Service apartments: an indispensible part of real estate in Gurgaon
Oct 15, 2013
Source : The Times of India


DELHI: An idyllic place for longer business trips, the service apartments offer the supreme blend of comfort and privacy of a home with the services of a luxurious hotel room at a much lower price.

The sharp surge in international and business travel over the last few years in India has raised the need for service apartments in various developing areas. Executives from India and abroad travel frequently to IT and business hubs and tend to spend days, weeks or months working from different parts of the country. Service apartments have become an alternative to the expensive long stays in hotels.

Serviced apartments are one of the most in-vogue types of accommodation in India at present. The concept of service apartments started in USA and today the concept is globally famous. The transformation in the people’s mindset of going for economical travel and the corresponding increase in the level of sophistication of international travelers have raised the importance of service apartments in the cities. A serviced apartment is a type of furnished apartment available for short-term or long-term stays, which provides amenities for daily use. They are basically of lesser value than the hotel rooms.

The strong growth of IT’s in the NCR region, especially in Gurgaon, has transformed the complete picture of not only the city but also of its adjacent areas and Dwarka. It is burgeoning as the focus of commercial and entertainment activities and is among the most preferred locations to stay in the NCR region. The growing demand of office space in NCR has forced the development of service apartments in these areas.

And with the Gurgaon-Manesar Master Plan 2031, the region will witness further growth at an immense level which has raised the growth potential for this market in Gurgaon to an extreme level. Dwarka Expressway will finally release the gridlock mostly found in NH 8 from its existing burden of commuters. It is expected to reduce the travel time from west Delhi by half. Also, the expressway will touch 16 new nearby residential colonies and a commercial corridor.

The other aspect that is raising the demand of commercial and residential properties in the magnificent Gurgaon-Dwarka Expressway is the factor that most of the renowned developers are showing their participation in the construction of their eminent projects in the area. Manesar being a huge core of major IT companies whose employees need decent accommodation along with the well-built infrastructure has pushed the growth of service apartments in Gurgaon.

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