The latest trend to have influenced the India real estate market is that of Service Apartments. With growing economy and a boom in the IT sector and BPO services, there is expected to be an evolving demand for transit housing in the next few years. As service apartments prove to be cheaper than hotel suites in the long run, the ensuing demand has already pushed the developers and the hotel industry to test the concept in metros.
Service apartment can be described as 'a home away from home' that offers end users with a cost-effective, convenient and comfortable accommodation. Service apartments offer personalized services in tune with the requirements of the occupant and are more preferred by MNCs, top executives, business travelers, skilled professionals, expatriates and leisure travelers.
India witnessing the best development in all sectors of economy and real estate has also embraced the concept of service apartments. Most such service apartments are fully furnished and equipped apartments specifically designed for expats with short stays in India, to give them and their families the comforts and privacy of a home.
By and large the service apartments in India are 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, security service, is also provided.
Serviced apartments in metros like Gurgaon, Noida, Delhi, Mumbai, Chennai, Bangalore, Pune to name a few are a great cost effective alternative to restrictive hotel rooms, being an average of 15-30% cheaper than hotel accommodation of an equivalent quality. The standard facilities offered in a modest service apartment are
- Fully furnished, equipped & air-conditioned apartments.
- Geysers for hot water in the bathroom.
- Necessary kitchen amenities such as refrigerator, cooking gas stove, toaster, water dispenser, electric kettle etc. Moreover, crockery, cutlery and glassware is also provided.
- 24 hours Security.
- Telephone facility and internet connection (optional).
- T.V. with 24hrs. Cable connection.
- Power Backup.
- Clean Towels, bedding & Linen provided Weekly linen change.
Some Service apartments in India also have additional services facilities like grocery delivery service, food to order, morning newspaper, laundry service, doctor on call, etc.
As the concept of service apartments grows in India, more and more players in the market are trying to increase their market share by providing more and more facilities at the optimum cost and increase their reach to newer destinations. However, it is true that the quality of services offered and the cost will play an important role in the growth of this concept. The growing popularity of the trend is further established as business in this segment which is already perched at an impressive 74 per cent in 2005-06 is set to increase further.