A number of Kolkatans are looking for a second home away from the city that can be used as a weekend getaway or as a base for a visit to tourist destinations, a real estate builder said on Sunday.
Eight builders showcased their projects at the two-day Gems Group presents Anandabazar Patrika and The Telegraph Real Estate Fair 2023 at the atrium of South City Mall. The fair, which was held at South City for the third time, ended on Sunday.
A senior official of Ambuja Neotia, one of the eight builders present at the fair, said the long waiting period for visas in a post-pandemic world has resulted in many people who would have otherwise gone abroad for vacations choosing domestic destinations.
Ramesh Pandey, vice-president (marketing and events) at Ambuja Neotia, said that the group’s project in Lataguri in north Bengal, which was launched last year, had been sold out. It had 110 apartments and 38 villas.
“A large number of those who purchased the dwellings are from Kolkata. We realised that people are willing to buy a second home in locations that are quick getaways from the city as well as very close to touristy places,” said Pandey.
“We were initially apprehensive about how this project will do, but the response has encouraged us to launch a second phase in March.”
Pandey said Lataguri is close to the Dooars and people owing dwellings there can also make a day trip to Darjeeling.
The second phase of the Lataguri project was one of the two projects that Ambuja Neotia showcased in the two-day fair.
The real estate companies that participated in the fair were the Gems Group, Rajat Group, Eden, Alcove Realty, Rajwada Group, DTC Projects, Atri Group and Ambuja Neotia.
The State Bank of India (SBI) had a stall at the fair offering loans to buy properties.
Conversations with potential buyers who visited the fair revealed that many were indeed looking for a second home, though not always as a getaway.
Tilak Parekh, who owns an apartment near Rabindra Sarobar, said he was looking for a second home in south Kolkata, but within a gated community. “I spoke with many builders at the fair. They told me they will get back to me. An advantage of such a fair is that buyers can speak to many developers in the same place. I would have liked more developers to be there,” he said.
Another visitor said he had plans to buy a second apartment as an investment option. “The capital appreciation over time and rent will give significant returns,” he said.