Builders Line Up For Serviced Apartments in NCR

June 22, 2007	(Be the first to rate this story!)  Loading ...
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So far, serviced apartments have been a rising trend in Gurgaon real estate. Following in foot steps is NCR which would soon be sharing the same in wake of builders lining up to game for serviced apartments in the region.

The move has been decided to cater to shortage of accommodation with an eye on the tourist inflows to be generated by the Commonwealth Games. The race for the development for serviced apartments in NCR will include the prominent names such as DLF, Parsvnath, Ansals, TDI, and Vatika.

Delhi Development Authority (DDA) has already received expressions of interest (EoIs) to develop over 25 such apartments in the Capital. Likewise, the approvals for construction of serviced apartments have been passed for Noida, Greater Noida and Haryana. Indeed, HSIIDC had recently announced sale of plots in Sonepat for serviced apartments.

Such a grand event to be hosted in India is bringing a plethora of opportunities for real estate developers who can consider excellent revenue generation with so much of business and large tourism activities going on in the country, says Parsvnath Developers (PDL) chairman Pradeep Jain.

Serviced apartments are fast emerging as nice alternatives to even expensive hotel rooms and will be prime choice of tourists as well as business travelers, says TDI managing director Kamal Taneja. The company is pondering upon to come up with such residential projects in tier II and III cities in Haryana.

Most major hospitality chains in India have undertaken a number of serviced apartment projects in the past.

Taj hotels own serviced apartments in Mumbai and have plans to expand the trend to other metros as well. Oakwood is developing serviced apartments in Pune, Bangalore, Mumbai and Chennai.

News Published Under:   Real Estate India |

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