Serviced Apartments Soar in Demand in India

Bangalore: Serviced apartments are gaining popularity at a fast pace in India. These apartments are on high demand as it fetches good return on investment to buyers, which is estimated as high as 50 percent after subtracting maintenance charges, reports Prasoon Pant, Property Plus.

Neeraj Gulati, MD, Assotech Realty, who has one premium serviced apartment named Cabana in Delhi-NCR, at Indirapuram area. According to him, "Serviced apartments provide services like a hotel, such as housekeeping and room service. But, unlike a hotel, a person using a serviced apartment can cook his own food too." Serviced apartments are mostly preferred by business travelers who seek independent stay. Adding to this, Gulati also mentioned that mainly people, who travel on work visas from foreign countries, prefer to stay in serviced apartments for duration of one month to six months or more. He further said that "Usually corporate guests or those working for companies here hire serviced apartments. The benefits vis-a-vis a luxury hotel are that firstly, serviced apartments give you the feel of a home and secondly, any conference or seminar or business meets can be done in the nearby facilities that are often clubbed with the service apartment projects. Also, these are cheaper than a good hotel," reports TOI.

Sanjay Rastogi, Director, Saviour Builders cited that "A serviced apartment is often a fully-furnished accommodation which is available for short-term or long-term stays. These apartments come with basic amenities for daily use, which include a kitchen with cooking range, kettle, microwave, a washing machine etc." He further said that occupants, who wouldn't prefer to cook or do any other routine tasks, can opt for complimentary breakfast, laundry and other services provided in serviced apartments.

On this context, Rastogi mentioned that people are accepting the concept of serviced apartment widely and the concept is gaining popularity mainly in metros and tier-II cities, where hotels have quoted high priced. He remarked that "Serviced apartments are the emerging trend in the corporate hospitality sector. Often, the executive traffic of many MNCs and domestic companies is too erratic to justify a standalone company guesthouse. And people find service apartment a good investment avenue." Moreover, Saviour group is planning to launch their project called Saviour Street at Crossings Republik.