Why do people own Private jets?
Well, people might have multiple reasons to own a private jet. But the most common reason is convenience. And with convenience comes privacy, luxury, hygiene, control and comfort.
Frequent flyers such as business professionals, celebrities, business owners, diplomats, etc. own jets for it saves them a lot of time from the regular hassle of the airport touchpoints and a quick arrival to their destined locations.
Is a private jet a convenient option or a smart business opportunity?
Owning a private jet can provide several benefits for businesses. Private jets often fly faster than commercial aircraft, allowing passengers to reach their destinations more quickly. Additionally, jets can utilize smaller airports, bypassing the need for lengthy layovers and time-consuming connections. They grant access to remote locations that may not be serviced by commercial airlines.
Owning a private jet allows for unparalleled schedule flexibility. Business travellers can depart and arrive according to their timetable, making it easier to accommodate last-minute changes and tight deadlines.
Arriving at meetings via private jet can make a powerful impression on clients and partners. The prestige associated with private jet travel can also contribute to improved recruitment and retention of top talent.
It gives the flyer a business-class service with custom options, quick check-in and out, a discreet atmosphere for meetings, a quick timezone jump, and a more relaxed environment. Owning also means the jet is at your immediate disposal on-call within minutes.
The luxury of travelling by air in comfort is tempting. Owners can customize the entire interior from seating, and food to bed for an indulging experience.
Benefits of Owning a Private Jet
India collectively owns a fleet of 330 charter aircraft according to the Directorate General of Civil Aviation (DGCA).
The benefit of privacy delivers ultimate comfort. Even the smallest aircraft come with smart recliner-style seats, sumptuous sofas and the latest tech – not to mention state-of-the-art entertainment consoles
One of India’s Cancer surviving Businesswomen Kanika Tekriwal initiated a aviation start-up called JetSetGo where she possesses 10 private jets that are leased to organizations with almost 1,00,000 round fliers.
Owning a private jet comes with a minimum price tag of $3 million for a pre-owned light jet, to more than $50 million for a heavy jet like a Global 6000 or Gulfstream 650ER.
A chartered jet can earn anywhere from $4,000 to $20,000 per hour. So leasing out your plane can help to compensate for the cost of ownership turning it into a profit over time.
Most smart owners, who don’t use their planes often lend their aircraft to an aviation company and let them manage and lend it. As well as it can be made available to your request for you as well with annual returns on your aircraft.
Above all, private aircraft owners may be eligible for tax benefits and incentives, depending on local regulations and the specific circumstances of the purchase.
A Big Step: Central Government’s Plan to Increase DA for Employees and Retirees
Drawbacks of a Private jet
However, owning a private jet is not for everyone. It can be expensive and requires maintenance and upkeeping can be overwhelmingly expensive in India, given the current taxation and not enough usage of it.
Nevertheless, chartering a jet can be as low as ₹80,000 – ₹1.5 lakh per hour for a light Cessna Citation II to as high as ₹1.80 – ₹3.5 lakh for Dassault Falcon 2000.
A private jet can be owned privately or under a business company, for taxations all flying hours are considered under the company’s billables. For that the business needs to be flourished.
Chartering is always a convenient alternative as opposed to owning a private jet where you can’t complete at least 800 flying hours.
Most expensive jets owned by Indians
1. Mukesh Ambani
Aircraft: Boeing Business Jet 2
Cost: $73 million approx.
2. Ratan Tata
Aircraft: Dassault Falcon 2000
Cost: $22 million approx.
3. Anil Ambani
Aircraft: Bombardier Global Express XRS
Cost: $38 million approx.
4. Atul Punj
Aircraft: Gulfstream IV
Cost: $32.5 million (approx.)
5. Kumar Mangalam Birla
Aircraft: Gulfstream G100
Cost: $11 million (approx.)
6. Lakshmi Mittal
Aircraft: Gulfstream G550
Cost: $38 million
7. Gautam Singhania
Aircraft: Bombardier Challenger 600
Cost: $21 million
8. Adar Poonawalla
Aircraft: Airbus A320
Cost: $1 million (approx.)
9. Kushal Pal Singh
Aircraft: Gulfstream IV
Cost: $32.5 million
Actors and celebrities such as Akshay Kumar(₹260Cr), Diljit Dosanjh, Salman Khan, Virat Kohli(₹120Cr), Ajay Devgn(₹84Cr), Priyanka Chopra, Allu Arjun, Ramcharan Konidela and others too own private jets as a luxury at their disposal.