Hotel Prices Push Demand for Serviced Flats in Bangalore

April 24, 2007	(2 votes, average: 2.5 out of 5)  Loading ...
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As a substitute for highly prized hotel rooms, builders in Bangalore have come up with a new trend – ‘Serviced Apartments’ which promise to offer cost effective accommodation solutions. The concept sounds good for business travelers coming to the city.

Like hotels, these apartments will offer short-term stay and cater to the demanding requirements of corporates, businesspeople, tourists, and expatriates. Although, the city already has 600 to 800 serviced apartments, but there seems an extra need for the same. For that reason, another 800 to 1,000 serviced apartments are to come up soon. The work is in progress, says a property consultant.

At present, serviced apartments in Bangalore are operated by the builders or apartment owners who generally offer the apartments featuring 3 bedrooms or studio units or shared apartments.

As far as the rental is concerned, serviced apartments in Bangalore boasts of offering an array of facilities in the prices less than hotel rooms. The money can range between Rs. 1,500 per day for one bedroom/studio units to Rs. 6,000 plus per day for a 3-bedroom apartment.

The data compiled by Cushman Wakefield sheds greater insight on recent trends of serviced apartments in Bangalore. The city currently has 15 professionally operated serviced apartments including Homestead, Chalet, Sterling Suits, and Halcyon.  They are located in some of the major up market residential areas such as Indiranagar, Lavelle Road, Langford Town, Brunton Road, Vittal Mallya Road, and Airport road.

With city expanding to the north, it is to embrace new centers that are to be developed in other major areas like Whitefield, Bellary Road, and Hebbal. The trend will surely bring a plethora of opportunities for prospective investors. Encouraged by the same, global names like Oakwood, Marriott and Shangri-La are in a look out for local partners to set up serviced apartments. This may lead to greater competition and bring extra improvements in product quality.

News Published Under:   Bangalore |