One of the advantages of a work–from–House routine is the chance from a change of scenery. And what could be better than a cozy villa in the quiet streets of old Goa? Picture this — a colonial style villa with 3 bedrooms, open space, private pool and butler, not to mention the beauty and the Old World charm from good old Goa. Now owning a private villa in a place like Goa might be expensive, not to mention the upkeep, which can be a hectic ordeal. The concept of co-ownership appears to circumvent the practical problems of owning a second or holiday home.
Co-ownership of luxury homes is a popular concept in the West and is become popular in India of companies like Bengaluru-based YOURS. Co-founded by Shravan Gupta (CEO), Sudeep Chandran (COO), Naresh Nagaraj (CFO) and Shalini Gupta (Head of Design), YOUS empowers people to become co-owners of multiple co-owners in a more practical and affordable way. luxury homes.
Co-ownership in India
Inspired by the fact that fractional ownership is gaining traction in Europe and the US, founders Shravan Gupta and Sudeep Chandran have adapted the co-ownership model to suit the Indian consumer and their needs. YOURS focuses specifically on the luxury second home market in India, which according to the owners has enormous growth potential. This along with the options for remote working, capital growth, technological advancementnts and Infrastructure Development only helpedcontinue this growth after Covid.
“A second home or holiday home is a dream for many. However finding the right house, vetting and going through the legal formalities is a challenge,” adds Sudeep Chandran. YOURS was created with the demands of Indian consumers in mind, minus the hassle and time investment associated with managing and maintaining a home away from home. In addition, YOURS is completely transparent, safe, easy to maintain, and also“…an asset to have in anyone’s portfolio,” Chandran said.
How YOUR works?
YOURS offers aesthetically designed villas in scenic destinations such as Goa, alibug and the Nilgiris. Each villa is furnished with up to four bedrooms, living and dining areas, gardens and a swimming pool. Each villa can be owned by up to 8 owners, and the cost of the villa is divided by that figure to create equal investment amounts and equal ownership between the owners. In addition, individual investors are allowed to purchase up to four shares of the said villas. Ownership of the villa is established by means of a Special Purpose Vehicle, a financial arrangement set up with the right legal means, of legal and financial advisors at Crest Law Partners and JCSS Consulting on board to monitor the transaction.
An owner who owns 1/8th of the villa can live in the villa 1/8th of the year i.e. 45 days. Reservations can be made up to two years in advance via an app. The app will also have a concierge service that will allow owners to book services such as airport transfers and tables at restaurants, along with more practical needs such as ordering groceries before their arrival. Each house also has a dedicated storage area for valuables, that an owner might try to keep there permanently. While yours will to manage the daily activities of the house (housekeeping, gardening, pool maintenance) and repairs if necessary, the costs and fees will be divided between the owners in a manner commensurate with their shareholding.
Talking about the benefits of co-ownership in India, Naresh Nagarageco-founder of YOURS, emphasizes the fact that fractional ownership helps owners to real estate with the rise in the value of the house, all at an affordable price. “Fractional ownership is a hard asset and its returns don’t fluctuate that much, allowing a safe andd stable form of investing. Through sharing maintenance costs, fractional ownership makes long-term ownership.”
Eto ensure privacy and security of the property, each YOUR property has been vetted by legal minds who are specialists in the listed locations. “YOURS facilitates investing in real estate that increases in value, even while helping the owner create memories with each stay,” says Shravan Gupta. Every owner can enjoy and experience a seamless stay with dedicated villa attendants for each property. “Our concierge team ensures that owners can experience local activities and rrestaurants during their stay.”
Ultimately, owners also have the freedom to keep or sell their shares. They can even book the property for the whole year, as the booking is made well in advance via the app.
When asked about their choice of locations for YOUR homes, Naresh . said Nagaraj stated that with the availability of the work from home option, people would want to stay somewhere else while they work, and what could be better than being surrounded by greenery, beaches and mountains? While YOURS is currently working with locations such as Goa, Alibaug and Nilgiris, the company is also looking at destinations such as Shimla and Kasauli.
But what about metropolitan cities?
“With the rise in buyer confidence and the rise in income, we believe the second home market can see growth in major metro cities,” says Nagaraj. And while there is interest in homes on the outskirts of Bangalore and on the beach in Chennai, YOURS’ main focus remains luxury holiday homes in scenic destinations such as Goa, Alibaug, Kasauli and Shimla.
While YOURS is currently focusing on expanding in India, the company has shared its plans to expand internationally as well. YOURS will build 40-50 villas over the next two years, some of which will be in international destinations such as Thailand and Dubai.
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