The Hindu Business Line : `Condo hotels latest trend in vacation ownership exchange'

Chennai June 4 Vacation ownership exchange company RCI is exploring a new stream of business in India — that of being a consultant for condo hotels. The growing tendency among Indians to buy second homes, often in places of tourist interest, is seeing the company begin negotiations with builders and resort operators, says Ms Radhika Shastry, Managing Director (Indian Sub-continent), Group RCI.

Speaking to Business Line, Ms Shastry said condo hotels are the latest trend in vacation ownership exchange. Buying a holiday home throws up issues of maintenance and return on investment for the owners.

In a condo hotel model, individual owners can use their holiday home for a certain duration and for the rest of the year place her/his unit in an organised rental programme that is run by the developer/operator of the condominium complex. The developer/operator takes charge of the maintenance and coordinates the renting out of the apartment to travellers. Ms Shastry declined to mention the names of builders and hoteliers with whom RCI was negotiating but said they showed much enthusiasm at the idea. "This is a successful model abroad. Moreover, branded condominiums sell better. It also makes it easier to market that property to other RCI members," she said, adding that the legalities of the business need to be adapted to Indian conditions.

RCI will soon launch the Registry Collection in India. It is a consortium of high-end shared ownership properties, which enables developers to offer exchanges within the exclusive segment. There are 110 such properties in networks of condo hotels, high-end fractional (timeshare) resorts and other such leisure-oriented places.

Luxury services

These could also include offerings such as cruises and luxury tents. The Registry Collection members are supported by a concierge service, which can cater to their every need, from chartering private jets to making arrangements for a special date.

RCI is also launching travel services and products such as package holidays and cruises for corporate clients or large user groups who don't have to be timeshare owners, Ms Shastry said.

Spiritual tourism is a focus area for RCI. To this end, it has added a resort in Devprayag in Uttarakhand to its affiliates. Puri is another temple town it has on its list. Usually, these places also offer some holiday activity or sightseeing that devotees can take advantage of, points out Ms Shastry. RCI is eyeing more pilgrim centres such as Badrinath and Mathura, she added.

More Stories on : Strategy | Tourism | Real Estate & Construction

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Prime Focus lends high-end visual effects to Hollywood flick

`Condo hotels latest trend in vacation ownership exchange'

Bombay Dyeing to offer platform for premium Indian brands

Volvo Car India looking at preferred finance solution partner

Mafatlal Denim mulls foray into readymade segment

New V-P for Grey Worldwide

`Open retail for FDI'

eBay India Motors to sell second-hand three-wheelers

Reliance unveils FM mobiles

Samina sleep systems launched