Real estate reports show that the top- end and wealthy people are ready to invest more on farm houses now. It has become a new subculture for the well- to – do people or high net worth individuals (HNIs).
The term ‘farm house’ remained on the top headlines as one of the leading real estate developers Mr. Ponty Chaddha was shot dead at his farm house. Yet this incident should not be considered as a negative thing rather it pointed that the wealthy people are after farm houses.
The murders of real estate developer Ponty Chaddha and actress Laila Khan took place in farm houses. What does it show? It shows that the wealthy class people raise more demand for farm houses.
Two decades ago only a few people had farm houses in the rural areas. But the last decade witnessed the setting up of many farmhouses on the suburban lands. Recent studies prove that there are number of farm houses in every suburban area.
As the number of HNWIs increase, the number of farm houses also increased. The emerging millionaires who migrate to metropolitans wish to be connected to the existing millionaires of the city. They find farmhouse- parties highly useful for this.
Farm houses remain venues of ultra-expensive parties and homes for the wealthy. Farmhouse- parties normally include only millionaires. As a result the millionaires feel that it is suitable to own a farmhouse as it improves the status of the owner. This has become common in cities like Delhi, Mumbai and other metropolitans.
The emerging millionaires of Chandigarh, Haryana, Punjab and some parts of Uttar Pradesh shift their homes to metropolitans. They conduct farmhouse- parties to get in touch with the existing millionaires of the city.
Farmhouse- parties are often noted for the presence of Bollywood stars or some international models. The growing tendency to boast is seen in each of such parties.
Comparatively farmhouses are cheaper than having a second home in the town. Cheaper land prices will allow the millionaires to set up farm houses in the outskirts of the city. Another important reason for setting up a farm house is that it is easy to acquire permission for real estate construction. The rules permit only 10%- real estate development in any of the agricultural land.
Real estate reports that the National Capital has the maximum number of farm houses. There are 2,700 farm houses in Delhi. The total land occupied is 7000 acres.
With the liberalization policy of the Delhi government it has become easier to construct larger farm houses in the outskirts. Delhi government revised the floor-area ratio as an incentive to the people who want to construct farmhouses.
A Mumbai based real estate consultant Santosh Naik says disclosed that the demand for farmhouses is enormous in other cities as well. According to his observation nearly 2 lakh people demand for such second homes.
Jones Lang LaSalle India’s Anuj Puri pointed to the lower tax structure as well as the cheaper rate of agricultural land makes it more profitable to set up farm houses. Farm houses are meant not for the city dwellers but for the farmers.
Farm houses have become the area where the millionaires conduct wedding- parties and other similar meetings. Delhi – based entrepreneur Sushant Khanna opined of creating a website for farmhouses to easily find out one such farm to conduct the family functions like weddings.