Mahindra to offer Indian fractionals and expand to Sri Lanka
Mahindra Holidays and Resorts, one of India’s largest hospitality brands, has announced it will expand its fractional ownership offer in India and launch resorts in Sri Lanka.
Managing director Ramesh Ramanathan said: “’Within India we will be adding new resorts across the country. We will be adding around 500 units to our stock. The cessation of internal conflict in Sri Lanka has made the island nation attractive for us. The time is right and we are identifying locations in Sri Lanka while the headquarters will be in Colombo. We are looking at resorts near the beach and at other places.”
Ramanathan said it is necessary to form a company in Sri Lanka to purchase land there and the company is planning to promote its flagship brand Club Mahindra in Sri Lanka. “Mahindra Holidays has over 110,000 members and Sri Lanka will be an attractive destination for them.”
Inside India, the company is planning to introduce the concept of fractional ownership of villas. “Under fractional ownership, we will build and sell bungalows measuring around 3,500 square feet to 8 to 12 persons. Each owner will be eligible for a specified period of stay at the villa that will be built near our resorts. We will get a regular revenue from maintenance of that property as well as capital appreciation at the time of selling the ownership,” Ramanathan said.
According to him, fractional villas will be luxurious and fully furnished, with work on the project will commence in the next financial year on various sites across the company’s 400 acre Indian land bank.