Country Club to invest Rs 100 cr in four new properties

MUMBAI: Hospitality chain Country Club India Ltd (CCIL) plans to invest around Rs 100 crore this fiscal on its latest venture -- Country Club Grand Fractional Ownership Club (CCGFOC), a top company official said.

"We will invest about Rs 100 crore in four properties in our new venture (CCGFOC). With this, we will have 55 properties in India and overseas," CCIL's CEO Sidharth Y Reddy told PTI at the launch of its new venture, which will be operational during this year.

Country Club will also start operations of 11 more clubs this year in Tier I and II cities.

With over 2.25 lakh members worldwide, the BSE-listed hospitality firm has for the first time in India launched a concept that offers members fractional ownership of holiday apartments at diverse locations across the country.

The four properties, under this new scheme, would be coming up at Bandipur in Mysore, Medchal near Hyderabad, Tumkur near Bangalore and Kolad near Mumbai, Reddy said.

The fractional ownership concept, which is quite popular in the West, enables a member to co-own and use a holiday home by paying a fraction of amount, Reddy added.

He further said that the fractional ownership card is available in three variants such as Silver, Gold and Platinum with rates ranging between Rs 3-lakh to Rs 5-lakh.