FAQ

Meravilla is a smart ownership of multiple vacation home which includes multiple types of villas & apartments in different locations. The concept of ownership is known as fractional ownership which indirectly means that multiple people buy the property and become owner and still enjoy the same or better fruits as compared to individual property owner.

Fractional Ownership is a method in which several unrelated parties can share in, and mitigate the risk of, ownership of a high-value tangible asset, usually an aircraft, yacht, piece of resort real estate, vacation home & villas or commercial properties. It can be done for strictly monetary reasons, but typically there is some amount of personal access involved. One of the main motivators for a fractional purchase is the ability to share the costs of maintaining an asset that will not be used full-time by one owner.

Meravilla fractional ownership of vacation homes offer series of benefits as follows.

1. A unique online platform to choose from varied range of vacation home properties to buy for a small investment starting from Rs.25000/-. You can regularly increase your property investment portfolio as and when you want to invest as per your requirement of vacations or incomes.
2. You can self-use, gift, rent or sell your fraction yourself in open market or through Meravilla online platform.
3. You can exit from your investment as per your wish with appreciated value of the fraction in open market or through Meravilla online platform.

Please find below a practical comparison chart of all three ownership.

You can get started as an investor by signing up on meravilla.co. Account creation and investment process can be completed online. You may be required to complete KYC process either online or offline depending on where you live. Completing KYC is not required for account creation but is required before you make your first investment. Once account is created and kyc are updated you can browse through property list available for sale and choose invitation for investing in the same. You can choose any number of properties as per your investment requirement. On receipt of your invitation request our advisor will contact you and guide you through further process for completing the purchase.

Once the process of signing the agreements online have been completed, you will get a link for online payment of the particular entity account which has been created for the said property purchase. You can also pay by cheque and email us the details on our support@meravilla.co email id.

In general, once you have made the investment on our request it takes from min 8 to max 25 days to complete the procedure of purchase and registrations. In this period, we arrange to physically send you the share certificates of the said entity, all other documents are uploaded on our portal where you can access through your login account. Also, your ownership through SPV is documented with Ministry of Corporate Affairs.

Once required said of people have showed interest in co-ownership of a particular property, Meravilla forms a private limited company (PLC) which is called as SPV (Special purpose vehicle) or Entity and purchases the identified property in the name of the said SPV and issues equal shares to all the co-owners of the company. So fractionally owned properties become the properties of the company and company is owned by the fractional owners as shareholders. The number of shares held by each shareholder in the company will have a proportional representation to the amount of capital invested by him in the fractional property or the rights possessed by him as laid out in the ownership agreement.

Depending upon the cost of property and service cost to be provided to all the co-owners Meravilla will Acquire min 2 to max 200 fractional owners for one set of property. Each property uploaded on our website for sale have details about number of fractions proposed against the same.

Investments received from all fractional owners will be used as below.

• • Against furnished property cost, stamp duties and other taxes. to concerned developers as per the payment terms of agreement to sale.
  • Against service cost to Meravilla Management for all basic and value-added services to be provided to fractional owners for 25 years.
  • Against statutory compliance, legal and all government applicable taxes of the SPV company.

You do not need to pay any recurring expenses pertaining to maintenance of the property and against services offered by Meravilla as mention in Meravilla scope of services section.

Once you have purchased a fraction of property or a set of property, you are entitled for number of nights stay equally distributed in weekdays & weekends. As per Meravilla service policy Monday to Thursday check-in fall into weekdays and Friday to Sunday check-in fall under weekend. This entitled nights can be used anytime throughout the year for self-use, gift or rent. Number of nights allotted are depended on number of fraction’s made for the said property or set of property. You can find this detail in property detail section, in our agreements & term sheets and our advisor will inform you before guiding you through the process of payment.

Meravilla is service provider for managing the maintenance of property, provide online / offline support to all fractional owners for self-use, gifting and renting their entitled night stay. Meravilla ensures comfortable, luxuries stay for all fractional owners through their housekeeping and other required services. Meravilla also ensures all payments against statutory compliances of the SPV made for the properties. Meravilla provides support to fractional owners and offer online platform to sale their fraction on their wish to exit. As advance payment for 25years services has been made to Meravilla from SPV against each fractional owner, you do not have to pay or incur any recurring cost against the services. For more details you can read the service agreement of Meravilla.

You can extended & renew services with Meravilla or cumulatively appoint some other agency for providing you the services. On majority of voting you can also sale the property and divide the price among all the fractional owners proportionately as per their fraction of ownership. Meravilla will guide you through the process of selling the property.

