TIMESHARE IN INDIA

WHAT IS TIME SHARE ?

What a timeshare is (Holiday/Vacation Ownership or Fractional Ownership)

A timeshare is a program in which a group of people shares use of a property by dividing among themselves the rights to use the property for specific time periods. Although the property is usually a residential project such as an apartment block, developers have applied the timesharing concept to other types of properties, such as houseboats, campgrounds, Aeroplanes etc. Virtually all timeshares are resort or vacation properties. To set up the timeshare, the developer divides occupancy of each of the units into time-based intervals. The developer then sells these intervals to buyers, so each owner of an interval receives the right to use a specific unit for a specific time period corresponding to the interval they purchased. Each timeshare owner thus shares the usage of the property along with all of the other owners. Through this shared usage, the owners have guaranteed accommodations in the property, without carrying the financial and property management burdens associated with a conventional ownership of such a property. Timeshare intervals are normally one week long; a few timeshare projects, however, use other ownership fractions, such as one-tenth or one-quarter ownerships. Since almost all timeshare projects are based on one-week intervals, the words week or timeshare week are generally used in the timesharing community to mean a one-week timeshare interval.

In addition to the purchase price, timeshare owners also pay an annual fee for property upkeep and management. Most timeshare projects also reserve one or two one weeks usage of each unit for maintenance and repairs. popularly Hotels and other supplementary accommodation are an integral part of a tourist's visit to a place and the services offered by them can make or mar a visit completely. Vacation ownership known as Time Share. Is one of the fastest growing component of tourism. Time Share Resorts (TSR) are increasingly becoming popular for leisure holidays and family holidays, etc. With the aim of providing standardized world class services to tourists, the Government of India, Ministry of Tourism has a voluntary scheme for classification of fully operational.

Time Share in Resort is the following categories:5 Star, 4 Star and 3 Star categories The Hotel & Restaurant Approval & Classification Committee (HRACC) inspects and assesses the TSR based on facilities and services offered. Project approvals are also given in all the above-mentioned categories at the project implementation stage. Classified Time Share Resorts approved/approved projects are eligible for various concessions and facilities that are announced by the Government from time to time besides getting worldwide publicity through the Indiatourism Offices located in India and abroad. TSRs and Hotels are permitted for mixed use. However, if the TSR intends to use as hotel also i.e. mixed purpose, it must provide all facilities and amenities as required or the specified star category of hotel in accordance with the Guidelines, TSRs will be used as Vacation ownership. In no circumstances apartments in TSR will be sold. individually for residential or any other purpose. TSRs including heritage and resorts which are the members of All India Resort Development Association (AIRDA) will be considered for classification/project approval.

OWNING A TIMESHARES MEMBERSHIP IN INDIA

When you buy a timeshare in India, you effectively buy the right to spend a week each year in any of the resorts owned by the operator or by other operators it has a tie-up with. The period of membership can vary from as little as 10 years to life time. Timeshares industry in India has been growing at about 20% year-on-year over the last 10 years. Indians are holidaying like never before adopting the timeshare concept in a big way. despite the soaring costs associated with owning a timeshare Membership guarantying you 1 Weeks holiday every year for a fixed no of Years the cost which varies between 2 to 4 Lack Rupees depending on Apartment size / Location and Season. With a typical timeshare, you will have to have to put money down up front, to pay for the timeshare itself; in addition you will have to pay yearly maintenance fees. The average cost of a timeshare maintenance fees in India will vary from 12000 Rupees to 25000 Rupees which will depend on apartment size quality and services offered.

Main Benefits of Timeshare Membership

Exclusive members club Inflation Free Holidays Guarantied 7 Nights Holidays Every Year High Quality Of Resorts Wide Choice Of Locations Property Is Main tended On Your Behalf Sell It Rent Out Your Allocation

Exchange it Gift it

Exchanging Your Timeshare Week

One of the most attractive aspects of timesharing is the ability to exchange your timeshare week for a week at a different timeshare. In this way, you can use your timeshare week to obtain vacation accommodations at different times and locations throughout the world. Unfortunately, unsuccessful attempts at exchanging have soured many owners on timesharing and timeshare exchanging. This usually happens when the owner either doesnt understand how the exchanging system works, or the owner has unrealistic expectations about the types of timeshare exchanges they can make with the week they own. When the buyer then unsuccessfully tries to make these exchanges, they become disillusioned and upset about timesharing. Thus, to get the most benefit from timesharing, you should learn the basic rules for successful timeshare exchanging.

A. The mechanics of making a timeshare exchange

1. 2. 3. Direct (owner to owner) exchanges Exchanges within ownership clubs or resort groups Exchanges through an exchange company

B. Realistic timeshare exchange expectations C. Exchange companies

1. 2. RCI and II the affiliated exchange companies Independent exchange companies

D. Exchanging Tips
1. 2. 3. Deposit early to maximize exchange power Plan your vacations in advance. Be ready to travel on short notice

4. 5. 6.

Be alert for bonus week opportunities Look for direct exchanges Consider whether exchanging is right for you

TIMESHARE HISTORY
Timeshare in the 60s
The swinging sixties are a carefree time, with love and peace the watch words for the young generation. The boundaries of travel are pushed further back as man lands on the moon and holiday taking is revolutionised by the widespread use of the jet airliner. In the French Alps and enterprising hotelier markets the worlds first timeshare development with the slogan no need to rent the room, but the hotel, its cheaper!

Timeshare in the 70s

The seventies and fashion reaches new excesses with platform shoes and flares the order of the day. Cold war politics prevail as the superpowers struggle for supremacy and the worldwide economy is rocked by two oil crisis which make travel expensive and force holiday habits to change. As a result the concept of timeshare takes off in Florida and spreads throughout the US in 1974 the Holiday exchange company RCI is founded in Indianapolis and the first British development is started in Scotland.

Timeshare in the 80s

The boom years of the 1980s where mammoth financial corporations make and lose millions. The personal computer revolutionises business and leisure habits. Greed is good and expensive is chic as smart suits and fast cars are the things to be seen in. More people take more holidays and as more people see the benefits of timeshare the concept spreads to Europe with spectacular success. By 1990 there are 2357 timeshare developments worldwide and well over 4 million owners enjoying this still relatively new kind of holiday.

Timeshare Today
The modern timeshare industry continues to expand at an unprecedented rate, with new markets opening up in India, Asia and Eastern Europe, and steady growth in the established markets of Western Europe and the US. Firmly established as a large and growing sector of the mainstream Holiday market this multi-billion dollar industry now involves household names and has achieved global coverage with around 4,700 developments stretching from Argentina to Zimbabwe. Some of the worlds leading names in hospitality and leisure management are involved in the timeshare industry, such as Hilton, Sheraton, Marriott, , Hyatt, Westin and Radisson. Additionally there are well known in Indian.

FRONT OFFICE ASSIGNMENT ON TIME SHARE IN INDIA

SUBMITTED BY MUKESH SINGH

4TH batch