One of the perks of a work–from–home routine is the opportunityofa change of scenery. And what better than a cosy villa in the quiet lanes of old Goa? Picture this— a 3-bedroom, colonial-style villa, with an open space, private pool and a butler, not to mention the beauty and the old-world charm of good old Goa. Now owning a private villa in a place like Goa might be expensive, not to mention maintenance, which can be a hectic ordeal.The concept of co-ownership has appeared to circumvent the practical problems around owning second or holiday homes.
Co-ownership of luxury residences is a popular concept in the West and is becoming popular in India withcompanies such asBengaluru-based YOURS.Co-founded by Shravan Gupta (CEO), Sudeep Chandran (COO), Naresh Nagaraj (CFO) and Shalini Gupta (Head of Design), YOURS gives people the opportunity to co-own multiple luxury homes in a more practical and affordable way.
Co-ownership in India
Inspired by fractional ownership gaining momentum in Europe and US, founders Shravan Gupta and Sudeep Chandran adapted the co-ownership model to fit the Indian consumer and their needs. YOURS focuses specifically on the luxury second home market in India, which the owners feel has tremendous potential for growth. This along with the remote working options, capital appreciation, technological advancements and infrastructure development have only helped further this growth post-Covid.
“A second home or vacation home is a dream for many. However finding the right home, vetting and going through the legal formalities is a challenge,” Sudeep Chandran adds. YOURS was created keeping in mind the requirements of Indian consumers, minus the hassle and time commitment associated with managing and maintaining a home away from home. Additionally, YOURS is completely transparent, safe, easy to maintain, and also “…an asset to have in everyone’s portfolio,” according to Chandran.
How YOURS works?
YOURS offers aesthetically designed villas located in scenic destinations like Goa, Alibaug and the Nilgiris. Each villa comes furnished with up to four bedrooms, living and dining spaces, gardens and a pool. Each villa can be owned by up to 8 owners, and the cost of the villa will be divided by that figure to create equal investment amounts and equal ownership between the owners. Additionally, individual investors are allowed to buy up to four shares of the said villas. The ownership of the villa is established through a Special Purpose Vehicle, a financial arrangement set up through appropriate legal means, withlegal and financial consultants at Crest Law Partners and JCSS Consultingon board to oversee the transaction.
An owner who owns 1/8th of the villa can live in the villa for 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 feature a concierge service through which owners can book services like airport transfers and tables at restaurants, along with more practical needs like ordering groceries prior to their arrival. Each home will also have dedicated storage for valuables, that an owner might seek to keep there permanently. While YOURS will managethe daily operations of the home (housekeeping, gardening, pool maintenance) and repairs when needed, the costs and fees will be shared between owners in a manner proportional to their shareholding.
Talking about the benefits of co-ownership in India, Naresh Nagaraj, co-founder of YOURS, stresses the fact that fractional ownership helps owners increase their share of real estate with the rise inthe value of the home, all at an affordable cost. “Fractional ownership is a hard asset and the returns from it do not fluctuate as much,thus ensuring a safe and stable form of investment. By sharing the cost of upkeep, fractional ownership makes long-term ownership possible.”
Ensuring privacy and security of the property, each and every YOURS property has been vetted by legal minds who are specialists in the said locations. “YOURS facilitates investing in real estate that appreciates in value, even while helping the owner create memories with every stay,” says Shravan Gupta. Each 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 restaurants during their stay.”
In the end, owners also have the freedom to retain or sell their shares. They can even book the home for the entire year given that the booking is made well in advance via the app.
When asked about their choice of locations for YOURS homes, Naresh Nagaraj stated that with the availability of the work from home option, people would want to stay somewhere else as they work, and what better than to be surrounded by greenery, beaches, and mountains? While YOURS is currently working with locations like Goa, Alibaug and Nilgiris, the company is looking at destinations like Shimla and Kasauli, as well.
But what about metropolitan cities?
“With the rise in buyer confidence and income appreciation, we believe that the second home market can see growth in major metro cities,” says Nagaraj. And while there is an interest in homes located on the outskirts of Bangalore and beach-facing properties in Chennai, YOURS’ main focus remains luxury holiday homes in scenic destinations like Goa, Alibaug, Kasauli, and Shimla.
While YOURS is focusing on expanding in India at the moment, the company has shared its plans to expand internationally as well. YOURS will build around 40 -50 villas in the next two years, some of which will be located at international destinations like Thailand and Dubai among others.