Apartment In Ner-The National Capital Region

1.Commonwealth games has become the current reason for much awaited dream of delhites to come true. All major real estate developers based in nothern India, like DLF, Parsvnath, Ansals, TDI and Vatika are lining up serviced apartment projects in the national capital region (NCR).
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2.According to sources in the Delhi Development Authority (DDA), expressions of interests (EoIs) for developing over 25 serviced apartment projects in various parts of the capital have already been received. An official in the Noida Authority says close to 40 projects have already been cleared in Noida and Greater Noida.
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3.Similarly, in Haryana, HSIIDC estimates about 50 such projects in Gurgaon, Manesar and Sonepat. In fact, the corporation is even playing a pro-active role to incentivise developments of serviced apartments, and had recently announced sale of plots in Sonepat for building serviced apartments. “Existing as well as the under construction hotels will not be able to cater to the tourist rush that the Commonwealth games will generate.
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4.This will emerge as a great business opportunity for developers of such projects, not only in Delhi but also in the neighbouring states. Moreover, in case of Haryana, the presence of so many multi-national companies will be an added demand driver,” an HSIIDC official said.
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5.With so much of business and long tourism activities going on in India, there is sustainable long-term demand for good service apartments- says Parsvnath Developers (PDL) chairman Pradeep Jain. At present, the company develops serviced apartments as part of its hospitality business, but is now planning exclusive serviced apartment projects in major cities and townships. “We are already in a process of executing our first Serviced Apartment complex in Bhiwadi,” said Mr Jain.
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6.According to TDI managing director Kamal Taneja, in the next 2-3 years, serviced apartments will emerge as a potential alternative to even high end hotels. “It’s a global phenomenon. Travellers accross the world, whether for business or pleasure, have started preferring serviced apartments over hotels.
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7.A serviced apartment offers the characteristics and feel of a home while providing recreational facilities that exist in hotels,” he said. The company plans to develop serviced apartment projects mainly in tier II and III cities in Haryana.
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8.Worldwide, the concept of serviced apartments was introduced in 1950s in the United States, with the extended-stay hotels for long staying travellers. Till now, in India, most serviced apartment projects have been undertaken by major hospitality chains.
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9.Taj hotels has serviced apartments in Mumbai and plans to expand it to other metropolitan cities. Similarly, Oakwood is developing properties in Pune, Bangalore, Mumbai and Chennai. Starwood Hotels and Resorts has signed up with Gurgaon-based real estate company Vatika Group for building serviced apartments in and around Gurgaon.
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10.Now, with more and more real estate developers joining the bandwagon, the sector is likely to witness major action.