Realty Players Jump On Service Apartment Bandwagon - Indian Real Estate Forum

Pinnacle · 15-10-07

S. Shanker, Mumbai, October 14, 2007
The Hindu Business Line
With a stupendous rise in business and tourist travel, the serviced apartment segment appears to be carving out a niche for itself within the hospitality sector.

Sensing the opportunity, realty majors such as Ansal API and Parsvnath Developers, besides a host of new aspirants, are in the fray to meet the growing demand.

New players such as Mennen Aviation & Hospitality Ltd, which has a land bank of about 100 acres spread across Maharashtra, Goa and Karnataka, plans to set up 15 service apartments by 2010.

Service apartments are fully furnished and self-catering units open to business travellers, tourists or corporates, offering the conveniences of a home equipped with house-keeping, room-service, 24-hour receptionists, security and travel desk.

Often, such apartments are required for two to 6 months at a time and in general cost less than a four- or five-star hotel in the same region.

Parsvnath Developers Ltd is building fully furnished service apartments at Bhiwadi in Rajasthan, and Chandigarh. “With high-profile executives on the move, and who are increasingly showing their inclination to have high standards of living with a personal touch, there is a growing demand for worthy temporary accommodation. Industries involving high level of travel like BPO and IT show up a huge demand,” says Dr B.P. Dhaka of Parsvnath Develope

15-10-07	#1
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	Realty Players Jump On Service Apartment Bandwagon S. Shanker, Mumbai, October 14, 2007 The Hindu Business Line With a stupendous rise in business and tourist travel, the serviced apartment segment appears to be carving out a niche for itself within the hospitality sector. Sensing the opportunity, realty majors such as Ansal API and Parsvnath Developers, besides a host of new aspirants, are in the fray to meet the growing demand. New players such as Mennen Aviation & Hospitality Ltd, which has a land bank of about 100 acres spread across Maharashtra, Goa and Karnataka, plans to set up 15 service apartments by 2010. Service apartments are fully furnished and self-catering units open to business travellers, tourists or corporates, offering the conveniences of a home equipped with house-keeping, room-service, 24-hour receptionists, security and travel desk. Often, such apartments are required for two to 6 months at a time and in general cost less than a four- or five-star hotel in the same region. Parsvnath Developers Ltd is building fully furnished service apartments at Bhiwadi in Rajasthan, and Chandigarh. “With high-profile executives on the move, and who are increasingly showing their inclination to have high standards of living with a personal touch, there is a growing demand for worthy temporary accommodation. Industries involving high level of travel like BPO and IT show up a huge demand,” says Dr B.P. Dhaka of Parsvnath Develope __________________ Ram Last edited by Saumya; 15-10-07 at 12:57 PM.

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