09-11-06
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Service Apartments - Real estate Trends
As real estate reaches a new height in India, there are emerging trends in the realty sector to attract investors and create a more competetive market. But it has of course become a blessing in disguise for the investors, who are the beneficiaries as the developers and others in the business compete for a share of the realty pie.
One of the latest but positive inclusion in the realty business is -
SERVICE APARTMENTS. With an array of projects across cities like Mumbai, Pune, Bangalore, Chennai, Delhi, Kochi and Kolkata by leading realty and hospitality industry majors, service apartments are now increasingly becoming the preferred choice for those looking for a ‘home away from home’. But what are Service Apartments.
Hope this article will throw some light on the new trend....
Quote:
Typically, a service apartment can be described as ‘a home away from home that offers end users with a cost-effective, convenient and comfortable accommodation.’ Simply put, it provides you the opportunity to enjoy five-star luxury at almost three–star prices. And the timing couldn’t be any better. With India embracing globalisation over the last decade and the subsequent huge influx of MNCs, top executives, business travelers, skilled professionals, expats and leisure travellers into the country, service apartments are the latest trend that’s taking the domestic hospitality and real estate industry by storm in recent times. Ideally suited for medium-to-long staying guests, these apartments are thus a natural choice for corporate employees or expats relocating to a particular city, who want to combine the privacy and comfort of their home with the services and amenities provided by a top-class hotel.
Facilities on offer
A recent Knight Frank report defines ‘service apartments’ as those ‘offering more personalized services in tune with the requirements of the occupant. But by and large all service apartments will be furnished with furniture, soft furnishings, linen, cutlery, crockery, kitchen utensils and gadgets to cater to the everyday needs of the user. This would also include TV, air conditioning, telephones and maybe an internet connection. Housekeeping facility and in some cases, a concierge service, are also provided.’ “However,” adds Maj Gen Jayant Varma, ED (north), Knight Frank India Pvt Ltd, “the benefits that service apartments offer are basically a 'home away from a home'. Hotels have a formal atmosphere and are a bit stifling for a prolonged stay. Added to this, couples with children would prefer a more homely and less formal atmosphere during extended stays. The biggest advantage in service apartments is that self cooking facilities exist coupled with the facility to order for food.”
Source: Realty Plus
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