Booming Serviced Apartment Segment of Mumbai
The article sheds light on the latest trending real estate topic of Mumbai, which is that of serviced apartments. Read on to explore more!
At Rs. 50-65 lakhs, a 1 BHK serviced apartment in a posh locality of Mumbai looks like a dream investment for the buyers belonging to the middle-income segment. The decision made by the buyers mostly depends on the distance between their residence and the work place, and closeness to other facilities like market, hospitals, schools and others. The trend for investing in such types of serviced apartments is catching up in localities like Andheri, Goregaon and Worli in South Mumbai. As these areas have always been the prime commercial hubs and have witnesses a steady inflow of visitors mainly from the young population. Serviced apartment segment has become an indispensible part of real estate Mumbai and has offered excellent opportunities for growth.
What are serviced apartments?
Usually, a serviced apartment is fully furnished residential accommodation that is given for short-term stays. Such apartments are available with daily use requirements, which include a kitchen with a cooking range, microwave, washing machine, and others. The serviced apartments offer a higher annuity income as compared to that offered by the residential apartments.
The concept of serviced apartments was introduced in India past 10-12 years and now the trend is catching up in the metropolitan cities and bigger Tier II cities. As compared to the international real estate markets, India lags behind providing serviced apartment service providers in Tier 2 cities. In some of the cities, hotels and serviced apartment chains look out for the same segment of customers.
The corporate hospitality segment has also welcomed the trend of serviced apartments. The stand-alone company guesthouses are unable to cater the demand for increased number of many multinational and domestic companies. The requirements of businesses are different from the usual hotel room occupants, and this is the reason why the serviced apartments, which offer three-four star services, become the obvious choice.
Investing in serviced apartments
The experts suggest that it is the high time that one should invest in the serviced apartments. The corporate travel segment of Mumbai is the main driver for the growth of this type of home segment. Those who travel other states for business and/or leisure trips or medical tourism, look out for the less costly accommodation options. The big names in the field of serviced apartments are hopeful that the things will get better in future. The segment is enthused by the active demand, and thus have gone is a professional way.
Living experience at serviced apartments
Traveling on a business trip is very tough and drains a person, when it comes to shift from one hotel to another. This can be avoided with these serviced apartments, as you can stay here for a long time like your home. And with larger groups, traveling for a business trip is also fun. These apartments are usually located in downtown, where you can also enjoy the natural beauty of the place.
You can live in the serviced apartments in Mumbai as you do at your own place, you can do gardening, play with your friends and children, maintain cleanliness, and perform daily chores. Partying here without your friends will also be economical, where you can cook on your own, decorate on your own, and can party all night.
After finalizing among the serviced apartments in Mumbai, you can book your preferred on in advance. It is advised that you must check the location of the flat on Internet, and avoid booking those that are located at very deserted places. Such places can be inconvenient in terms of transportation and entertainment. It is always advisable to have complete information of the project beforehand before finalizing the deal.
Author Bio: Rashmi Karan writes on the behalf of 99Acres.com, which is the leading real estate portal providing genuine and accurate information about the current real estate trends regarding purchase and sale of both residential and commercial properties across India.