Risks & Pitfalls in Serviced Apartment & Villa Projects — And How a Market Study Helps You Dodge Them
The serviced living concept is proliferating in India backed by growing demand for larger spaces, exclusivity, tailor-made hospitality, and the long stay market. Across the length and breadth of the country, service apartments and managed branded villas are thriving. Interestingly the concept is moving beyond urban corridors and becoming popular across tourist destinations, industrial corridors, semi-rural settings, verdant urban peripheries, smaller towns, etc. In a time, when the nature of hospitality & tourism is becoming experiential, exclusive and curated, investing in service apartments can be a source of constant rental income. In the past service apartments or villas where mostly frequented by business travellers and medical tourists. However, these days they are actively used by leisure tourists, pet friendly travel, adventure tourists, nature & wellness travel, family get togethers, etc. After the advent of many hospitality operators, managing such a property ...