Studio-cum-Service Apartments in The NCR
The shift to studio-cum-service apartments in urban localities has become a global phenomenon—top Indian realty firms are now emulating the major cosmopolitan centres of the world in catering to this niche market.
Top realty players like DLF, JP Group, Wave Infratech, Paras Buildtech, Eldeco, Assotech Realty, Supertech, Amrapali, etc, are following in the footsteps of New York and London where fashion designers, musicians, and artists use such space for their studios.
Professionals like lawyers, CAs, architects, doctors, etc, are now using them as smart offices, while corporate houses find these very convenient as guesthouses.
Why studio-cum-service Apartments:
Studio-cum-service apartments have emerged as smart economical investment options in India, as several top developers have started offering them across the country. The anticipated demand for studio apartments is far outstripping its existing supply, generating high rental income, property appreciation, and offering opportunities to high-value business tenants.
Arjun Puri, director of Puri Constructions, says: “Studio apartments have a great future in Gurgaon, as a lot of single professionals working there prefer them over the traditional 2- and 3 BHK format. We are in the process of planning a couple of studio apartment projects to cater to this market and will be launching them there in the near future.”
Realty experts say there is a higher demand for studios apartments in and around Noida as the city has exceptional infrastructural facilities in the NCR, some in place while others under construction, like an adventure park, IT park (which would hostnine IT companies), the F1 international racing circuit, Yamuna Expressway, FNG Corridor, the proposed cricket stadium, and the proposed 102 hectare night safari.
The concept of fully-furnished serviced studio apartments is here to stay and is arguably the best economical alternative to 5-star hotel accommodations, experts say.
In this line, JP Group has the Buddh Circuit Studios apartments at Jaypee Greens Sports City along the Yamuna Expressway. Over 3,500 units were launched in two phases at two separate locations in the Sports City. These beautiful and spacious apartments come in two options-1 BHK (560 sq ft) and 1 BHK and study (725 sq ft), with the price starting from Rs 18.42 lakh. The project is likely to be completed in three years, a spokesman of the firm said. The Buddh Circuit Studios are part of Jaypee Greens Sports City on 1,012 hectares. This urban integrated township is a holistic complex merging sports, entertainment, and culture within an environment-friendly ambience. The integrated township will also comprise world-class educational facilities, medical centres, and recreational facilities. The Sports City provides a variety of residential and commercial offerings along with breathtaking view of perennial lakes and canals.
Vidya Basarkod, president (sales and marketing) of Jaypee Greens, says: “The tremendous response to the emerging trend of studio apartments is a validation of Jaypee Greens’ continuous endeavor to create right products at the right prices. We consciously created the product for the first time buyers keeping the price, specifications, and amenities in mind.” These developing studio apartments are close to India’s first Grand Prix Circuit, which has successfully hosted two editions of Formula One events. Buddh Circuit Studios are located close to the world-class motorsports arena.
Realty giant DLF has followed this emerging trend by launching My Pad, a studio project located in DLF City Centre in Vibhuti Khand, Gomti Nagar, in Lucknow. Here, My Shop, a retail project, offers a ready catchment to various brands, cafes and many other funfilled places.
My Pad offers nearly 600 contemporary studio suites spread over 4.9 acres. While the upper floors of the complex provide studio suites, the ground and first floors are earmarked for high street shopping area, My Shop. The project is designed to cater to a potential population of 25,000 people residing in and around My Pad.
Lucknow is a major market and trading place in northern India and an emerging hub for producers of goods and services. My Shop, being in the heart of the state capital, offers many opportunities in the business and service sector with self-employed professionals also burgeoning in the city.
Ananta Singh Raghuvanshi, director (marketing and sales) of DLF Universal Ltd, says: “Subsequent to the launch of My Pad, we look forward to a similar response for My Shop. After Lucknow, we plan to introduce this international concept of living to various other cities like Ludhiana, Goa, etc.”
Supertech Group is offering studio apartments in its township projects like Upcountry and Golf Country along the 165 km-long Yamuna Expressway. The group is also offering studio-cum-service apartments in some of its highrise projects like North Eye in Sector 74 and Supernova in Sector 94, on Noida Expressway, Eco City in Noida and ECO Loft project in Greater Noida West (Noida Extension). These studio apartments are priced between Rs 4,000 per sq ft and Rs 10,000 per sq ft, based on location, specifications, services provided, and payment plans on offer.
R K Arora, CMD of Supertech Group, says: “Studio apartments are proving to be good investment opportunity for small investors wanting immediate return, as studio apartments are considered better than costly hotel accommodation by those seeking continuous outstation stay for weeks and months on business tours.”
