The Hospitality industry in definitely going through a paradigm shift of sorts, with the economy showing signs of recovery and the resurgent Services sector one can expect the Hospitality sector to follow suit.
Hotels and Service Apartments are both expected to benefit from the post-election growth spurt.
What the upcoming elections mean for this industry
The upcoming elections and the response of the market has been a very positive for the hospitality industry as a whole especially for the Service Apartment Industry, this is because the corporate sector is expected to get a shot in the arm and move towards the path of growth, further the services sector is going to see a good amount of growth post elections, this is because many industrial houses have been holding back their investments and are playing it safe till the political scenario stabilizes post-election.
Given the above factors the services sector is expected to see a lot of growth and the trickledown effect of this growth will surely be a boon for the hospitality industry, and especially Service Apartments in Gurgaon.
Implications for Commercial Real Estate
Investment in industry will also result in a clamor for office spaces in Gurgaon, hence the commercial real industry will also see a growth spurt especially the DLF corporate hub i.e Cyber City, and this would result in higher office rentals and an increase in the tariffs of 5 star hotels( a function of Commercial real estate price rise).
As most of the Serviced Apartments are situated in the older sectors of Gurgaon(where the rentals are lower than the newer sectors) they are expected to reap the benefit of increased demand for accommodation ;demand that would previously been fulfilled by 5 star hotels.
Improved connectivity with the ever expanding Metro network
A definite boon for Service Apartments is the ever expanding, excellent Metro network within Gurgaon which has made commuting to and fro office very easy and convenient for all working professionals. Most major malls and Central Business Districts such as Ambeience Mall, Unitech Cyber Park, DLF Cyber City etc are located close to Metro stations which have connectivity with the major sectors in Gurgaon, for example Service Apartments near HUDA Metro station have seamless connectivity within Gurgaon and even with Delhi due to the expansive Metro network.
In conclusion it can be said that the coming times are going to be interesting for both the customer and the service providers, increased choice is going to make the customer truly the king and a larger customer base augurs well for Service Apartments in Gurgaon.