The Rise of the Private Jet and Yacht developing in India

A jump in the number of wealthy people in India is not just reflected in the sales of SUVs but also business class flying, European vacations and hiring private jets and yacht rides.

What’s more, this trend is not just limited to the wealthy but is also percolating down to the upper middle class that is happy to splurge money to capture those memorable moments of life.

Air charter operators say their planes are also being used not just to travel but even for quirky things like hiring a jet for half an hour and proposing at 36,000 feet and hiring a plane for the vidai (the bride's farewell) the morning after the wedding.

The market is truly booming.

How much does it cost?

Jets and yachts often invite immediate association with the rich and famous. It is quite normal. These objects cost millions to buy but renting them and spending a memorable moment on them is quite easy. For example, if you want to rent a jet it will cost you anywhere from around Rs 2 lakh to 5 lakh an hour or more depending on the plane type the duration of your trip, the destination, the urgency and the season of travel. You will also have to pay extra for overheads. Take the most popular routes for corporate travelers for example – Delhi-Mumbai. A business jet on this route may cost you around Rs 21 lakh for a return trip on a plane that can seat around a dozen people but for a Dubai trip, this amount could zoom to Rs 50 lakh. A similar trip to London may set you back by over a crore. One has to keep in mind that business jets often charge you for a round-trip because for them there are no other bookings on the way back unlike a commercial jetliner.

What type of jet to book?

If you have to propose to your girlfriend or cut a birthday cake onboard you must use the smallest jet which will cost over Rs 2.25 lakh an hour. For a trip under two hours, you can use lighter jets too but for anything beyond that, it is best to book jets with a washroom etc. The world of business jets is also about personalised service. You can expect personalized services with dedicated relationship managers for a smooth transition through the whole process. Charter services will also be willing to go out of the way to offer customized food and beverage options, inflight entertainment, and a car pick-up and drop service. They may also offer you the choice of your jet, quick turnarounds, allow for cancellations if needed and some may even provide Wi-Fi services so you are always connected to your work.

How to book?

There are various travel firms which deal in booking charter flights like JetSetGo, BookMyCharters, Club One Air etc. Many offer their planes but some fetch the right fit for you based on the inventory they have. Airlines too offer bookings for their flights if needed. For example, cricket teams flying from one part of the country to another often book an entire charter flight for their tour. Similarly many firms like BoatGoa, BoatBookingIndia, Gateway Sailing Club etc. provide bookings based on the type of yacht one needs.

Growth

India’s private business jet fleet stands at around 140 planes currently and this has shown a growth of 0.5% from 2011 to 2020. Of these, half are said to be big jets like the Falcon 900XP, while 30% are mid-size jets like Hawker 900XP and the rest are light jets like Citation M2. India's richest too are lapping up business jets. Mukesh Ambani-backed Reliance Industries took delivery of another business jet in the form of a Boeing 737 MAX in August this year. The yellow-painted aircraft attracted a lot of attention from plane lovers. Similarly, Adani Group too has inducted its first Boeing B737 business jet in June. Many expect this business jet fleet in India to grow to around 200 planes by 2030 and some of that hope is based on the premise that many are choosing to take such private jets because of its privacy, convenience and comfort more so post the pandemic of 2020. It also helps that they are often able to avoid congested airport terminals.  

Airports

India has opened dedicated terminals for private jet users. The first such was opened at Delhi Airport in 2020. Spread over 550-sq-m the terminal can handle as many as 100 daily flights. It also offers dedicated lounge for its travelers, duty-free shopping, shower facilities. The best part is that one can easily get in and out of this terminal with its 2,600-sq-m parking area which can accommodate 50 vehicles while fifty-five aircraft can be parked on the 65,000-sq-m apron. One saves a lot of time because you do not have to walk a lot like in the case of usual passenger terminal.

Mumbai Airport too has spruced up its private jet terminal and provides quick check-in and trained staff to welcome the passengers. It also sports a richly decorated lounge, and bars and offers global cuisine. One can also book a conference room for audio and video services and business meetings.  

Yachts

Yachts offer another level of luxury and are getting very popular with those in or travelling to the coastal cities of Mumbai and Goa. People are willing to pay to use these big boats for bachelor parties, pre-wedding shoots, anniversaries, birthday parties, corporate meets or even a full-fledged wedding party. The rates go for anywhere upwards of Rs 15,000 for two hours to rent these boats. Why two-hours? Those in the trade say usually anything beyond two hours can get boring and tiring. While yachts are available from 7 in the morning to 8 in the evening the popular option is to book slots between 4-6 pm and enjoy the sunset sailing with soft drinks and snacks onboard. To be sure there are several teething issues that the Yacht business still faces including the fact that often the lane to a yacht may not be of good quality and narrow. Sometimes lighting could be an issue. Maintaining these boats is an expensive affair and spares are difficult to get.

Indian Empress

The most famous Indian yacht of course was the Indian Empress which was bought by liquor billionaire Vijay Mallya from Elton John’s AIDS Foundation charity auction in 2006 for $113 million. Indian Empress is one of the longest superyachts in the world and can accommodate up to 32 guests and a crew of 42. It had even gone for a major upgrade in 2016 but was abandoned in 2017 after Mallya came under a lot of debt because of his bankrupt Kingfisher Airlines. It was then sold for €35 million to Sea Beauty Yachting Limited and renamed Neom.

Conclusion

The number of billionaires in India rose to 334 this year from 259 in 2023 and 109 in 2014. These shows the potential for the jet and yacht market, as more and more people yearn for luxury items to splurge on. However, private jets and yacht are not just about luxury, they also add to the convenience of holding a business meeting or rushing to seal some deal.