serviced apartment Hyederabad

Cities such as Gurgaon, Chennai, Hyderabad and Pune offering employment opportunities due to the strong presence of IT companies, have become the centre of real estate activity too. Of the entire configuration of properties, service apartments have generated enough interest. And Hyderabad seems to be fast catching up with the trend.

Here, service apartments are often popular where there are commercial office spaces in proximity. Hyderabad’s areas such as Gopanhalli, Madhapur, Gachibowli, Kondapur and Hi-Tech City are some of the IT hubs where the developers are showing their interest. “Recently Hyderabad-based firm PBEL Property Development (India) Pvt. Ltd., has unveiled two towers within its larger PBEL City township project, comprising a total of 13 towers, at APPA Junction on the periphery of the city,” says Padma Reddy from a brokerage firm Venkateshwara Swamy Realtors. PBEL is a global joint venture between three construction majors- PBC, Israel (Property and Building Corporation), Electra and INCOR India.

“The towers, Argentum and Aurum will offer 2BHK and 3BHK apartments that come in sizes upwards of 1,094 sq ft and will have 400 units,” she added. The towers Argentum and Aurum offer 2BHK and 3BHK apartments that come in sizes upwards of 1,094 sq ft and will have 400 units. Each of these towers will have 20 floors and the company is offering the units at Rs 3,300-Rs 3,400 per sq ft. These would be fully furnished apartments and owners will have the option to rent it out to prospective tenants.

The demand for serviced apartments is increasing. And this is putting pressure on the rental markets too. “As there are more people coming to the city for employment, there are more requirements of the serviced apartments in Hyderabad because of the IT-centric developments. Citing the need, developers too are now planning new projects for the segment. And it is expected that rents would further increase. Rents of a 2/3 BHK, 1,700 sq. ft serviced apartment in Gachibowli is between Rs.20,000 and Rs 24,000,” says Ganesh Swamy from Raju Consultancy. Similarly, HI-Tech City has a rental range of Rs 14,000-18,000 per month for serviced apartments. Realtors in the region believe that rents would further increase in coming months.

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