Vice Chairman's Message
Dear Fellow Members & Readers,
As I write this message, the long-awaited monsoon season has embraced certain regions of India, symbolizing a time of inspiration and fresh starts. According to the predictions by the Indian Meteorological Department, this year's monsoon is expected to be normal, instilling hope for economic growth throughout the nation and providing a much-needed boost to the travel and tourism industry.
Now, let me delve a little into the evolution and current state of the Vacation Ownership/Timeshare industry in India.
The timeshare industry in India has experienced a remarkable evolution since its inception in the 1980s. Initially, timeshare offerings were based on long-term tenures of 99 years or 33 years. Over the course of the last four decades, the timeshare industry has undergone a remarkable transformation, with different companies now offering tenure options ranging from 3 years to 25 years, catering to diverse segments and age groups. To provide greater flexibility to timeshare members, the industry has introduced products with innovative formats such as fixed weeks, floating weeks, and point-based accommodations.
In the past decade, timeshare / vacation ownership companies have expanded their offerings by establishing partnerships and arrangements with renowned hotel chains. This has provided customers with greater flexibility and a wider range of choices, enabling them to stay at numerous hotels and resorts across different geographies. The concept of holidays has undergone a change to accommodate three generations of families who now not only have the opportunity to enjoy vacations together at the same destination, but can also include extended families and friends. Vacation ownership companies have played a significant role in developing resorts in previously unexplored locations, thereby increasing tourism destinations for the consumer and contributing to the local economy by creating employment opportunities in smaller towns and villages. Additionally, technology has played a significant role in enhancing the overall customer experience, from streamlined booking and itinerary planning to the exploration of new timeshare properties.
The Vacation Ownership/Timeshare sector in India holds immense potential for future growth due to its currently low penetration rate. Industry reports indicate that India is projected to experience a twofold increase in high-income (more than INR 27.5 lakhs/year) households by FY30. The combination of a rapidly expanding aspirational consumer segment and the low penetration of vacation ownership provides extremely fertile grounds for strong growth. This can be achieved through the development of new destinations and strengthened collaborations with State tourism boards, government bodies, and hospitality players.
I would like to express my heartfelt gratitude to all our colleagues and partners in the Vacation Ownership, Timeshare, Travel, and Tourism industry. I am confident and optimistic that the Timeshare/Vacation Ownership sector has the potential to experience exponential growth in the next 10 to 15 years.
In conclusion, I would like to emphasize the importance of creating numerous magical moments of joy and happiness for timeshare members and their families. Let us strive to make travel an integral and cherished part of every family's life.
Vice Chairman, AIRDA
General Counsel & Company Secretary
Mahindra Holidays and Resorts India Limited