New booming 'service'

To buy real estate in India has always been a big deal. After all, buying a 1BHK apartment in any Indian metro is as expensive as buying a condo in New York. And, real estate players are now eyeing first time buyers, expats, NRIs and travelers, who come to India, offering them studio and serviced apartments.

Even the Delhi Development Authority has proposed a new provision in the Master Plan 2021 for introduction of such apartments in residential zones. While international brands such as Fraser Suites, Ascott, Assotech, DLF, Wave and Cosmic have already entered the serviced residences category; realty biggies such as Supertech, Jaypee and Hiranandani have also made inroads into studio apartments. Private equity firm Ireo has tied up with Singapore-based Ascott to manage its Rs 400-crore serviced apartment project in Gurgaon. Since India has a booming medical tourism industry, real estate developers are pushing serviced apartments.

But yes, like everything in India, these apartments too don’t come cheap.  A one-bedroom apartment by Ascott comes at a whopping Rs.1.8 crore.