The Trend of Service Apartments in Bangalore

Service apartments have recently been in demand by independent professionals and newly-married couples who are looking to move into cost-effective accommodations. The growth in demand is not just restricted to the metropolitans. The trend has also been witnessed in tier II cities where there has been a rise in BPO and IT-related jobs. As for Bangalore, the IT hub of India, the city attracts the maximum young workforce from all over the country. The following article will discuss about the trending concept of service apartment in Bangalore.

About Service Apartments 

The phenomenon originated in the USA and been adopted by the entire world. Serviced flats offer several amenities for daily use and convenience. They also provide security, power back-up and steady water supply. Additionally, they are cost-effective, fetch better rental income as compared to other residential units and are easier to manage.

 

Service apartments can range from deluxe to budget units and the classifications are done according to the sizes and number of rooms. They can be studio apartments or serviced 2 or 3 bedroom apartments. The studio flats are the smallest units of all and come with living area, sleeping area, a kitchenette and a bathroom, whereas the larger units have more bedrooms, separate bathrooms and a kitchen. These apartments are the ideal for professionals on long business trips as they offer the ideal combination of comfort and privacy with a range of amenities. It also lets you save the cost of a hotel each time you visit the city. 

The rise in business travel in the past few years has augmented the requirement for service apartments across India. Professionals, from India as well as abroad, regularly visit Bangalore for work.  There are those who stay on for days and weeks, while some may even need to stay put for months or a year! In such cases, the cost of hotels would touch the sky. Living in a service apartment in Bangalore owned or rented by the company or individual is the best solution. 

The Localities and Rates 

Service apartments are affordable residential options for professionals who wish to own rather than rent a home near their office. So the popular areas lie near the IT corridors. In the past one year, the city of Bangalore has witnessed a rise in demand for service apartments in locations like Begur Road, Vijaya Bank Colony, the interiors of RT Nagar and colonies near Bannerghatta National Park. The new realty wave can be attributed to factors such as better road connectivity by privately-owned vehicles.

Apart from business travelers, the buyers opting for studio apartments are mainly in their late twenties and hail from the mid-segment of KPO and BPO industries. People of this category typically possess a small segment car and aspire to own a home. Places in interior RT Nagar, Bannerghatta Road and Vijaya Colony are serene and offer more greenery.

Studio apartments of Bangalore consist of a huge single room along with a dining and living area and kitchenette. There is an extension bedroom with bathroom. The sizes may range between 300 square feet to 800 square feet. 

Projects like Ittina Mahavir fall within the price bracket of Rs. 15 Lac and Rs. 25 Lac. The investors buying these units today, be it for end use or investment purposes, are most likely to move on to bigger accommodations after a few years as some may consider this to be more of a temporary set up. But when they are sold or rented out, they certainly fetch higher returns. Service flats in residential neighborhoods of RT Nagar and Vijaya Bank Colony are likely to claim higher price than the newer projects. Overall, they are complete value for money.

Author bio: Being a prolific writer, Devika Arora is dedicated to studying the current property trends and compiling facts for the benefit of potential investors. Her articles and other write-ups analyze the realm of properties and their prospects.The above piece of work discusses about serviced apartments in Bangalore. WTC Signature Tower is best commercial project for property buyer.