Ser­vice Apart­ments

Accommodation Times - - Editorial - Mu­rari Chaturvedi mu­rari@ac­com­mo­da­tion­

Many builders are on to this band­wagon but with a twist. They are go­ing for ‘Apart­ment Ho­tels’ and not ser­vice apart­ments for ex­am­ple there are two prop­er­ties in Mumbai, the Res­i­dence of Ra­he­jas and Emer­ald of Jash­want Mehta group. But, they are Apart­ment Ho­tels and not so eco­nom­i­cal to stay. The con­cept of ser­vice apart­ment is lit­tle dif­fer­ent than that of Apart­ment Ho­tels. But all over In­dia the con­cept is steadily tak­ing roots. There are three key fac­tors to be con­sid­ered. First is that business and hol­i­day trav­el­ers are in­creas­ing by the day and add to this is the tran­sit vis­i­tors to Mumbai, who come here for med­i­cal treat­ment and a num­ber of other pur­poses. The need to stay from few days to 2-3 months and also cook their food. Se­condly the ho­tel rates in Mumbai are whoop­ingly high, and of ho­tels in other metro ci­ties. And the third fac­tor is that there are thou­sands of ready flats va­cant be­cause of the slump in the prop­erty mar­ket. Ser­vice apart­ments should be avail­able on daily charges and should be around Rs. 1000 to 3000 per day de­pend­ing on the fa­cil­i­ties, size and lo­cal­ity. The end­less stream of vis­i­tors in Mumbai and the other metro ci­ties, such ser­vice apart­ments will be a boon and at the same time will open the flood gates of rev­enue to the de­vel­op­ers and in­vestors, who’s flats are un­sold and their in­vest­ment are struck up in such flats, while they have to pay high mu­nic­i­pal taxes, so­ci­ety charges and main­te­nance with­out earn­ing any­thing. On the other hand, driven by an in­creas­ing de­mand from the cor­po­rate sec­tor, par­tic­u­larly the IT and ITES seg­ment, business and leisure in­vestors lured by at­trac­tive rentals, ser­vice apart­ments that com­bine all the com­forts of home with the frills of a lux­ury ho­tel at a frac­tion of the cost- is firmly tak­ing roots in real es­tate in­dus­try. Ser­vice apart­ments are fur­nished, li­nen, cut­lery, crock­ery, kitchen uten­sils and gad­gets to cater to the every­day needs. Many de­vel­op­ers of­fer­ing in­vestors a chance to buy ser­vice apart­ments with the lure of earn­ing at­trac­tive re­turns by way of rentals, ser­vice apart­ments of­fer.

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