The idea of co-ownership of luxury residences, introduced by Bengaluru-based Yours, is decidedly taking root in India. The debut villa, Fonteira, a three bedroom, 3.5-bathroom property in Assagao, North Goa is fully sold out.
Yours Fonteira paves the way for investments in other upcoming properties in destinations including, Moira and Mandrem in Goa, the Nilgiris, Tamil Nadu and Alibaug, Maharashtra. Co-ownership is a concept popular overseas where several individuals collectively own a home (the actual real estate and not just usage rights) through a company such as Yours; they work with some leading interior designers to upgrade the home to highest standards and also manage these high-value residences.
Based on the quantum of investment, each investor holds shares in the physical asset and pays proportionally for its upkeep. Once you invest, one needn’t even wait for the entire unit to be sold. You can move right in for the period proportional to your share. And, if and when you wish to cash in on the appreciation of your real estate, you can easily do so by selling your share via the Yours platform. You can also upgrade your residence by trading your shares for the ownership of another Yours created property.
Each home in the Yours listings will be about 278 sqm and above, with up to five bedrooms, living and dining spaces, gardens and often a pool. It will be furnished with all the standard mod cons and be staffed to cater to the daily needs of the owner living there at that time. Each home can be owned by up to eight owners. The total cost of the villa is divided by the number of owners thus creating proportional shares in the property. Investments by one party are limited to four shares per villa. The ownership of the villa is established through a Special Purpose Vehicle, which is set up through appropriate legal means. An owner who owns 1/8th a 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, which allows for transparency and frictionless booking.
