Have
you ever been to a place that you felt the compulsion to come back to again and
again? Has there been a destination you felt totally at peace with? Idling time
away at a shack, bingeing on fried calamari and watching each set of waves lash
against the shore, my husband and I had felt that about Goa. If only we could do
this year after year...
Well,
you can, but one never gets around to doing it. Unless, of course, there is
something more substantial than memories to make you go back repeatedly.
Something as tangible as, say a cottage? But dreamy though it might sound,
that’s usually not feasible.
Off
the shelf
This
is where the concept of ‘timeshare holidays’ fits in perfectly.
Timeshare holidays let you ‘buy’ a week at a furnished resort every
year instead of purchasing property at an exotic locale which you would find
difficult to maintain or use the entire year. Depending on the number of years
you opt for - between 30 to 99 - you are entitled to a week’s stay every
year at the location or at any other destination that the resort has properties
in. If you cannot manage to take a week’s break, you can lease out your
‘property’ for that time, or accumulate the week and add it to your
next holiday. Imagine the amount of money you save!
Let’s
say you buy a timeshare scheme for Rs 1.5 lakh plus a nominal annual maintenance
charge. This is for a week’s stay every year for the next 30 years. If you
were to do the same thing by renting rooms as you normally do, check out the
cost difference. Let’s say, the room is priced at Rs 1,500 per night. So
the comparative value would be - 1,500 x 7 x 30, which equals Rs 3, 15,000. This
is, of course, discounting inflation rates.
As
a sales personnel at Mahindra Resorts puts it, "Timeshare customers get to buy
apartment type accommodation, complete with a kitchenette. There are also plenty
of recreational facilities. And timeshare holidays are known to foster close
family ties at a time when our hectic, stress-filled lifestyle is driving that
wedge between family members." At a time that you are increasingly getting
notorious for not making use of your LTA annually, your ‘holiday
home’ will ensure you have a good time.
At
the outset...
The
concept, which first started in France in the 1960s, now has around 40,000
families and 50 resorts. While some major players include Mahindra Resorts,
Toshali Resorts and Sterling Resorts, reputed names like Holiday Inn, Le
Meridian, Best Western, Radisson, Orchids Lotus Suites and Orange County are
finding their way in.
Rahul
Malhotra, accommodation manager at a prominent city hotel, pointed out,
"Timeshare business also leads to better utilisation of resort rooms. In the US,
where this business is very popular, timeshare resorts have an occupancy rate of
92 per cent as opposed to the standard 70 per cent at fairly popular resorts.
This can only mean a boost to the tourism industry."
Native
scene
Be
that as it may, the Indian chapter of timeshare business has been more a case of
unfulfilled promises. Shalini Duggar, a disgruntled timeshare owner, says, "I
signed in for a timeshare ownership in 1999 and so far we’ve felt
completely cheated. The apartments and their furnishings have all seen better
days. When we signed on, we were told that other properties were coming up in
the next six months, which hasn’t happened. And although it sounds like a
one-time payment, there is the annual maintenance fee to contend with, besides
the high rates for everything once you partake of the vacation. Also, you never
get rooms when you really want them. Does this sound like
‘ownership’ at all?" In many instances, timeshare companies have
shut shop, leaving customers completely at sea.
