Mumbai – A Business Hub in India :-
Serviced apartments as a concept is most important and endearing especially in costly cities like Mumbai which is the commercial and entertainment capital of India. It is also the world’s top 10 centres of commerce in terms of global financial flow, besides have the giant reputation of being more than 6% of India’s economy contributing 10% of factory employment, 40% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade and rupees 40,000 crores (US $10 billion) in corporate taxes to the Indian economy. Besides these noteworthy contributions and a giant reputation of the city, the city is also perhaps the only city in the world to be at once the capital of a vibrant economy and the world’s largest film industry. Mumbai is also the corporate nerve centre of the country besides being the advertising and the electronic media capital of the country. In such a scenario it is only imperative for serviced apartments to have a hold in the city and cater to the accommodation for a diverse range of visitors. Headquarters of a number of Indian financial institutions such as the Bombay Stock Exchange, Reserve Bank of India, National Stock Exchange, the Mint, as well as numerous Indian companies such as the Bombay House which is the corporate house of Tata Group besides Essel and Reliance Industries are located in Mumbai. Most of these offices are located in downtown South Mumbai which is the nerve centre of the Indian economy although now there are a number of regions and pockets within the city like BKC, Powai, Andheri East and the New Link Road which are home to many corporates and important retail outlets. This is not all. Many foreign establishments also have their branches in the South Bombay area. Mumbai is the world’s 29th largest city by GDP. Mumbai was ranked among the fastest cities in India for business startup in 2009. This also makes Mumbai one of the most visited cities by tourists which makes serviced apartments all the more important and Lake Bloom Residency is doing a fine job of providing such apartments to the people. Mumbai has traditionally owed its prosperity largely to its textile mills and its seaport till the 1980s. These are now increasingly being replaced by industries employing more skilled labour such as engineering, diamond polishing, healthcare and information technology. Owing to the diverse character of Mumbai and its multifarious dimensions and escalating staying prices, serviced apartments by Lake Bloom Residency seem to be the best bet.