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Demand for Serviced Apartments on the Rise in India
February 25th, 2014 | Meriton Apartments
There is a growing demand for serviced apartments all over India, according to a recent article on hospitalitybizindia.com.
This is because many Indians are growing wealthier and are looking for more personalised accommodation alternatives than those offered by traditional hotels.
Investment in India is also growing, and more international companies are sending employees there. Serviced apartments are a preferred corporate option, due to their cost-effectiveness compared to hotels.
Tourist number are also rising, with many visitors opting for longer stay accommodation in order to see everything a region has to offer, and serviced apartments are an attractive option for this group as well.
Yet another reason for the predicted boom in India’s serviced department sector is the religious circuit. Many Indians make religious pilgrimages to sacred sites around the country, but this doesn’t mean that they want to sacrifice their homey-comforts. Serviced apartments once again fit the bill as the preferred accommodation solution.
In fact, so great is the perceived demand for alternative long stay accommodation in India that some experts are predicting that around 10% of all building projects in the hospitality sector until 2015 in India will be devoted to the construction of serviced apartment complexes.