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(Real Estate News )
12 Apr 2012  
Delhi/NCR
The rise of IT and ITeS companies in Gurgaon is pushing demand for serviced apartments, resulting in real estate developers’ foray into this segment. DLF and Unitech are the primary players in this segment in Gurgaon. The latest entry has been by Gurgaon-based V Square Development Management Co. Ltd.
According to Vivek Seth, MD of V Square, “The demand for serviced apartments is more than 700 units in the Gurgaon market.” He added that for operational purpose, the building is handed over to a hotel brand since they have specialised teams who excel at providing services. “That is not the domain of a developer so for operational efficiencies, it is best to tie-up with a hotel chain.”
The company has two serviced apartments under progress in Sector 114 and Sector 68 (Sohna Road). Seth pointed out that learning from the West, the traveller today who is coming to India prefers to stay at a serviced apartment. He believes that Sohna Road has huge potential for the growth of this segment as it is coming up as the next commercial hub. “The travellers are mostly expats from companies like Wipro, TCS, IBM, among others,” he said.
The customer requests for services like laundry, supermart closeby and swimming pool, among other features. The regular size of a serviced apartment in demand in Gurgaon market is from Rs 700 to 1,100 sq ft. “As for occupancy, we expect more than 100% after the launch.”
Other reputed serviced apartment projects include Uniworld Gardens by Unitech Group in Sector 47, Sohna Road and Central Park by DLF Ltd on Golf Course Road.
 
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