serviced apartment indiaServiced apartments might seem to be a new concept in India, but the fact is, that these are around for quite some time now. A serviced apartment is like any other apartment with the basic difference being that it gives back assured returns to the buyer, sometimes as high as 50%, after deducting the maintenance charges.

According to Neeraj Gulati, Managing Director, Assotech Realty Pvt Ltd, “Serviced apartments provide services like a hotel, such as housekeeping and room service. But, unlike a hotel, a person using a serviced apartment can cook his own food too.” Gulati has one of the finest serviced apartments in NCR called Cabana, at Indirapuram.

So, serviced apartments can be owned by you while the client servicing is provided by the seller. The seller also takes the responsibility of getting you tenants. Gulati remarked that mostly people from foreign countries on work visas stay in the serviced apartments for a duration ranging from a month to even six months or more. “Usually corporate guests or those working for companies here hire serviced apartments.

The benefits vis-à-vis a luxury hotel are that firstly, serviced apartments give you the feel of a home and secondly, any conference or seminar or business meets can be done in the nearby facilities that are often clubbed with the service apartment projects. Also, these are cheaper than a good hotel,” Gulati said.

According to Sanjay Rastogi, Director, Saviour Builders Pvt, Ltd, “A serviced apartment is often a fully-furnished accommodation which is available for short-term or long-term stays. These apartments come with basic amenities for daily use, which include a kitchen with cooking range, kettle, microwave, a washing machine etc.” Rastogi remarked that if you don’t want to cook or do the routine chores, you can even sign up for a complimentary breakfast, laundry, among other things.

He pointed out that the concept of serviced apartments works very well in the metros and larger tier-II cities, where starred hotels are notoriously overpriced. “Serviced apartments are the emerging trend in the corporate hospitality sector. Often, the executive traffic of many MNCs and domestic companies is too erratic to justify a standalone company guesthouse. And people find service apartment a good investment avenue,” Rastogi elaborated. His group is coming up with a project at Crossings Republik called Saviour Street.

Source : Prasoon Pant, Property Plus