Fractional Ownership News

Fractional ownership taking off in India

Fractional ownership is growing in popularity in India, across a wide range of sectors. As well as Indian fractional property ownership, which is gaining significant momentum, a recent report in the Hindustan Times highlighted the growth in shared ownership of aircraft and even superbikes among Mumbai's rich.

It cited the example of Amit Biswas, 59, who owns Ambico, an offshore construction support service. He is looking to pool money with three friends to buy a used five-seater plane.

"By combining finances (pooling), even people who otherwise can't afford a plane can afford it. These smaller planes can be best used for pilgrimage and opportunity in this (small plane) category is immense," said Hemant Luthra, director, Mahindra Group, which is developing a small plane, C-NM5, priced at Rs1.4 crore to Rs1.8 crore, with National Aerospace Laboratory.

"The idea is to go flying on weekends with family and friends," said Biswas, who will soon get his private pilot's licence (PPL) from the Bombay Flying Club. "Every one wants to fly and fractional ownership works out to be very convenient," said C Kumar, chief instructor at the Bombay Flying Club.

The report goes on to say that mid-level executives, who can't afford co-owning planes, are going in for superbikes. Anuj Anand, 30, an independent consultant from Chembur, will soon be co-owner of a Harley Davidson with five of his friends. Each one will pool in around Rs 2.5 lakh.

www.hindustantimes.com

10/10/11
 

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