News
& Views on Indian Real Estate
Thursday, October 23, 2008
Demand For Serviced Apartments Slows Down
Thanks to lower travel spends by enterprises, the serviced apartment players in major cities in India have seen a drop in occupancy rates. Even as global recession looms, companies are exploring cheaper alternatives such as owning apartments and resorting to video conferencing. Except for Delhi, all other major cities have seen a slide in demand for serviced apartments. Tariffs in these cities are expected to fall by 15%-20% in 4-5 years. The market in Delhi and Gurgaon has, however, managed to stay buoyant. Demand has perked up by 60-70% in the last one year and the upcoming Commonwealth Games (in 2010) are expected to drive up revenues in the medium term.
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