Demand upsurge for Serviced Apartments in Hyderabad
There has been a tremendous increase in demand for serviced apartments in recent times across all major cities of India. Following the trend displayed by major cities like Delhi, Gurgaon, Mumbai and Bangalore, Hyderabad is the latest to join the bandwagon. This surge in demand can be attributed to the huge rise in business travel undertaken by professionals in the last few years.
Advantages of serviced apartments:
Professionals, particularly in the IT industry, have to make frequent trips to foreign countries as well as to other cities in India, as per their work requirements. In many cases, they have to spend a considerable amount of time away from their homes in distant locations, working on different long-term projects. In such cases, these professionals prefer staying in serviced apartments than in hotels due to the various advantages that they provide. Besides providing a homely atmosphere, serviced apartments also come with all the facilities that are required in a home, more importantly, on an affordable budget.
Demand higher along IT hubs on the west of the city:
It has been seen that the demand for serviced apartments in Hyderabad is considerably higher along the western part of the city. This is due to the presence of IT hubs and commercial office spaces in the locality. Some of these areas are Hitech city, Gachibowli, Kondapur, Madhapur and Jubilee Hills. Many IT companies as well as other commercial establishments are located in these areas, which see many professionals and business magnets coming on business or work related trips. Serviced apartments provide them with the perfect residential option that will make them feel at home.
Size proportions and price ranges:
The average size range of serviced apartments available in the IT belt of Hyderabad range from 1000-1400 sq ft. Service apartments in 1 BHK, 2 BHK and 3 BHK proportions are available at the rate of Rs.3,200-4,750 per sq.ft. They are also available to be rented out to prospective tenants, which may include corporate personnel. The rental values for service apartments in Gachibowli range from Rs.20,000-Rs.30,000 per month, while those in Hitech city command a rental value in the range of Rs.15,000-Rs.25,000 per month.
Demand and supply ratio on par:
There is a steady demand for serviced apartments especially in the IT hubs of the city. To cater to this rising demand, many major developers are embarking on new projects. Currently the demand and supply ratio for serviced apartments in the city is on par, with most of them operating on almost 80% occupancy.
Major developers :
Some of the major developers offering serviced apartments in the city include Oakwood Asia Pacific, a division of Oakwood Worldwide. It is one of the largest chains of serviced apartments worldwide, headquartered in Los Angeles. Besides, there is a Hyderabad based construction company called PBEL Property Development (India) Private Ltd, with many such projects to it credit, mostly on the fringes of the city. It has been formed as a global joint venture that includes three construction majors, namely PBC, Israel (Property and Building Corporation), Electra and INCOR India. Moreover, another company called V-Care is also offering serviced apartments.
