Luxury yacht market sees gains in India

Author:
Updated:
Original:

India's market for luxury boats and yachts has grown by about 10 percent in the last three years, a period signified by the slowest economic growth in decades.

Phiroze Contractor, managing director of Ava Marines, a yacht dealer and an operations and maintenance provider to boats and yachts, says the city of Chennai alone accounted for five inquiries in the last four months, according to the (India) Economic Times. There were none last year.

Joy Alukkas, owner of India's largest jewelry chain, was in the market until recently to buy a 36-foot cruiser, but postponed the plans as he shifted base to Dubai, the Economic Times said. He is now buying a seven-seater plane for $10 million.

His competitor, Josco Jewellers, and Kerala-based tea plantations company AVT group, purchased 36-foot yachts in the last 18 months.

"We are planning to purchase one yacht of anywhere between 80 feet to 100 feet for 30 crore from UK's Sunseeker," Ajit Kelachandra, owner of real estate-to-hotel chains Kelachandra group, told the Economic Times. "This is more as a luxury for our family and to entertain our guests from Europe and the United States.”

Thirty crore is equal to about $5.27 million.

Anju Dutta, of Marine Solutions, a boat and yacht seller, says she in the final stages of the sale of a 55-foot yacht to two real estate developers from Hyderabad. The two realty players are jointly purchasing the yacht to sail in Goa, where they have purchased new homes.

Yet it's not all smooth waters for the niche segment. Dutta, of Marine Solutions, says a customs duty hike from 20 percent to 48 percent in the last budget has pushed up the cost of yachts by 30 percent.

A lack of marinas to park the boats and yachts, and heavy surveillance after the recent terrorist attacks, have created hurdles for boating enthusiasts, as coast guards repeatedly check them.

Click here for the full report.

Related

Brunswick Partners with Carnegie Robotics

Through the alliance, Brunswick aims to enhance its autonomous technology offerings.

Nicole Vasilaros to Depart NMMA

The group credits the senior vice president of government and legal affairs for “countless contributions to the protection and expansion of the recreational boating industry.”

Site Unseen

A website is often the first interaction a customer will have with a dealership, but it must provide more than an online brochure or they will click elsewhere.

C.G. Amends Documentation Rules

Federally documenting a boat now must be done every five years, rather than annually.

The 2021 Top 10 Most Innovative Marine Companies Awards

The marine industry consistently honors products and people. The industry, however, has not recognized forward-thinking companies that are moving the industry in new directions. Soundings Trade Only’s mission is to reflect, inform and inspire.

German Superyacht Yard Files for Bankruptcy

Nobiskrug cited a lack of orders, the Covid-19 pandemic and other factors in its decision to start the proceedings.

West Marine Acquired

The private-equity firm L Catterton will take a controlling interest in the retailer’s ownership.

Kicker Supports Two Events on Lake Havasu

The marine audio company will take part in the performance-boat events Super Cat Fest West and the Desert Storm Poker Run this weekend and next.

Bay Bridge Show Starts Tomorrow

The combined sail- and powerboat show runs through Sunday in Stevensville, Md.