Service Apartments - Real estate Trends - Indian Real Estate Forum

Sonia · 09-11-06

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

vardaan · 16-02-07

Sonia Said:-

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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.

These Apartments have Intrinsic characteristics of Hotel Rooms which is for long duration of stay, especially for Business Executives...

Service Apartments are designed to meet the needs of business Executives planning to stay in an urban destination for 15 days or more. Living for long duration in a Five Star Hotel ca be monotonous. The Hotel Room, which is basically four walls, can get claustrophobic whereas an apartment hotel gives you space with flexibility. The service apartments facility are basically targeted towards business/ corporate executive class who work at a location distant from home for a long duration of time.

Service Apartments combine the best element of a hotel and a home. -

A service apartment allows guests to live in the comfort of their homes and habits. Meals can be prepared in fully equipped kitchens in a service apartments, which is not the case in hotels. It also more cost effective to cook when one staying in a city for months on end.

Another Prime Benefit of an apartment is storage space, especially for documents like mailer, brichures, etc.

While all the chores of maintaining a house are negated there are benefits of being serviced like in a hotel. It basically gives you the choice of either doing it themselves or get it done by someone else.

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The cost of an apartment hotel is approximately 20 per cent less than the cost of staying at an ordinary double room in a hotel of equivalent standard. For instance, guests staying at five-star hotels spend anything between Rs1500-Rs.2000 daily on meals whereas in the apartments the guests have the option of cooking their own meals. One can also save a bundle on laundry services. On an average, a guest staying at a five-star hotel pays Rs 400 for his laundry daily.

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