Serviced apartments are no new entry in the realty sector; they have been there, making an impact, over a decade now. Speaking of such customized compact spaces, these are fully-furnished apartments, available for either short-term or long-term stay, providing best-in-class amenities, housekeeping and a range of premium services to the occupant. The impressive plus is that most taxes and utilities are already included within the rental price.
With time, serviced apartments have become a preference rather than a mere premium luxury for short-period stays. With a considerable rise in the young working population and frequent business travelers in Delhi NCR, the region is witnessing a healthy demand and growth in serviced apartments. Now looking at the growing trend, most new developments have placed such apartments in the architectural designs.
These modern apartments are well-enabled with all modern communication facilities such as fax, free wi-fi, conference rooms et al. Frequent business travellers prefer to relax and stay in properties that give them the sense of home and premium comfort with just one call away facilities and serviced apartments perfectly fit the requirement. Not just business travelers, serviced apartments are becoming a known preference for individuals and families too.
The preference is based on the comfort that such apartments provide.
Easing out the travel and providing all the necessary/premium comfort at one place is what makes such apartments a full package. People travelling for business purpose can have their meetings planned in these apartments. In addition to the facilities mentioned, these apartments also offer modular kitchens, laundry facilities, power back-up, as well as a professional concierge services within the premise.
Specifically, Gurgaon being the hub of multi-national companies (MNCs) is witnessing a steep rise in preference for serviced apartments. Considering the good rental yield, many homebuyers are also considering to invest in these spaces as second home.
These apartments are preferred by business heads as they want their staff to be accommodated closest to the workplace in order to save transportation, time and cost. Medical tourists are also one of the prime stakeholders of such apartments. People travelling here for medical purpose with medical procedure lasting months are often accompanied by family members. In such cases a serviced apartment serves as an ideal accommodation in place of an expensive hotel.
With India’s economy continuously expanding, the demand for serviced apartments will continue to rise along with the floating working population. The corporate sector majorly contributes to the need for such apartments, but with its preference shifting to masses, it surely holds a much promising future.
(By Gaurav Mittal, Managing Director, CHD Developers)