Serviced Apartments: The Modern Residential Option in Mumbai

Mumbai real estate is seeing a rising trend of serviced apartments in all its posh localities. Read on the article to know what a serviced apartment is and why they are gaining popularity for realty investment in metropolitan cities like Mumbai.

Serviced apartment is a modern day living, small and fully-furnished house that comprises of a living room, bedroom and kitchen in a single room. These flats are apt for enjoying the lifestyle amenities and features that are at par with that offered by luxury hotels. The full range of lifestyle amenities, personalized services and innovative facilities make the residents or guests to enjoy their stay in Mumbai, the city known as the financial hub of India.

If you are looking for a real estate investment in Mumbai, then buying a serviced flat is an ideal option. Such residential options have come up in large number in areas like Worli, Navi Mumbai, Andheri and Goregaon. These areas witness a continuous flow of visitors throughout the year for commercial and residential purpose. People travel to the city for leisure and business purpose. This increases the demand for cost-effective and comfortable accommodation option. It is where the need of serviced houses increases.

Why Serviced Apartments?

These residential options are doing very well in tier II and metro cities. Serviced apartments in Navi Mumbai and other parts of Mumbai are witnessing an emerging trend in corporate hospitality sector that offer services to a large volume of corporate clients all around the year. The requirements of business occupants differ from those of the hotel occupants. The corporate travel market in Mumbai is huge and is expected to grow further. These apartments invariably offer comfortable and five star service facilities.

Some of the major advantages of these residential options include:

•    Serviced apartments are economical options than luxury hotels offering the same class of services and facilities.
•    These flats come with modern amenities and features for daily use, such as a kitchen with a microwave, cooking range, washing machine, etc. These services make it easy to execute your daily work and give the convenience of home.

•    It offers privacy, making it a comfortable option for families or single person.
•    These flats are mostly fully-furnished and well-designed.
•    These are located mainly in exotic locations to offer proximity to airport, markets and accessibility from other prime locations.
•    Perfect for both, short-term and long-term stay.

To take the advantage of the booming segment of the real estate market, many reputed developers are coming up with several projects offering serviced flats in the major locations of Mumbai. Moreover, well-established hotel chains such as Grand Hyatt, Marriott International, and Hotel Leela Venture also run various serviced apartments in India.

Serviced Apartments- Facing the Corporate Demand

The market segmentation for serviced apartments in Mumbai is majorly corporates, who find these residential options more convenient for long-stay expatriates and managerial staff. The key demand drivers for serviced homes include Service sector, BFSI, IT/ITeS, and Medical tourism. Professionals in multinational companies and banks usually prefer this option as it offers style, affordability and the comfort of posh location.

Like any other property investment, location plays a crucial role in these flats. To cater to the demand of corporate and other clients, these apartments are mostly located in prime locations of the city. Great connectivity and proximity to business centers increases the value of these residential options in long-term.

So, serviced flats can become a lucrative option for receiving higher rental incomes. The value added services and features associated with these flats makes them a popular option among the property buyers in Mumbai. It is the right time to invest in buying such a property that gives benefits of both the worlds by offering affordability, convenience, safety and style!

Swati Srivastava is a professional writer who has been writing about the Indian real estate sector for over four years. Her knowledge in real estate sector enables the readers to get information about the Residential Apartments in Navi Mumbai.

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