Below is the list of maximum occupants as per the type of property allowed against redemption of free stay. If in case, there are more occupants then fractional owner can contact Meravilla for the arrangement and pay the cost against the extra occupants above the allowed limit.

Room live inventories of above properties will be available online for Fractional owner to book. The inventories will be made available 2 months prior for booking in normal days but for days like long weekend holidays, peak holiday period and festivals room inventories will be made available before 7 days for booking and Fractional owner can book their accommodation nights on first come first serve basis.

Though the subject to availability clause is mandatory for any fractional owner for self-use of the property, Meravilla arranges additional 10 more properties for every property sold and Exchange location services will ensure minimum issue of subject to availability for your desired dates of stay.

31st December till 2nd of January every year will be considered as exclusion period and Fractional owner will not be entitled for any bookings of accommodation stay nights in this period.

Meravilla offers exchange location platform for self-use, you can choose any destinations were Meravilla have properties for management and redeem their entitled nights for stay in that exchange location. This service optimizes your investment, even when you have invested in one location and are still able to avail your stay in multiple locations. Exchange can be availed for similar type of property for stay.

Self-use accommodation in all properties will not include any meals. Fractional owners can have meals in project restaurants on paid basis or can arrange on their own at their will and wish. For every entitled self-use accommodation booking nights, Fractional owner must avail meal voucher as per the below list of understanding which Is mandatory. Fractional owner will not be able to use/redeem its entitled accommodation nights without paying for the food voucher as mentioned below. Such mandatory food voucher can be used redeemed at any of restaurants of tie-up projects of Meravilla and this food vouchers are for one time use and cannot be used multiple time in split amounts or change. This voucher has a validity period of 6 months from the date of issue, beyond the validity period they cannot be used. This voucher has no terms of any amt of usage for redemption, Fractional owner can order for exact Rs.500/- and not pay any other amount, for example if Fractional owner has ordered for Rs.400/- from menu card and wants to pay by Rs.500/- food voucher then Rs.100/- exchange will not be given back and in case if the Fractional owner has ordered for Rs.600/- food from menu card then Fractional owner can use Rs.500/- food voucher and pay Rs.100/- extra to clear the bill. For convenience of Fractional owner in case of Rs.1000/- mandatory food voucher Meravilla will issue 2 food vouchers of Rs.500/-. Food vouchers are mandatory for self-use bookings and Gifting only and not against renting of entitled nights.

There is no carry forward option for any un-used accommodation nights of a Fractional owner in a year.
That means if Fractional owner for some reason is not able to consume / gift / sale, his/her entitled accommodation nights in a year then in that case un-used accommodation nights cannot be carry forwarded in next year for utilization. Meravilla will not be responsible for such un-used accommodation nights in whichever conditions and Fractional owner will not have any rights to claim such un-used accommodation nights.

You can cancel the confirmed bookings before 7 days of check-in date, no cancellation of the confirmed booking will be allowed if 7days or lesser then 7days are available from check-in date, in such case if you still want to cancel the booking and have crossed the cancellation policy days can call up customer care and request for tentative cancellation request and if in case Meravilla is able to get alternative booking against the inventory then will allow the cancellation for you. In the event of you not availing the accommodation against the confirmed booking no replacement or alternate reservation shall be offered. If you are not able to utilize your holiday accommodation due to any unforeseen eventuality such as landslides, road closures, insurance, excess baggage, porterage on airport, hotels or railway stations, the holidays for the said days will stand as used (consumed) and you will not have any rights to claim the holidays again any time in the year or future.

Meravilla has a separate vertical for selling room nights in open market though online OTA portals, travel agents and direct sales. On your wish you can just use Meravilla platform to quote your price for selling your room night and Meravilla will take care of selling it in the market and transfer you the payment. Meravilla adds its mark-up to sale in the market and does not charge any commission on your desired sale price. You can also sell your entitled night in open market yourself. You can expect somewhere between 10% to 20% ROI on your investment.

Meravilla has created a unique marketing platform for its fractional ownership sales. As you invest in first fractional property of Meravilla you automatically get connected to a referral marketing network which works on network marketing business model. Though you are not compelled to do any sales, still you make commission income as and when customers purchase any fraction in your network. Our advisors / customer care can explain you this feature on your request or you can browse through our Franchisee menu of website. You can earn a huge income in this service of company.

You can anytime sell your share of fractional ownership from the next day once your legal ownership documentation is completed. You can sell it through Meravilla resale online platform or in open market through your own resources. Meravilla will guide you through the process. It is always advised that selling your ownership after 3 years from the date of purchase will ensure that you do not incur loss against your investment or even may be able to make some profits out of it. Nominal transfer fee for all legal formalities will be charged against any such sale.