Serviced Apartments To Redefine Cosmopolitan Living

Luxury is making its way into realty like never before. However, it is not restricted to residential space anymore. Developers are looking at catering to the niche target and this time the target could well be a short-term guest. Quite new to India, this market is expected to grow in the near future. 

“We feel that the Indian real estate market is very promising but there is little in terms of supply of serviced apartments.  Increasing demand from IT, consulting, banking, financial and automobile sectors will only create more opportunities. What is required is the right branding, quality assurance and on-time delivery. This will not only lead to price appreciation, but will also ensure growth,” says TJ Barring, President, JNB Group. JNB and BridgeStreet will be co-branding 183 units of IDI in Noida, 100 units of AIPL in Sector 66A, Gurgaon and 364 BHK units of CHD in Sector 106, Gurgaon. 

It is believed that going forward; the concept of space would change for the better. With an increase in buying capacity among potential buyers, the idea is to focus on amenities. “Such branded serviced apartments are catering to a new breed of home buyers. Fully furnished homes with contemporary décor, modular kitchens that give you with the flexibility of cooking your own meals, emergency support at your call and convenient payment plans to help you feel like you are at home — are some of the takeaways,” says Jatin Makhija, broker, Paradise Residences. 

What is more important is the fact that these serviced apartments would be an answer to those who are looking at comfortable stays during emergencies. “You may have to move to a city for medical reasons. Hotels are expensive and you have to eat whatever is given to you. You cannot stay in the hospital because there is no privacy or flexibility. These serviced apartments are very reliable and all you pay is for the amenities you have used, just like a rented accommodation,” says Bhanu Singh, broker, Vasant Properties. 

While most of such properties are still in the stage of infancy, it is gathered that these could fetch sizable rental returns. Reason: short-term stays are becoming immensely popular among people. Whether it is for vacation, a medical emergency that requires you to shift temporarily to some other city, or to prepare for a wedding, these serviced apartments are a good way to feel at home even when you are miles away from it.

Also read

These Are The Things You Should Do Before Shifting To A New Home

What Kind Of Property Appeals To Most Of Us?