Feasibility and Market Study Services for Serviced Apartments & Villas in India

India is witnessing a substantial rise in demand for serviced living. Though serviced apartments and villas have existed in India since long, the market is seeing an upswing in the recent years. Post pandemic, there is a visible shift in the way tourism and vacations are approached.

The nature of travel is becoming more imbibing, authentic and experiential. There is a visible appetite for personalized and exclusive spaces. This is renewing interest in serviced apartments alongside managed rental villas.

Interestingly, the concept is no more just limited to metros, city centres and commercial corridors. It is also thriving at a staggering pace across urban peripheries, offsite tourist destinations, smaller cities & towns, highways and semi-rural setups.

While business travellers & expats are one of the key growth drivers, other categories such as corporate trainees, medical tourists, leisure travellers, Instagram influencers etc. are also opting for managed accommodation.

Mentioned below are the factors that are driving demand for serviced apartments in India

Serviced living offers personalized and exclusive spaces, which is becoming very popular among modern tourists, who prefer exclusivity over signature hospitality.

Service apartments offer larger living areas and personal kitchens, which are preferred by many vacationers as they get flexibility.

Many serviced apartments are easily accessible as they are situated near commercial centres, embassies and major hospitals. This makes serviced apartments a preferred choice for many business travellers, medical tourists and expat.

Service apartments are always a relatively affordable compared mainstays hotels, especially for longer stays. In certain cases, their tariff is around 20-25% lower than star hotels.

The rise in tech talk shows, start-up culture, tech events, hackathons, start-up incubation programs are naturally driving demand for personalized and affordable spaces such as service apartments.

After the pandemic, numerous start-ups & business enterprises are shifting to scenic & tranquil destinations such as Goa, Rishikesh, Dharamshala, Kerala, Jaipur etc. This is also fuelling demand for serviced apartments & villas.

Serviced apartments & rental villas don’t have endless amenities like a hotel. Yet it has few valuable facilities like gyms, pool, party areas, playing zone, small cafes, etc. ensuring quality stay for the visitors.

Due to personalized space and exclusivity, many family get-togethers and hangouts are being conducted in rental villas rather than hotels & resorts.

The steep jump in hybrid working models, remote working and digital nomadism is further fuelling demand for affordable long stay options such as serviced apartments.

For interns and corporate trainees, serviced apartment is a suitable option for extended stay. It is noteworthy that internship has risen by 135% between 2019-24, as per media reports, which is a positive sign for the burgeoning service apartment industry.

In the past, the segment was largely unorganized and fragmented. However, this is now changing with organized hospitality players such as Marriott, IHCL, Ascott, Wyndham, venturing the service apartment segment. Many leading developers are also entering the space by partnering with brand operators.

How The India Watch can Help?

As the serviced apartment segment is growing, it is drawing attention of investors, developers and hospitality operators. Business are intrigued by the segment, lured by the potential to earn a high return.

However, it is also a niche and highly competitive segment. Besides direct competitor, there is a growing challenge from indirect players such as mainstay hotels and co-living spaces. Hence it is always advisable to get access to professional advisories and consulting houses such as The India Watch. We can offer cutting research, insights and data required to make informed business decision.

We can offer tailor made market insights encompassing market size, industry trends, competitive insights, pricing strategy, market demand, growth drivers, risks, etc.

We can conduct market surveys to understand major consumer segments, behaviour, needs & want, price sweet spots, market gaps, stakeholder insights, etc.

We can prepare viability or feasibility reports for upcoming serviced apartment & rental villa projects in India

Our feasibility reports comprise of market feasibility, operational feasibility, consumer insights, financial model, growth strategy, ROI estimation, etc.

For existing brands, we can offer customized market studies based on both primary and secondary research. This can help brands take informed decision to grow and expand

For new business we can also offer our services to develop investor presentation, company presentations, capability decks, etc.

For any further information, feel free to drop us a mail at info@theindiawatch.com

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