The present-day economy and evolving real estate dynamics leads to the various shifting trends in standard housing choices of modern generation. While urban living had gained quite popularity even a decade back, the trend has now been shifting towards the more relaxed ambiance of the suburban communities. Developers are inventing various concepts in order to make housing market across major cities more attractive to the prospective buyers. Various prestigious developers like Lodha, Oberoi, Four Seasons, Ascott, Hiranandani, Paranjape etc. are actively venturing into the new concept of apartment living due to the increasing demand and comparative costing of the projects.
The two hot trends in urban dwelling are:
Studio Apartments
Basically, studio apartments consists of a large single room which includes living and dining areas, bedroom, with compacted kitchens and bathrooms. When first introduced in the Indian market, studio apartments were favored mostly by the bachelors. Nearly 85% of the total demand for studio apartments in Mumbai, Pune, Bangalore, Chennai and Delhi-NCR are operated by IT professionals and newly moved manufacturing sector employees, due to the low maintenance and escape from the high rents in the metro cities.
Serviced Apartments
The concept of luxury apartment lifestyle in residential societies has emerged due to a variety of new concepts of remote working and global travelling lifestyle. The trend of self-employed individuals and the popularity of home office oriented businesses have also contributed in this mentality. A large number of professionals are shifting towards the metro cities for work in India. And this is the community which is pushing the demand for such apartments in India.
A serviced apartment is actually a fully-furnished settlement, which is available on short-term as well as long-term basis. These apartments have all the basic facilities for everyday chores, which include a kitchen with a microwave with entire cooking range, dish washer and a washing machine etc.
The concept of serviced apartments is very convenient in the metros and some tier-II cities, where showcased hotels are particularly overpriced. The topmost locations for serviced apartments are in and around the city’s Central and Sub urban business districts. Presently, the demand and the development rate for serviced apartments is in Mumbai, Delhi, Bangalore, Hyderabad, Pune, and Chennai.
Image source: www.questapartments.com
