F
or homebuyers with a ₹50 lakh budget, options for a second home near Mumbai are limited but not impossible. Emerging locations in the Karjat-Neral belt offer affordable opportunities. According to Gautam Thacker, chairman of NAREDCO, one viable option is buying land from a Grade B developer for around ₹20 lakh and spending the remaining ₹30 lakh on construction and approvals for a 2BHK independent home.

    Partnering with property management firms can fetch an annual rental yield of up to 10%. Another option is a 2BHK apartment facing the Matheran hills in Neral, available for around ₹30 lakh. However, buyers hoping to buy a villa in established second-home hotspots like Lonavala or Igatpuri would need a budget of ₹1-2 crore.

    Several real estate developers have launched plotted and villa development projects across Maharashtra, catering to the growing demand for second homes. Popular locations include Lonavala and Khandala near Pune, Dapoli in the Konkan region, Alibaug in Raigad district, Manor in Palghar, Igatpuri, Kasara Ghat near Nashik, and the Karjat-Neral belt.

    Experts advise investors to conduct thorough due diligence before purchasing land or independent houses for use as second homes. "When investing in land, it's crucial to understand the difference between agricultural and non-agricultural land," said Aditya Zantye, a Mumbai-based chartered accountant. Buyers must verify the ownership title and get legal due diligence done before committing funds.

    Investors need to ensure proper documentation before purchasing a particular land parcel or an independent house for use as a second home. "One should understand the difference between agricultural land and non-agricultural land," said Zantye. "We need to be doubly sure about the ownership title of the project."