Serviced Apartments in High Demand in Hyderabad

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.

Cities like Gurgaon, Pune, Hyderabad and Chennai fare well in terms of job creation because of IT/ITeS companies who are setting up there base in these places, which in turn increasing the demand for residential properties. Out of wide property options, serviced apartments are on high demand across metros, and Hyderabad is witnessing more demand at a fast pace. Such apartments are mostly preferred by business travelers who look for independent stay, reports Yatin Sharma of MagicBricks.com.

Serviced apartments are more popular in places which are in close proximity to commercial hubs. Within Hyderabad, localities like Madhapur, Gopanhalli, Kondapur and Hi-Tech City are some of the places that houses most of the IT companies and therefore, developers are more interested to launch serviced apartments in such places.

“Recently Hyderabad-based firm PBEL Property Development (India), has unveiled two towers within its larger PBEL City township project, comprising a total of 13 towers, at APPA Junction on the periphery of the city. The towers, Argentum and Aurum will offer 2BHK and 3BHK apartments that come in sizes upwards of 1,094 sq ft and will have 400 units,” said Padma Reddy of Venkateshwara Swamy Realtors, a city-based brokerage firm.

Nowadays, serviced apartments are witnessing more demand in the city. “As there are more people coming to the city for employment, there are more requirements of the serviced apartments in Hyderabad because of the IT-centric developments. Citing the need, developers too are now planning new projects for the segment. And it is expected that rents would further increase. Rents of a 2/3 BHK, 1,700 sq. ft serviced apartment in Gachibowli is between 20,000 and Rs 24,000,” said Ganesh Swamy from a city-based Consultancy.

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