Calcutta, Oct. 6: Citrus Check Inns, part of the Rs 800-crore Mirah group, is eyeing a revenue of Rs 20 crore over the next two years on the back of a growth in demand for owned holidays in India.
The concept of vacation ownership is primarily based on the timeshare principle, where an individual can prebook the rights to use a property at a resort of his choice for a certain period of time in a year.
“Concepts such as timeshare, which are primarily more popular overseas, are still at a nascent stage here in India. But, there is a big market potential because of its economic value,” Somnath Pal, CEO of Citrus Check Inns, told The Telegraph.
Pal said the market for owned holidays in India at present is less than a million customers in strength. Club Mahindra and Sterling Holidays are dominant players.
“We have entered the holiday ownership industry with our Flexi-stay plans and we are eyeing Rs 20 crore revenue from this business over the next 24 months,” Pal said.
Citrus, which is currently present across 40 locations in India and 2,600 destinations worldwide, plans to invest Rs 200 crore to add 1,000 more keys in nine more properties.
Pal said the company was yet to come up with a property in the east and was scouting for one. “We are looking at Calcutta, Sikkim, Northeastern region, Odisha as possible destinations,” he said.