Everything you need to know about Lonavala real estate market and the Bollywood stars who own second homes there

Lonavala, a hill station located 100 km from Mumbai and 60 km from Pune, is one of the busiest hill stations during weekends, especially during monsoon and winter. According to real estate experts, June is an important month for the region's real estate sector as buyers start registering second homes during the monsoon season.

Lonavala is primarily a second home destination and is popular with people looking to invest in villas, farmhouses or bungalows. The majority of second home buyers in Lonavala are from Mumbai, Pune and Gujarat. Several non-resident Indians (NRIs) have also invested in the area. These buyers usually visit the area during monsoon and winter to seal the deal, local brokers said.

The hill station was recently in the news after at least five people from Pune drowned in a water body near Bhushi dam in Lonavala.

The district administration has taken strict action following the accident and ordered a curfew for tourists after 6 pm in Maval and Sinhagad areas as well as Lonavala.

Villas, land: what sells the most in Lonavala?

Majority of the transactions in Lonavala comprise ready-to-move-in villas, followed by bare villas and plots.

“The most closed deals are for ready-to-move-in villas (50%), up to 30% of the deals are for bare villas and 20% are for land deals. The second home market is now also a first home market. Around 20-30% of the enquiries are from people looking to settle down permanently. For this, the key requirements are high-speed internet, housekeeping and a healthcare facility nearby,” said Chintan Vasani, Partner at Wisebiz Nyasa Developments, whose company plans to launch a villa project in the coming months.

“The price per square foot of villas in Lonavala can go up to Serviced villas and apartments from $15,000 per square foot and with 3 to 4 bedrooms are available in the range of 2 crores and 3 crores. The rental yield is around 10 to 15 per cent, he said.

Who are the second home buyers in Lonavala?

Second home buyers in Lonavala are mostly NRIs from Mumbai and Pune. More than 5,000 second home transactions are reported in Lonavala every year, according to consultants and brokers dealing in real estate in the hill station.

“The profile of second home buyers is diverse, but many are from the creative sector, NRIs, retirees, those nearing retirement. There are a few rental deals, but the majority of transactions are outright purchases,” says Ravi Kewalramani, director, RK Mumbai Realtors, whose company looks after the second home market in Lonavala.

“There is a lot of demand for second homes in Lonavala and transactions take anywhere between three to six months. However, there have been fewer transactions in the last few months. This is the case not only in Lonavala but also in other second home destinations. April to June is the peak season for transactions in the region,” Kewalramani said.

How to reach Lonavala?

Lonavala is accessible by road, train and bus from Mumbai and Pune.

Bollywood stars who have invested in second homes in Lonavala

Bollywood actor Dharmendra owns a farmhouse spread across 250 acres near Pawna Lake, 20 km from Lonavala. Salman Khan also owns a farmhouse in Panvel, 50 km from Lonavala. Sunil Shetty owns a second home in Khandala, about 4 km from Lonavala.

Other destinations like Goa, Alibaug, Igatpuri and Karjat are also attracting a lot of attention from the Bollywood industry for investing in real estate. For instance, Shahrukh Khan's daughter Suhana Khan owns a plot of land in Alibaug.

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