Indias serviced residence trend emerges beyond Tier-I cities to tourist destinations: Report
New Delhi, Sep 3 (IANS) India’s real estate sector is undergoing a paradigm shift as serviced residences evolve from a niche concept into a mainstream investment class, a report said on Wednesday.
“Beyond Tier-I cities, a new wave of serviced residence growth is taking shape in tourism-centric destinations. Locations such as Goa, Rishikesh, and Kasauli are witnessing heightened demand,” Colliers stated in its report.
According to the report, this development is fuelled by various factors such as rising preference for long-stay and experiential stays, the growth of remote and flexible work culture, and shifting traveller mindset from regular hotels to branded, professionally managed residences.
Increasing appeal among second-home buyers seeking rental visibility and Return On Investment (ROI) alongside lifestyle benefits is also an emerging reason behind the shift.
In Tier-I cities, branded serviced residences associated with national or international hotel brands command an average sale price of around Rs 22,000 per square feet (sq. ft.)
In Delhi, the sale price is around Rs 22,00 per sq. ft., in Bengaluru it is Rs 19,500 per sq. ft, and in Mumbai it is Rs 25,000 per sq. ft.
“In comparison, tourist destinations offer more attractive entry points, with Goa starting at Rs 11,500 per sq.ft. followed by Kasauli and Rishikesh at Rs 9,500 and Rs 8,500 per sq.ft. respectively,” the report said.
Traditionally concentrated in Tier-I cities such as Mumbai, Delhi-NCR, Bengaluru, the segment has witnessed rising investor attention due to global demand for flexible living solutions.
These serviced residences have tie-ups with leading hotel brands, combine the familiarity of a home with the 4–5-star amenities of a hotel, making them attractive for both business and leisure travellers, the report stated.
Goa stands out as India’s premier leisure and lifestyle destination, with its unique blend of affordability, premium hospitality tie-ups, planned infrastructure projects and strong tourism-driven demand.
“Goa has gradually undergone a paradigm shift from villa to apartment typology with serviced residences emerging as one of the next major investment trends in India,” the report highlighted.
–IANS
aps/rad
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
