Increase in demand for serviced apartments

IT professionals travelling on assignments prefer them to hotels

Published: 21st February 2012 10:37 PM  |   Last Updated: 16th May 2012 06:00 PM   |  A+A-

BANGALORE: If builders catering to the ‘realty’ needs of the IT industry are to be believed, the latest phenomena that has left the city baffled is that serviced apartments are now in huge demand here.

The financial year is coming to a close and each year at this time, IT industry invites experts from various parts of the country and the world to make Bangalore their ‘home’ for a few months. This year, however, many realtors across the city have sensed this demand in advance and have addressed their needs just at the right time.

The IT industry too seems to be pretty pleased with this new development and instead of housing their guests at renowned hotels in the city, they have chosen to rent out serviced apartments for the convenience of their guests. “It is very convenient and we do not have to spend on many different things as serviced apartments are fully furnished and take care of all our guests’ needs,” said an official from Accenture.

In fact, three big realtors who have been in the business for over three decades have delivered serviced apartments at Marathalli, Whitefield and Sarjapura last month. Experts say that this is for the first time that the demand and supply has struck an equilibrium in the city’s realty scenario.

Although priced slightly higher than a room in a four-star hotel, these serviced apartments cater to a wide range of demands. To start with, customer privacy is high and it feels like home, opine many in the IT sector. “It is a normal one bedroom-kitchen accommodation without any frills attached. Not only is it high on privacy, but is also affordable, giving you more space. The apartment being much more personal, work seems to get done faster and most of the times, brainstorming meetings are moved there which actually is a bit of a problem in hotels,” said Harish Jain, a freelance techie in the city who has been put up in a service apartment close to Whitefield, near ITPL.

The low range serviced apartments cost anywhere between Rs 1,000 and Rs 2,000 per day depending on the number of rooms. However, since real estate prices differ with the area, right now the top serviced apartment companies are flourishing in areas like Sarjapura, Hosur Road and Whitefield. With such a comfortable format of stay emerging as the ‘best’ in the booming real estate industry in the city, builders too are now looking at this trend seriously.

“We are very keen to invest in this sector. The IT industry will definitely pick up in the next few years and we would like to cater to the increasing needs too. Right now, there is a project in the pipeline,” said a leading builder from Hosur Road.

With both Whitefield and Sarjapura emerging as sought after suburbs in Bangalore which houses a plethora of IT giants and software companies,  the demand for serviced apartments is shooting up the roof and interestingly enough there are many projects coming up now to cater to the ever increasing demand. After all, it is a home away from home for the techies.

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