A significant increase has been recorded in the demand and supply of serviced apartments in the NCR circuit due to the presence of large number of MNCs. More details available here.
Over the last few years, a huge surge has been noted from both the demand and supply of serviced apartments in the Delhi-NCR circuit. There is a keen interest of both buyers and investors in this market. Moreover, the rise of this segment has given birth to new secondary market in the Delhi-NCR real estate market.
A serviced apartment is a kind of furnished accommodation with all modern facilities and amenities such as modular kitchen, modern communication facilities like internet, fax and telephone connection. Some apartments provide conference rooms also.
The idea of such apartments started grabbing attention of Indian realty developers in 2003-2004. The concept gained its popularity in big metro cities, such as the Mumbai, Bangalore, Delhi and now in the NCR regions. Most of the new projects launched have registered good inventory sold in pre-launch stage”, says Narendra Diwedi of Ojaswi Associates.
Cost based analysis
The serviced apartments serve boon for owners as these assets can be leased out easily. Investors can reap out decent rental return when compared to rental value gained on standard hotel rooms. Property owners easily get different types of tenants including business travellers or working professionals.
The grey area in this segment is the initial investment rate. It can put extra burden on investors pocket as rates are higher than the residential apartments. For instance, the property prices of serviced apartments along the Noida- Greater Noida Expressway, is around Rs 6,000 – 7,000 per sq ft. While other apartments option on the same stretch will cost Rs 4,000 – 5,000 per sq ft.
Check out the serviced apartments that are coming up at various locations of Noida and Gurgaon
|Project Name||Location||Size||Configuration||Price per sq. ft. (in Rs.)||Project status|
|Gaur Suites||Greater Noida West||500 sq. ft.||1 BHK||Rs. 6,000 / sq. ft.||Under-construction|
|AIPL Business Club||Sector 66, Gurgaon||Studio & Serviced Apartments||On request||Under-construction|
|Unnati Fortune Vesta Suites||Sector 144,||500 sq. ft.||1 BHK||Rs. 6,000 / sq. ft.||Under-construction|
|Wave City Centre Livork||Sector 32, Noida||672 sq. ft.||1 BHK||Rs. 8,950 / sq. ft.||Possession Jun – 2017|
|M3M One Key Resiments||Sector 67, Gurgaon||550 sq. ft.||1 BHK||Rs. 9,700 / sq. ft.||Under-construction|
|Central Park 3, The Room||Sector 33, Gurgaon||837 – 1188 sq. ft.||2 BHK||Rs, 6,008 / sq. ft.||Under-construction|
|Ireo Ascott Managed||Sector 59, Gurgaon||908 – 1692 sq. ft.||1-2 BHK||Rs. 15,750 / sq. ft.||Possession in 2017|
|Shubhkamna Loginn||Sector 137, Noida||500 sq. ft. – 995 sq. ft.||1 BHK||Rs. 6,200 / sq. ft.||Possession March 2017|