Indian Builders Bullish on Service Apartment Business

October 1, 2007	(Be the first to rate this story!)  Loading ...
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International and Indian real estate players have lined up to make money on the back of growing demand for temporary residential units in cities such as Bangalore, Chennai, Pune and Kolkata. Indian realtors and their peers from Japan and Thailand are targeting young IT/ITes professionals in these growing cities.

There are a number of domestic real estate companies evaluating the potential prospects of the segment. Also, Thai and Japanese property builders are believed to be bullish on Indian real estate.

These apartments offer short term stay to both the business and leisure traveler, allowing the discount up to 25-40%.  The new commercial properties in India have grown by almost four times in the past five years. The demand for the office spaces has largely been pushed by the IT sector in the country. Around 60 million sq ft of commercial space requires to be developed over the next five years to cater to increasing demand for properties.

The available serviced apartments are not enough in numbers and there is a need to bring more of such kind. Oakwood Asia Pacific, the largest global provider of corporate housing. It is to come up with serviced apartments in Mumbai, Bangalore, and Pune by 2007-end or Chennai-2009.

News Published Under:   Real Estate Developers |

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