DELHI: The Sahara group is planning to launch clubs with membership costing Rs 1.5 crore to as much as Rs 30 crore, price tags that will be justified at the higher end by ownership of premium residential properties thrown into the package.
The group is planning to launch this chain of clubs in India as well as overseas under a different brand name, a person familiar with the development said, adding that the members paying more than Rs 5 crore will also get to own apartments, penthouses or villas. The club network will include the Lucknow-based group's flagship properties such as Aamby Valley and Sahara Star hotel in Mumbai along with its international hotels, Grosvenor House in London and The Plaza in New York.
Most of the 20-odd clubs being planned will be housed on large land parcels so that luxury properties can be offered along with the membership, the person said, while the clubs coming up in city centres will offer just the club membership. The hefty fees will also give the members the option of taking a holiday at any of the network's locations for a certain number of days in a year, the person added. Sahara did not respond to a detailed email questionnaire sent by ET.
The group has been working on this venture for the past one year, the person said. The company is on the lookout for land parcels of at least 100 acre each on the outskirts of cities including Bangalore, Chennai, Hyderabad, Jaipur and Chandigarh, the person said, adding that it already had a large land parcel on the border of Delhi and Gurgaon close to NH8 that could be used for the purpose.
These clubs and properties are aimed at the growing numbers of high networth individuals and families. According a report by Kotak Wealth Management and Crisil Research, the number of high net worth families is set to triple from the current 1,00,000 over the next five years and about 46% of these will be residing in non-metro cities. The club culture is well entrenched is most cities across the country, especially in tier-II cities, while in Delhi and Mumbai, membership of some of the most premium clubs such as the Gymkhana Club and Breach Candy Club entails a waiting period of 15 to 30 years.