Luxury Serviced Apartments
The trend of serviced apartments in Chennai, which emerged over fifteen years ago, has seen a steady annual growth rate of 10-15%. These apartments, designed to accommodate a diverse range of clientele, from business executives to medical tourists and students, have evolved to include what is now termed as ‘luxury serviced apartments’ with premium facilities.
As the demand for such accommodations continues to surge, real estate developers are increasingly focusing on providing upscale amenities and services within these serviced apartments. Unlike conventional hotels, luxury serviced apartments offer spacious living areas, well-equipped kitchens, and even facilities for mini-conferences, catering to the needs of discerning travelers.
In a city where high-end hotel room rates range between ₹8,000 and ₹13,000 per day, luxury serviced apartments command daily rates of ₹5,000-₹6,000, making them an attractive option for both short and long-term stays. Additionally, the flexibility of renting out these apartments through online aggregators further boosts their appeal, with developers capitalizing on the opportunity to generate revenue from otherwise idle properties.
A recent addition to Chennai’s luxury serviced apartment landscape is the Apartel Oragadam, launched by Aarin Hospitality in collaboration with Hiranandani Parks. With spacious two and three-bedroom units ranging from 1,700 to 2,000 sq.ft., this venture aims to meet the increasing demand for premium serviced residences in key metropolitan areas.
Commenting on this evolving trend, Niranjan Hiranandani, Chairman and Managing Director of Hiranandani Communities, emphasized the significance of blending real estate with hospitality to cater to the needs of modern travelers. He highlighted the appeal of luxury serviced residences in offering a homely experience to guests, especially those on extended business trips.
Jerry Kingsley, Head of Strategic Consulting India at Jones Lang Lasalle, noted the growing demand for luxury serviced apartments in Chennai, particularly among travelers seeking stays lasting from 15 days to 6 months. Despite the substantial market demand, only a handful of branded players currently operate in this segment, underscoring the untapped potential within the industry.
Luxury serviced apartments distinguish themselves from traditional hotels by providing a comprehensive range of services, including personalized concierge assistance and high-end amenities. With fully furnished accommodations and the flexibility of short-term leases, these apartments offer a blend of comfort and convenience, appealing to both domestic and international clientele.
Despite the growing popularity of luxury serviced apartments, some developers maintain a cautious approach due to potential concerns from other residents within gated communities. However, the diverse cultural landscape of Tamil Nadu, coupled with the state’s booming business sector, continues to drive demand for these upscale accommodations.
Looking ahead, industry experts anticipate further growth in the luxury serviced apartment sector, with the entry of prominent operators and ongoing development projects. With approximately 20 branded luxury serviced apartments already in operation nationwide and several more in the pipeline, this segment is poised for continued expansion, catering to the evolving needs of today’s travelers.
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