The hospitality and real estate sectors have more in common than you might think. While one has to do with providing people with homes, the other has to do with making people feel at home. The future will see both these sectors coming together to make the tourism industry of the nation a growth machine.
One of the key driving forces of the service sector today is the country’s prominent hospitality industry. Over the last decade, it has weathered several hurdles and has now reached a revered place in the economy, taking more steps towards growth and success. With its expansion across most businesses now, its advantages are no longer limited to just hotels. The growing real estate industry has also been considering hospitality as a crucial element now.
A driving force in real estate
With the rise in tourism, which goes hand in hand with hospitality, growth in the real estate sector was also inevitable. The inclusion of food, catering, lodging, amenities, and other services in every area of tourism is of extreme importance now. And, as spoken about earlier, the growth in the tourism industry is not just imperative to hotels but also to real estate developers. Over the years, there has also been a rise in the real estate for purposes in the commercial as well as leisure sectors, alike. With the surge in this sector, the incorporation of the hospitality business into it has been favoured and has proven highly profitable.
Today, it is no more only about the location and design for real estate developers. It is also about service, amenities, and other basic necessities that come with real estate development in general. A property provides suitable accommodation and ease of location, whereas hospitality caters to the softer and more specific aspects like comfort, service, privacy and experiences. Together, the merging of real estate and hospitality segments holds the capability of creating experiences that transcend all previously set boundaries.
Hospitality: A boon for holiday homes
Demand for renting and purchasing luxury properties at popular destinations has been picking up momentum in India since time immemorial. People are taking an immense interest in the many advantages that holiday homes offer. That interest in the purchasing or renting of holiday homes in India is also primarily backed by the hospitality services they tend to offer. To the keen observer, it would appear that in the current market scenario today, every time a person invests in a holiday property; they expect all the services to be well-attended to. These expectations and the need to conform to the conventional pace of evolution in this business has made hospitality a vital part of the real estate business.
At homes for those who like to travel, they rely on the hospitality business to disrupt the way a luxury traveller chooses to travel. With amenities that provide optimum comfort and luxury; a villa attendant who caters to every need and guest relationship managers who take the shape of a friend with the best recommendations, one will have a holistic experience. Add to this a homestyle service to make one feel pampered, culinary experiences that are delectable and finally beautiful homes that lure one into booking, it is apparent that hospitality and real estate are related in many ways. This alliance between two of the biggest industries of the country is only set to extend further and bring some more positive milestones in the economy.