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Indian Real Estate News : Kolkata
Studio and serviced apartments become popular in Kolkata
Source: The Times of India Apr 06, 2012
You must have heard or seen this in one of IT hubs like Bangalore, Gurgaon and Pune. Studio and ownership service apartments - a type of small furnished flat combining living room, bedroom, and kitchen into a single room available for short-term or long-term stays equipped with amenities for daily use - are slowly becoming the 'in thing' in the real estate market of Kolkata.

Rajesh Dutta, an IT professional in Sector V, has booked a service apartment in Rajarhat because he does not have time to do routine things. "Both me and my wife are working. So we need a service apartment," Dutta added.

Two big real estate players - Siddha and Merlin - have already come up with two studio apartment projects in Kolkata. Some more projects are in the offing. A few of which also are offering exclusive service apartments along with studio flats. Jain Group and Shristi Infrastructure have taken up separate ownership service apartment projects in Rajarhat.

A studio apartment ideally ranges between 500 sq ft and 1,000 sq ft and normally has a separate toilet. Service apartments offer household facilities like food, laundry, sweeper, grocery shop etc. In these flats, kitchen may either be located in the central room, or in a small separate room.

Real estate operators feel that there are three main reasons behind the growth in demand for studio and service apartments in Kolkata - rising number of young IT & service industry professionals with fat pay package, work pressure and hectic lifestyle.

Siddha Group is building an exclusive studio apartment project called Xanadu in Rajarhat. Merlin Group has done one in D H Road called Merlin Green. The joint managing director of Siddha Group, Sanjay Jain, pointed out that young couples are preferring to stay in studio apartments. "Our studio apartment project Xanadu also have the service facility. It will have 340 studio apartments," he added.

Heamant Kanoria, chairman of Shristi, feels that a lot of people are coming to stay in the city for two-three years. They are looking for the studio and service apartments. "We are providing service apartments in both ownership and rental basis," he added.
Merlin Group chairman S Mohta feels that studio and service apartments will be ideally suited for Rajarhat. "We built 100 studio units near Joka. The response was good. In future, we might do more," he added.

Pawan Agarwal, director of NK Realtors, one of the leading real estate marketing companies in the eastern region, thinks that there is a potential for growth of studio and service apartments in the city but it would take some time. "Such apartments are coming up but still it is not as popular as it is in Bangalore," he added.

The president of real estate body Credai, Pradip Sureka, too, feels that it would take some time for studio and service apartments to grow in Kolkata. "The floating population is still less in the city but it is going up gradually," he added.

But buoyed by the response at Xanadu, Siddha Group is now planning two more service apartment projects in Garia and Sector V. According to Jain of Siddha Group, "Besides young couples, this is attracting retired elderly person as well. There are another kind of buyer those who like to stay alone in the weekend, far from the bustling city."

The weekend concept was corroborated by a 72-year-old senior advocate. "I need a break in the weekend but would like to have my laptop with me for emergency. This will provide me an ideal opportunity," the advocate said. He has booked flat in a studio cum service apartment. Indeed, the real estate landscape of this megacity is all set for a change.

Tag: Real estate in Kolkata, property in kolkata, Apartments in kolkata
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