its own private ghat, jetty and ferry services. Conceived by the world renowned architect Hafeez Contractor, the developer’s brief for the project had been a simple one – create world-class living at an affordable price.

The most recent instance of that has been Alcove Realty delivering the first phase – Prayag – of the New Kolkata project, with approximately 1,300 flats in 6 towers, in a record time-period of three-and-a-half years … and that includes the pandemic period! That should automatically be the best possible boost for investor confidence.  The construction schedule of the second phase Sangam is also on track and Alcove Realty is looking forward to delivering it also on time if not before.    

Apart from this confidence arising from timely delivery, the finished product itself has also been very well received. Mr.Yashaswi Shroff, Executive Director, Alcove Realty, says: “The feedback and testimonials from purchasers in the first phase indicate they are all very happy and satisfied. This is the reason why resale prices have started increasing as well.” When the New Kolkata project was launched almost four years back, the base rate had been approximately Rs.2,600/sq.ft. Today the same flat is selling for about Rs.3,500/sq.ft. This indicates an unbelievable appreciation of Rs.900-1,000/ sq.ft. at this price point in just four years. 

With the demand for residential units steadily picking up and with the USPs of the project including construction quality, design and amenities being well established – it is clear that the perfect recipe an investor needs to make a decision is completely in place. As Mr. Shroff sums up with quiet confidence, “It is quite a no-brainer that if you want to invest in a second or even a first home, New Kolkata should be on the top of your list of investment choices.”