Vedic Village in Rajarhat is an RCI affiliate. (A Telegraph picture)

Imagine owning a holiday for one week every year, for the next 25 to 30 years, at a resort near you, which can be exchanged for another destination anywhere in the world.

Surprised? Then you’re missing out on a silent revolution that’s changing the way Indian families holiday. With an annual growth rate of 25 per cent, vacation ownership — formerly known as timeshare — is the “fastest-growing” segment of the travel and tourism and hospitality industries.

“It is the only industry that recorded a rise of 18 per cent during SARS,” points out Radhika Shastry, general manager, India operations, of the US-based RCI. “In the past decade, Indians have started holidaying much more. This summer, there was a 21 per cent rise at RCI alone. Living in a self-contained apartment with cooking facilities leaves more money for other things,” she adds, on a trip to town to visit Vedic Village, an RCI affiliate.

“The ayurveda and herbal therapy concept has generated a lot of interest, particularly among our international members. Vedic Village is already a big draw,” Shastry explains.

“It’s not just a spa, but a place for wellness. Doctors can prescribe ayurvedic treatments or overall check-ups. We all need a recharge at times,” feels Raj Modi, owner of the Rajarhat property.

Although Modi’s target groups are 40-plus and NRIs, the biggest fans of vacation ownership schemes are families, because of affordability, long-term investment against inflation and value for money.

The ownership comes at an average price of Rs 1.5 lakh to Rs 2 lakh for around 30 years. Once the holiday is placed in the RCI spacebank, exchanges can be organised with other affiliate resorts around the world, for a booking fee, depending on availability. It boils down to the trading power of the week you own, depending upon the popularity of the destination. RCI has 3,700 partners in over 100 countries and more than three million members.

“We have been in the business for only three years, but have about 1,200 members already, with 400-500 new ones every year,” says Simon G. Rosario, AGM, Ffort Holiday Club. “There must be about 10,000 timeshare members in Calcutta itself.” Modi adds.

Vedic Village has a couple of hundred timeshare members already. Customised Indian formats of RCI also provide options of three days in one place and four in another.

The most popular destination for Indian families, observes Shastry, is Orlando, Florida, followed by South Africa. Las Vegas is a hotspot for travellers from the east, right behind Kathmandu. This summer, Australia and New Zealand were favourites. In the domestic market, Goa, Rajasthan and Auli (a ski resort in Uttaranchal) are packed, particularly by foreigners.

“We don’t have arrangements with city hotels, but we organise urban rentals in service apartments, at low rates, like Rs 10,500 in Rome or Rs 15,000 in Cairns, Australia.”