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Studio Apartments Lose Their Sheen As Demand Looks Unsteady By nargis, Section Punjab Real Estate
Studio and service apartments, which were once expected to take the tricity realty sector by storm, have taken a back seat, at least for the time being.
Developers who have launched these projects are going slow on the construction process. And those who had announced to launch these apartments have postponed their plans. ATS Infrastructure Limited dropped the year-old plan of launching studio apartments in Dera Bassi. "There was a time when almost every developer wanted to launch studio or service apartments in tricity. With development of the IT Park, Chandigarh, Panchkula and Mohali emerged as favourable destinations for IT and BPO companies. The region was being seen as the next IT hub. But it did not turn out to be that encouraging for the developers," R S Bhullar, vice-president of the company, said. Similarly, two years ago, Reliant Infrastructure Limited launched studio apartments in Mohali. Located on the Kharar-Landran road, the apartments were priced between Rs 14.5 and 16 lakh. But the developer has not started with the construction yet. According to company officials, the construction will start "in a couple of days". Also, the developer had planned to launch service apartments, which have been "called off for the time being". "The construction was scheduled to start a few months ago, but could not take off. The service apartment project has been shelved at the moment. The studio apartments will be available on both sale and lease," an official of Reliant Infrastructure Limited said. Source: The Indian Express Studio apartments lose their sheen as demand looks unsteady Click On "Full Story" For More....
Another developer, Parsavnath Developers Limited, had launched the most expensive studio apartments Prideasia project in the Chandigarh IT Park. But the project got embroiled in several controversies.
Demand of studio and service apartments is directly related to industrial and commercial growth, as the concept was introduced for single employees. Developers had extended the concept to the tricity, expecting a similar demand as witnessed in Bangalore and Delhi. "Take the example of studio apartments in Noida. One hardly finds them vacant," Manoj Kashyap, regional director of Jones Lang LaSalle, a global real estate firm, said. "The concept of studio and service apartments is successful where one visits the city for a longer period of time. But in Chandigarh and surrounding areas, one prefers to stay in a hotel, as the stay is short," Kashyap added.
Concept `sells' in Baddi Construction in the two projects is complete -- 40 apartments have been constructed in the first phase, which would be handed over to the buyers soon.
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Related Links. Delhi. apartments . Noida . real estate . delhi . Studio apartments lose their sheen as demand looks unsteady . Also by nargis |
