Bangalore Real Estate-serviced Apartments to Cash on Ipl Fever

By: George Gonigal

After IT industry, the multi billion dollar game?Indian Premier League (IPL)?has been seen as a major growth driver for the segment of serviced apartments in Bangalore. The city would host the first match of the tournament in April, and more than a lakh people are expected to flood into the city from around the world in this period.

In the wake of the mega event, rentals for serviced apartments are likely to increase by 20 per cent. These properties in Bangalore will still be in demand, property consultants say.

Average rentals for a 3-BHK apartment in Bangalore hover between Rs 1,500 and Rs 6,000 per day, which is far less than the average rentals of hotels where the average one day rent for a single room comes to Rs 8,000.

As far as availability is concerned, the city at present has more than 800 serviced apartments including those run by professional groups like Homestead, Chalet, Sterling Suits, and Halcyon. These properties enjoy occupancy rates between 70-100 per cent, mostly due to IT professionals, expatriates and business travelers, as per Cushman and Wakefield report.

Majority of serviced apartments are located in the up market residential areas of Airport road, Indiranagar, Lavelle Road, Langford Town, Brunton Road and Vittal Mallya Road.

Keeping in mind the fresh business prospects emerging out of cricket fever, the occupancy rates are set to remain high in the period between March and April. Industry players are also betting on acquiring new properties in Bangalore, and more than 1,000 apartments are likely to come up in the near future, as per market estimates. Sources inform that international hospitality majors viz. Marriott, Shangri-La and Oakwood are desperately scouting for suitable locations to cash on opportunities in the segment of serviced apartments in Bangalore.

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