New Delhi, Oct 1 (UNI) If luxury is about indulging, then owning a private jet or yacht is the ultimate in luxury travel for Indian millionaires.
Luxury travel has arrived in India and is moving very fast -- from speedboats to luxury yachts, from small four-seater aircraft to bigger brands.
Indian corporate houses like Reliance Industries, Videocon, UB Group, Raymond, GMR, Bharat Hotels, Taj Air, Oberoi et al are all buying private jets such as Falcons, Cessnas, Bombardiers, Beech Kings and Gulfstreams in large numbers.
The new-age Indian traveller wants to travel not only in comfort but also save time, and at his convenience. With money not being the deciding factor, orders for private jets shot up to more than 45 last year while nearly 100 new yachts are expected to enter the India market this year.
''It's easy for luxury companies to enter India now,'' said an industry expert. ''People are spending not just for investment but to indulge as well.'' With a 7,000 km long coastline, the potential is immense.
Industry estimates peg this market at 1.5 billion dollars. The mid-segment average spend, according to industry, will be about Rs 30 lakh to 50 lakh while the luxury spend will average at Rs 3.5 crore which could go up to Rs 10 crore 12 crore for high end brands like Ferritti.
''People are becoming richer, rich are becoming super-rich,'' said Club One Air's managing director Manav Singh. ''In times to come, not only big business houses but small businessmen too will own private jets or charter business planes to save time.'' More UNI