A vacation ownership is a product sold by vacation ownership/holiday companies in which a buyer acquires the right to use a unit of a resort for a specific period of time in a year for a specified number of years.

With vacation ownership, you won't need to own a vacation home right through the year or rent lodgings by the day when you travel. You can purchase a resort unit only for the time you need at a location you desire. Simply put, timesharing means owning a week annually at a resort. For instance, you can choose to own the 2nd week of December, every year, at a resort in Goa.

But you don’t have to spend your holidays at one location year after year! Through a vacation ownership exchange system facilitated by RCI, you can take a holiday in India as well as in 86 other countries. Which means Goa today, Venice tomorrow!

No difference whatsoever. Holiday ownership is simply a more correct name for vacation ownership because it better describes what the product means. However, most owners still prefer to call their ownership weeks as vacation ownership.

There are many factors that affect price - the week, the location of the resort, the size of the accommodation, the season it belongs to, the promoters behind the resort etc.

Definitely. Once you take a decision keeping in mind the above points and buy timeshare, it is a great way to ensure that you have quality holiday accommodation at an affordable price. A carefully researched vacation ownership (timeshare) purchase gives you the benefit of long-term savings compared to the cost of staying in hotels while holidaying.

Choice of location: Vacation ownership (timeshare) resorts are located at many desirable locations around India and the world.

Home away from home: Your vacation ownership is truly a home away from home. Most resort units are equipped with an independent kitchen that provides privacy and independence. With Indian food habits, this is an attractive option specially when traveling abroad.

More fun at a lesser cost: You can buy a vacation ownership for a fraction of the cost of owning a vacation home. It is yours to enjoy for a fixed period of time, for as long as 25-33 years! Thus, it's a hedge against inflation as your future vacation costs are locked in at today's prices.

Repeat vacations: Vacation ownership resorts offer quality accommodation and associated amenities ideal for repeat vacations. It also offers a better price/value than a hotel room for extended stays.

Action-packed holidays: Vacation ownership resorts offer a wide range of recreational activities aimed at the family - swimming, table tennis, badminton, tennis courts and horse riding.

Flexibility: Vacation ownership offers flexibility of use and a variety of experiences through exchange options and peripheral benefits offered through an exchange company.

In short, vacation ownership offers a better price and greater value than a conventional hotel room - an apartment that can accommodate more people, with a kitchen that provides privacy and independence.

Today there are a variety of resorts available in India, each of which uses different marketing techniques to sell vacation ownership (timeshare) holidays to the customer. Being a new industry in the market, the awareness of this product is quite low. This has led to developers and marketers using unfair means of selling vacation ownership holidays.

The All India Resort Development Association (AIRDA) is an organization comprising genuine vacation ownership members, dedicated to setting the standards of operation and ensuring customer protection. The association is a self-regulatory body with a core committee that oversees the functioning of the association.

• AIRDA’s objectives:
  To ensure that all activities of the vacation ownership (timeshare) industry are honest, fair and conducted with total transparency.
• To safeguard the interests of all vacation ownership customers, existing and prospective, against all misleading vacation ownership selling practices.
• To ensure the highest ethical standards amongst those engaged in the vacation ownership industry and holiday ownership in India.
• To check the activities of unscrupulous developers/marketers of vacation ownership holidays, to the extent of taking legal punitive action against them.
• Redressal of complaints against defaulting vacation ownership (timeshare) sellers/ marketers.

Having recognized that a majority of the customer complaints were actually arising from customers being forced to buy the same day they visit the sales centre, AIRDA has made the following mandatory:

• Every prospective customer must be given a 10-day cooling off period to give him/her sufficient time for a change of mind.
• Every member must be given his deposit or membership fee if he asks for a refund within "10 days of purchase". The amount that has to be refunded is the total amount given by the customer without any deduction for administration. However, the customer must clarify this with the marketer to his complete satisfaction.
• On no account is a telemarketer to announce a prospective customer as a " lucky winner of a prize." The telemarketer can invite the customer to attend a presentation for which a gift can be given. A distinct demarcation between a "prize" and a "gift" has to be made during transactions with the buyer.

Today's vacation ownership industry offers numerous purchase options to meet the customer’s desire for vacation variety and flexibility. Although the availability of these purchase options varies from resort to resort, here are the most common options for the customer to choose from:

Fixed week: The oldest and most familiar is the fixed week type. Here, weeks of the year are numbered 1 - 52 and the resort offers you the option to purchase one or more weeks to be used at the same time each year, in a fixed unit.

Floating week: This can be any week reserved for the vacation ownership owner during a certain season. (A season he wants to enjoy but is not assigned a week number for.) The unit can be of any size here.

The maintenance fee is an annual charge, on top of your initial purchase cost, that goes towards the upkeep of your vacation ownership (timeshare). Your maintenance fee usually covers management fees, maintenance, insurance, utilities, telephone and all property upkeep such as furniture, carpets and other facilities that the resort offers.

Regular payment of this maintenance fee will ensure that all amenities are provided in the best possible manner to all the owners of the resort.

Sizes of accommodation vary from resort to resort, but as a rough guideline, the accommodation is broken down by bedroom number and how many adults it can accommodate. Here is the breakdown:

Studio: Accommodates a minimum of 2-4 people. Privacy cannot be assured in this type of accommodation.

One Bedroom: Accommodates a minimum of 4 people.

Two Bedrooms: Accommodates a minimum of 6-8 people

In some instances you will be offered an opportunity to extend your membership for a price, but this will vary from resort to resort. Otherwise, the membership will be placed back on the market by the resort owner.

Yes. Once you are the legal owner of a vacation ownership (timeshare) week, you may sell it at any given time.

As soon as the ownership has been transferred into your name, you may contact the resort and exchange company to start enjoying your vacation ownership (timeshare) purchase. Check for more information with the marketer selling the vacation ownership (timeshare) to you.

With all purchases, a cooling off period of 10 days is allowed to the buyer. Should you change your mind within 10 days of signing the purchase order, the licensed marketer who will handle your purchase and sale will refund you in full, any money that you have paid to them.

Please check with the marketer/resort on this issue. Generally, you will have to make the travel and other arrangements yourself. At the resort, you will be provided an opportunity to inspect the place and have your questions answered and all help provided.