The Hindu Business Line : Govt approves guidelines for timeshare resorts

According to a release issued by the All-India Resort Development Association (AIRDA), timeshare is the fastest growing component of tourism and provides diverse options of leisure and family holidays.

Under the approved guidelines, the timeshare resorts will be classified in the category of 3-, 4-, and 5-star, and heritage properties.

The approvals will provide resort developers a chance to avail of the incentives and tax benefits, which are currently applicable to hotels and service apartments, the release said.

Earlier, the Government had approved similar classification norms for hotels and service apartments.

The All-India Resort Development Association (AIRDA) is a grouping of resort developers, marketers, and industry associates committed to providing quality vacation ownership (timeshare) to local and international travellers.

The AIRDA has been in discussions with the Government and industry stakeholders for over two years for the classification of timeshare resorts in the country.

The classification guidelines will provide a fillip to the growth of the timeshare industry and enable timeshare resorts to achieve benchmarking and standardisation of services to be provided to every category of members and guests.

Consumer awareness and confidence will increase leading to greater product acceptance, facilitating faster growth and expansion of this industry, the statement said.

The AIRDA has also secured the Government's approval for mixed use of timeshare resorts and hotels, which will allow timeshare resorts and hotels to co-exist and optimise the services available to the leisure traveller.

The statement quoted Mr B.S. Rathor, Chairman of AIRDA, as saying: "This is a significant step forward for the timeshare industry. AIRDA has worked consistently to have separate, Government-approved classification guidelines for the timeshare segment. The new guidelines will result in a disciplined and co-ordinated growth of the industry and will promote the development of a consumer-friendly market."

The timeshare segment is a $10-billion industry worldwide with more than seven million members.

There are more than 5,425 resorts located in 115 countries all over the world.

In India, there are over 200,000 members owning timeshare with over 60 timeshare resorts.

This industry has been growing in excess of 20 per cent CAGR over the last three years, the statement said.

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