Evolution of serviced apartment concept in India
The concept of serviced apartments arrived in India in 2003-04. Starting from Mumbai, Bangalore and Delhi, serviced apartments have extended their presence to smaller cities, driven by commercial activities. There has been a sharp surge in business travel over the last few years with India becoming more integrated with the global economy. Executives from India and abroad frequently travel to business hubs and spend weeks and months working from different locations.
Staying at hotels for such long periods is costly. Serviced apartments offer an alternative. For house owners, they serve as an alternative to giving their premises on rent.