Hinjewadi-based corporate IT companies looking to offer their guests and employees a good and safe accommodation are no longer under the mercy of luxury four and five star hotels in the region. Serviced apartments are fast emerging in Hinjewadi as an alternate accommodation for companies, with standard services available at a much lower cost than hotels. Hinjewadi Infotech Park and the area within three to five kilometres of the IT Park have a number of upscale and small service apartments.

“The concept of service apartments is immensely popular in the West, offered to professionals visiting the city for a short period, stretching to a maximum of six months. This module works in IT parks such as Hinjewadi, as there is a constant movement of professionals from other cities for projects etc,” said Amol Parkhi, partner, Sorrento Service Apartments.

He added that being located close to the IT Park is an added advantage as corporates look for accommodation close to their offices.

Most of the serviced apartment owners enter into deals with corporate firms, as it benefits both.

“We have deals with companies such as Wipro, Cognizant and Accenture for a period of one to three years. This assures us of a fixed rent and the companies have a confirmed service apartment,” said Arun Mandiyar, property manager of the Humming Bird Service Apartment in Hinjewadi.

GROWTH POTENTIAL

Sunil Kanal, owner, Nest Service Apartments in Hinjewadi, said that serviced apartments have witnessed growth in the area for the past three years and has a great potential in the future. “When we launched in 2009, there were only two players, but now there are at least 15 players.”

Explaining the reason for the rise in demand of service apartments besides it being cost-effective, he said, “Personalised services in a home-like private atmosphere is a major reason for the rise in demand. We provide all basic services required by an executive from air conditioning to Internet, housekeeping services, a personal kitchenette and other comforts, besides security.”

The rentals per month range from Rs 30,000 to Rs 50,000. “The longer the period of accommodation, lower is the rental cost per day. When deals are negotiated with companies for a period of one year or more, then we come to an agreement of fixed amount with them, which is still around 60 percent lower than a four-star hotel accommodation,” said Shilendra Kumar, operations manager, Mint Hotel, which in the three years of its launch in Hinjewadi has had dealings with more than 80 IT companies there and has seen around 90 percent occupancy on an average.

source : economictimes.indiatimes

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