With a little South Indian push, luxury boats sales ahead full steam

Ostentation is a trait that in popular myth is attributed to the rich from north India, but their counterparts in the south are showing that when it comes to spending on luxury, they aren’t far behind.

According to a report in the Economic Times today, demand from the affluent in the south is growing the luxury boats and yacht market in India. The market has witnessed a 10 percent expansion in just three years, the report said.

Guess who are buying these products? Realtors from Hyderabad, jewellery chains from Kerala, miners from Bangalore and also businessmen from Chennai.

[caption id=“attachment_853687” align=“alignleft” width=“380”]  Chennai Super King owner Gurunath Meiyappan’s yacht in Chennai. Firstpost[/caption]

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A yacht dealer has been quoted as saying in the report that he got five enquiries from Chennai alone in the last four months, and one of them was from Gurunath Meiyappan, the disgraced former chief of IPL team Chennai Super Kings who was arrested on charges of illegal betting.

Kerala-based Josco Jewellers and tea plantations company AVT bought 36-feet yachts in the last 18 months. An exception is Joy Alukkas, the owner of a jewellery chain from Kerala, that has dropped the plan to buy a yacht. Instead its eyeing a $10 million seven-seater plane, the report said.

Bangalore-based Kelachandra group is also ensuring when it comes to spending on luxury they aren’t far behind.

_“We are planning to purchase one yacht of anywhere between 80 ft to 100 ft for 30 crore from UK’s Sunseeker,"_Ajit Kelachandra, head of the group, who already owns a 36-feet yacht to travel along Kerala’s backwaters, has been quoted as saying in the report.

By the way, what slowdown are we speaking about?

Read the full report here.