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service apartments in mumbai, serviced apartment investment, serviced apartments, serviced Apartments in india Srishti Chandola May 25, 2018

Real Estate

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A serviced apartment is basically a furnished property constituting a small kitchen and the rooms that are equipped with urban communication facilities like fax, telephone and internet connection.

These homes are generally are spacious than a hotel room and can have other facilities such as housekeeping staff, conference rooms, and concierge service.

Began in Mumbai I 2003-04, the trend of serviced apartments moved to Delhi and Bangalore before setting footprints to smaller cities, majorly Delhi before extended as well as could have features and facilities driven by the commercial activities. The demand for such kinds of home sin steered by the executives belonging to corporate sector with the expatriate who travels to India for working purpose that could last for months. Owing to the presence of the huge number of Multinational companies, the demand for such serviced homes in Gurgaon and South Delhi is pretty high.

Popular among the expatriates With the businesses going global, the increasing numbers of the expatriates are coming to India for work purpose. Since the duration of the stay is based on assignment, it certainly makes a lot of sense to rent a serviced apartment over hotel due to the cost-effectiveness. The apartments are popular among the people traveling for medical tourism to the country.

After making the debut in the metro cities, the trend is now moving towards tier-2 and is now evolving from the previous 3-star to a 5-star format in the hospitality sector. Likewise, where only the individual apartments were previously involved, complete buildings are being converted into the serviced apartment blocks.

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Easily managed by the hotel chains In order to reduce the operating costs as well as the guest/staff ratio, the majority of top serviced apartment brands are operated primarily by mainstream hotel chains. Various international brands have tied up with the local developers or builder in Delhi, Mumbai, and Bangalore to build these apartments that cater to the predominantly to the corporate sector. Also, various serviced apartments in India are run by the renowned hotel chains including Marriott International and Hotel Leela.

Serviced homes are easy to manage as India has the legacy of high quality exceptional and service hospitality. The return, however, on the leasing out like apartments are considerably lower than they actually functioning it on the business level since it doesn’t lock tenant into the longstanding stay.

Opportunity for investors Irrespective the mainstream hotel organizations being the prime players in the business, numerous developers or builders have put these homes on sale individual home buyers especially, ultra-rich who are looking to own the home in varied locations without bothering about maintenance of the property. On the contrary, mid-sized and small-sized developers are advertising serviced apartments as the investment opportunity with the rental yields to the tune of 9-14 % per annum. Numerous developers including Shubhkamna Buildtech and Central Park have already cashed in opportunity and have their serviced flats in Noida and Gurgaon. Also, some Deli based builders have projects in the pipeline for various locations. As per the present scenario, the primary motive of people motive of people investing in housing properties is capital appreciation over the rental income since the annualized returns from housing property is usually 3-4% while capital appreciation is 10% to 15%.

Furthermore, the appreciation in the rentals can be seen in the business areas or hubs that draw a lot of business travelers for long-term project related work. Also, that adds to the edge of investing is it gets good rental income, sound tax advantages, luxurious apartment at an

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affordable rate and no maintenance charges for the owner. Approximately, it has been seen that rentals of the normal apartment are 1/3rd of the serviced apartment. It means that the owner is earned Rs 10,000 per month as a rental from the normal apartment, the similar apartment if service can make the owner earn up to Rs 30,000. Nonetheless, people are investing in similar apartments should spend substantial time in researching as nature of operations is diverse from individual letting out.

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