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Growing demand for fractional ownership property in India
Date: 09/03/2010Article source: Fractional Life
Country Club India, one of the fastest growing leisure and entertainment operators in Asia, is set to introduce fractional ownership properties to a range of its developments.
Managing director and chairman Rajeev Reddy said the concept is already very popular in most other countries and demand for this is picking up in India too, with the company set to spend “anywhere between Rs 75 and Rs 100 crore in the new project”.
Its initial fractional offering will include 100 rooms in Bandipur (near Mysore), where the company already has about 10 acres and 40 cottages with infrastructure such as swimming pool and a restaurant. “Simultaneously we are also planning such properties in Kolad (near Mumbai) and on the outskirts of Bangalore,” said Mr Reddy. At Kolad, the company has 54 acres, where it is constructing a water theme park, spa and 30 rooms at an investment of Rs 25 crore. “We will now convert the up-coming 30 rooms as fractional ownership property and will add another 75 rooms,” he added.
www.countryclubindia.net
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