Luxury travel new craze among millionaires in India
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.''
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