Wave Infratech, a leading realty player, has recently launched a world-class multi use studio project, Edenia, at Wave City Center in Sector 32, Noida. Edenia offers air-conditioned studios with a commercial licence. This is a place where young and ambitious entrepreneurs can work and live at the same place without any legal or regulatory hassles. Edenia also offers services with superior social infrastructure and ample options for entertainment and retail options in the neighbourhood. The project is expected to be completed by 2016.
Edenia offers units in sizes ranging from 422 sq ft to 678 sq ft, priced between Rs 35 lakh and Rs 66 lakh. The services offered include concierge service, travel desk, housekeeping, laundromat, etc, on demand. There will be a total of 558 units, a few of which will be fully furnished and managed by a hospitality service provider.
R K Panpalia, MD of Wave Infratech, says: “Taking into consideration the market fundamentals in the real estate sector, we are looking to slightly revise our strategy for Wave City Center in Noida. We will be offering products in the range of 1,000-1,250 square feet, which will suit more pockets than only a few. Our new launches like Vasilia and the multiuse Edenia have received tremendous response from the market.”
Eldeco Infrastructure has three projects with studio apartments – Eldeco Hillside and Eldeco Eden Park at Neemrana and Eldeco, The Studio in Sector 93A in Noida. These projects offer 192, 60 and 52 studio apartment units, respectively, in the size of 550 sq ft, 565 sq ft and 800-895 sq ft, which are priced in the range of Rs 15-77 lakh.
Paras Buildtech has two studio apartment projects, Paras Tierea and Paras Square. Paras Tierea is on Noida Expressway in Sector 137 and offers 672 furnished units; the current offer price is Rs 5,800 per sq ft onwards. Paras Square on Golf Course Extension Road in Gurgaon offers 147 units, priced at Rs 11,000 per sq ft onwards.
Pankaj Bajaj, MD of Eldeco Infrastructure, says: “Studio apartment products are very attractive for out-of-city buyers, NRIs, corporates, etc. Some investors like to buy them and give them on rent to students or corporate executives. But these are not really serviced apartments in that there is no housekeeping, or pre-furnishing of the apartment. Unlike abroad, they are not available for short leases like a week or a month. The reason is that as soon as the developer starts running them as a hospitality product, the authorities deem it to be a commercial use of land, which is not allowed in residential projects.”
As a part of the integrated business park, Assotech Business Cresterra in Sector 135 on Noida Expressway, Assotech Realty launched Sandal Suites. These are a set of luxurious studio-cum-serviced apartments on 1.75 lakh sq ft, with nearly 142 units in sizes ranging from 775 sq ft to 975 sqft.
Neeraj Gulati, MD of Assotech Realty, says: “Entrepreneurs, professionals, and corporate travellers are turning to serviced studio apartments as these are affordable; besides, for investors, the returns earned on serviced residences are far higher compared to those in commercial office spaces. Keeping in view the recent five-year trend, the returns are estimated to be between 17-18% with occupancy rate of 80% , while for the commercial sector, it is likely to be around 7-9%, almost half in comparison. Once the economy is back on rails, the service sector will open up, especially in the ITITeS sector, which translates into a good demand for these products.”
Ajnara India Ltd has launched studio apartments, Vice Royal, in Ajnara Panorama, located along Yamuna Expressway. Ajnara Panorama F1 is a mini township, which will have high-end luxurious villas called London Square, studio apartments called Vice Royal, and highrise apartments called Panorama; the project also has a modern clubhouse.
Cosmic Group has launched corporate studio apartments in their Cosmic Corporate Park in Sector 154 and Sector 140, Noida. Cosmic Corporate Park in Sector 140 offers studio apartments of 300 sq ft while at Cosmic Corporate Park in Sector 154, the studio apartments are 360 sq ft. The company also plans to build modern studio apartments in Cosmic Cruise, a project in Greater Noida West.
Sushant Muttreja, MD of Cosmic Group, says: “Today’s high-flying executives are accustomed to good lifestyle and they demand the same kind of facilities at work place. Looking at such things we designed the corporate studios where one can work and also stay, enjoying all the modern facilities.”
KRASA Group has also plans to launch studio apartments in its project in Sector 129. The project will have office spaces and studio apartments, which will complement each other.
Earth Group has launched fully-furnished studio apartment in Techzone, Greater Noida; the project will have 375 studio apartments of 465 sq ft.
For investors, the returns on serviced studio apartments are far higher compared to those in commercial office spaces.
Posted on September 30, 2013, in Real Estate and tagged 2BHK Apartments in Delhi NCR, 3BHK Flats in Delhi NCR, Affordable Houses in Delhi NCR, Builders In Delhi NCR, Flats in Delhi NCR, Houses in Delhi NCR, Properties in Delhi NCR, Real Estate Developers in Delhi NCR, Residential Properties in Delhi NCR, Sanjay Rastogi. Bookmark the permalink. Leave a comment.