http://www.ptinews.com/pti/ptisite.nsf/all/77E1FE90DC95D7E2652573FF00246D4F?Opendocument
Now yachts on time-sharing, fractional ownership basis Mumbai, Mar 1 (PTI) With boating gaining popularity as a leisure activity in cities like Mumbai and Goa, private firms are now offering time-sharing and fractional ownership of yachts for those keen on sailing but can't afford a craft. Club Privada, a new entrant into the segment of fractional ownership of yachts has started three branches, including Mumbai, Dubai and Goa, and aims to start two more. "We already have four yachts, one Azimut and three Larson, and intend to add two more by October. Apart from charters we also offer fractional ownership the lowest of which begins at Rs 6 lakh and for periods ranging between one and six years," Karan Valecha, Director of Club Privada, said. Valecha said they had seen good growth in the segment and believes the market is only set to grow further. However, while admitting there has been growing interest in cost sharing while purchasing yachts, managing director of West Coast Marine, Aashim Mongia said the growth was slower than being stated. "The market is just starting to grow and should start picking up in the next two years," Mongia said. "Few people realise the cost of maintaining a yacht and it is easier for most people to afford it on a fractional ownership basis where an organisation maintains it for you. It is also more convenient than time sharing," he said. West Coast also has five 31-feet-long vessels on a cost sharing basis and charge more Rs 10 lakh for 5 years. The demand, mainly from Mumbai and Cochin, was more for speedboats than sailboats, Mongia added. PTI