The serviced apartments concept is catching up fast in India especially in the South as these apartments offer both short and long-term stays for business and leisure travellers. The growth in IT and IT-enabled services sectors has largely influenced the growth of the serviced apartments sector, according to Sudhakara Reddy, Managing Director and Chairman, Regaliaa Realty, a listed company which had set up serviced apartments under the brand ‘Homcourt'.
Addressing presspersons here on Wednesday, Mr. Reddy said with a growing number of expatriate professionals in India and a steady rise in leisure travellers, many local and foreign players, including Ascott and Oakwood, were setting up serviced apartments.
Mr. Reddy said Regaliaa Realty was already operating a serviced apartment with 11 rooms in Chennai. It would be adding five more rooms in this facility by September, Mr. Reddy said. Besides, the company had opened a serviced apartment in Hyderabad with 27 rooms. The plan was to become a multi-city brand by expanding presence in Bangalore, Coimbatore and Pune, Mr. Reddy said.
