As a large part of its working population is not native to the city and with foreigners constituting a significant portion of it, studio apartments have emerged as a popular choice in Gurugram.
India’s a surging economic power and its emergence as a global corporate hub with MNCs and IT companies flocking to the country has not only led to the rise in aspiration among the youth but has also propelled the country as the hotspot for expats. This has heightened the interest in short-term stays across Indian cities, especially Gurugram, owing to the city’s status as a prominent financial, banking and IT hub in India.
The expat population is an ever-burgeoning tribe. Having travelled all over the world, they want a location which is close to the international airport and within easy reach of corporate & retail hubs. They choose a place where they can feel safe and secure, fulfil their health and medical needs, get their respective country’s food and ambience, is spacious enough to accommodate their family and has amenities for rejuvenation of their family and kids.
Studio apartments are extremely popular in NCR, Bangalore, Mumbai, Hyderabad and Pune. However, it is in Mumbai and Gurugram that developers have innovated with the concept and taken it to a whole new level.
In the case of Gurugram, India’s premium global corporate hub which has offices of world’s leading IT companies and MNCs along with its proximity to the international airport, studio apartments have emerged as a saviour for its working population. As a large part of its working population is not native to the city and with foreigners constituting a significant portion of it, studio apartments have emerged as a popular choice.
From functional pads to luxury hometel, studio or serviced apartments have turned a full circle. While a majority of developers are focussing on the former, a few have taken up the cudgels and are entirely reworking the concept and turning these nifty places into residences that can compete with the best short-term residential or hotel stays in the world.
What distinguishes the luxury studio apartments is not just their size but also 5-star facilities and hospitality. Going beyond the concierge service, laundry and restaurants, the star-category clubbing facilities, a wide range of international cuisine specialising the needs of their guests are the distinguishing features. Hospitality plays an important role in shaping the future of luxury studio apartments. This may include grand welcome lobby, dedicated reception, 24×7 room service, safety & security, healthcare, gym, recreational hubs and entertainment facilities, among others.
These luxury studio apartments, with neo-rich and expat community residing in it, attract a handsome rental income with rental yield as high as 7-8%. The price of studio apartments in Bangalore, Mumbai, Gurugram, Delhi and Pune mostly depends on varied factors like amenities, location and availability but high-quality services are the ultimate determinant of price and rentals.
Of late, Sohna Road as a micro market in Gurugram has emerged as one of the most promising real estate hotbeds owing to its accessibility. The studio apartments coming up in this region include some of the most respected real estate names.
As an intrinsic part of the emerging world economic order, the popularity of studio apartments is linked to the emerging new tribe of the globe-trotting working population. With the rise in prosperity and pay-cheque and the growing need for convenience, ultra-luxury studio apartments are fast catching up as a trend and are here to stay!
Source : FE