As the Indian economy is thriving, there is a growing appetite for exclusive and premium business clubs. New-age start-up owners, family business scions, corporate honchos, and creative geniuses now prefer exclusive spaces to hang out, network, and set deals.
Gymkhanas and golf courses in Indian metropolises have been the bastions of industrialists, business heavyweights, and political elites since independence. However, nowadays, it takes many years to get a membership.
Alternatively, a new crop of members-only private clubs is thriving in business centres and CBDs. As per the latest research by Axon Developers done in partnership with SKYE, a hospitality consulting company, the current market size of the private members-only club is INR 576 crore. By 2027, it can reach INR 941 crore, growing at a CAGR of 17.8%. This includes renewal as well as one-time referral fees.
There are standalone clubs such as Quorum, BLVD, Jolies, Indus, Soho House, Discovery, etc. Meanwhile, many mainstay hospitality players have also launched their flagship brands, such as Chambers (IHCL), Privie (ITC), Belvedere (Oberoi), Modernist (Four Season), etc.
“While business meetings in a curated members-only environment are an underlying theme in such clubs, their role goes beyond this. These new-age sanctums of maximalist lifestyle offer an integrated ecosystem comprising swanky meeting rooms and business lounges, members-only restaurants, bars and cafes, gyms, etc. They have a gamut of other superlative amenities, such as luxury suites, art galleries, salons, gaming rooms, spas, international chefs, cigar lounges, wine bars, concierges, etc. Most of these clubs have a generous one-time fee alongside an annual charge ranging from INR 1–3 lakh,” quoted Ankit Kansal, MD of Axon Developers.
In addition to business meetings and networking, these spaces are also used for a slew of other activities, such as closed-door retail, art galleries, talk shows, book reading events, hosting cocktails, etc.
The aggregate size of members-only business clubs in India is 1.015 million sq ft, with a registered membership of around 11,200. Since 2020, the total volume of registered members has grown by a CAGR of 8.27%.
In terms of revenue and volume of registered members, the Western region in India contributes 53% and 42%, respectively. Mumbai hosts a number of clubs, such as SOHO House, Taj Chamber, Quorum, Modernist, Equus, Indus, Jolies, etc.
These modern spaces, generally designed by marrying old-world aestheticism with neo-modernism, will continue to rise in popularity. It is a social haven for Indian elites with refined tastes and progressive ideas.
“Memberships in these clubs are either through referral or by invitation only. Apart from the financial standing, the membership is based on a few other critical criteria, such as overall accomplishments, past track record, and future vision. This naturally adds a sense of pride, making it a delectable choice among India’s new-age business personas and aspirational entrepreneurs,” added Taran Chabra, Director & Co-Founder of Skye Hospitality.
