This expansion is a part of its growth plan to double its member-base to 20,000 in the next three years and reach its turnover target of Rs 60 crore for the year ended March 31, 2001.

Speaking to press persons, Mahindra Holidays & Resorts president and chief executive officer Prakash Wakankar said that both the properties the company acquired were outright purchases from individual owners. The company will add 15 cottages to the 10 existing cottages in Binsar property, which is close to the Binsar Bird Sanctuary, by July next year, he said.

Construction of the 65-apartment Club Mahindra resort at the Ramgarh site at the Kumaon foothills, spread over 14 acres of pine forests and fruit trees, is expected to commence early next year and be completed by mid-2002. The timeshare and holiday company will spend around Rs 28 crore for the acquisition as well the construction, said Mr Wakankar.

The expansion is being funded partly from internal accruals and partly by the parent company Mahindra & Mahindra, he said.

The company has tied-up for 30 rooms out of 51 double rooms in the Kichu resort in Paro, Bhutan and use of the Dubai Marine Hotel, a four-star hotel in the Shopping haven.