7 Things You Should Check Before Renting a Commercial Property in Raipur

7 Things You Should Check Before Renting a Commercial Property in Raipur

Raipur has become the most popular residential and commercial real estate destination in Chhattisgarh, attracting people from all over the country. 

The impending modern office space in Raipur, like those in Orissa, Maharashtra, and other states throughout the country, is scattered over numerous places and is a testament to the city’s expanding commercial property for rent.

1. BUDGET

Any action that necessitates financial investment necessitates budget planning before implementation. The commercial property for rent deal is similar. The investor needs to set up a budget for the property cost in addition to any other business activities. This will also make it easier to choose a commercial property among the many possibilities accessible. However, if the total amount of investment is not available, a small down payment and a mortgage for the remainder may be made.

2. RESEARCH MARKET

To make money, you must first thoroughly research market trends. You should consider the breadth of potential development in the area before investing in a property. Commercial property in a developing area is more advantageous than purchasing one in a developed area since it offers higher returns on investment.

3. Observe your To-Do List

When looking for office space, it’s easy to get misled by lavish properties and services. Some concessions are unavoidable but stay as close to your initial expectation and budget category as possible. Make a to-do list based on your priorities and requirements. If you find yourself in a situation where you are overspending, go over your list and see if your commercial property investment budget allows for these modifications.

4. CONSULT AN EXPERT 

When you have no experience in this industry, purchasing real commercial estate can be tough. Take counsel from professionals such as accountants, lawyers, and property consultants who can guide you through the complicated financial and legal procedures as well as advise you about commercial property investment in the region. Having the proper team of professionals on your side will improve your chances of obtaining financing and identifying any difficulties early on.

5. ACKNOWLEDGE RISK FACTOR

One should consider all potential dangers before selling any commercial property. Examine market trends, the building’s location, and its history to determine the level of risk involved in commercial plots.

6.  INFRASTRUCTURE AND NEIGHBOURHOOD

Infrastructure development in the neighborhood has a positive and negative impact on commercial property for sale in Raipur. For example, the Development of railway lines and other developments may have an impact on the value of your property. Also, investigation of the availability of basic services such as electricity, water, and drainage is important.

7. FLEXIBILITY AND PHYSICAL CONDITION OF OFFICE SPACE

When looking at a commercial property for rent, don’t simply think about your short-term needs; search for something that can grow with you. Given that you will almost certainly want to develop your business in the coming years, choose a property that can be quickly adjusted to meet your needs.

 

4 Ways to Find the Best Shop for Rent Near Me - Raipur

4 Ways to Find the Best Shop for Rent Near Me – Raipur

Renting commercial spaces is not an easy task for business owners. Often get lost while searching for commercial properties in google? 

Shriram Business Park offers a simple step by step guide for you to get your own commercial properties or plots.  

Unlike residential properties, commercial real estate does not have a single stop for “shops to rent near me” 

So to make this process easier and to find the best commercial shops for rent in Raipur, as renting a retail location will be one of your largest business operational costs, it is wise to plan to get the best shop for rent. When looking for a shop to rent, keep the following criteria in mind: 

1. Decide a set budget– your budget will affect a lot of other factors including:   

a ) Convenience  –

You might anticipate paying extra for a lease if a shop for rent is in a convenient location with other small shops, parking, and so on.

b ) Location

When looking for a shop for rent in Raipur, everyone will want a location with a high footfall. Therefore, renting space in busy shopping areas will boost the cost of the lease.

c) Lease term

Taking out a long lease (more than a year) may allow you to negotiate a lower price. 

2. Narrow down your requisites- decide the required area along with the amenities to filter out your search for shops that you want to rent.

3. Know your surroundings –


a) Search the net- 

If you’re just starting out, you might not need the assistance of a broker to find commercial property. Perhaps you simply want to check what’s on the market and alternatively, get a sense of rent prices.

Using Magicbricks and 99acres to scrape the surface and become acquainted with the market is a solid starting point.

These internet sites may not offer all of the information you need to make a decision, but they will provide you with enough to get you comfortably educated.

b) Survey the area around your market –

Another technique to find commercial space for rent is to drive about the regions where you want to launch your business.

You may even want to walk about your area, depending on where your potential clients live.

Pay attention to buildings with boarded-up windows or that appear to have no automobiles parked in the lot during busy hours.

There will also be “for lease” signs in the windows, frequently with a phone number. Keep an eye out while browsing for options.

4. Identify the right people to help with your search –

 

You can look for a store place to rent on your own. However, due to the large stakes involved, you should prefer to hire a commercial real estate broker to help you with the “shop for rent near me” searches.

a) Commercial real estate broker- 

They specialize in leasing and selling commercial property, including office, retail, and industrial space.

Your commercial real estate broker, in addition to your commercial attorney, will be your professional adviser throughout the leasing process.

Because commercial real estate lacks a listing database, brokers are your best source for what is available and what may become available in your market for the best openings in Raipur.

Not only will your commercial real estate broker be able to assist you in finding space, but they will also be able to assist you in negotiating your lease so that you know you’re receiving the best bargain available.

Brokers can assist in negotiating rental prices, build out allowances, rent abatement periods, and a variety of other issues.

The best part about hiring a commercial real estate broker to represent your business?

It won’t cost you a dime. Just like residential real estate, the property owner pays your  broker’s fee.

b) Connect with other Business owners – 

In your shortlisted areas, talk to the pre- existing business owners. Business owners that are already in the neighborhood or location where you want to rent commercial space might be a fantastic resource.

They’ll generally be aware of what’s available or will be available shortly in the vicinity.

Small company owners and entrepreneurs are like a family, especially in certain neighborhoods. “I’ll still swing by and ask what’s going on in the area” – they’ll often hear rumblings about space becoming available early on.

They also have previous experience as a tenant with several landlords in the neighborhood and can quickly give you a thumbs up or thumbs down on that relationship.

The Perfect Time To Buy Real Estate Property In Raipur

The Perfect Time To Buy Real Estate Property In Raipur

With the modernization and industrialization, Raipur has come up as one of the cities which has seen a boom. Being a major hub for various industries has given way for new people moving to the city for work, thus the city is expanding. The real estate property in Raipur has seen a growing demand due to this, may it be residential or commercial. Looking at this, real estate builders in Raipur are starting projects to make the most from this surge. 

As an investor this would be the perfect time to find the property that may match your requirement. As there are quite a few Raipur real estate projects available to choose from, the below factors can help you to choose the one for you.

  • Budget: The first and foremost thing when looking to invest in real estate is your budget. It’s always good to look at projects which are in your budget as there will also be registration and certain setup costs you need to incur. In the long term, the rent income will cover the costs like property tax and upkeep. The budget also narrows down the kind of space you can buy a shop, building or warehouse.
  • Location: In the real estate market location is the key. The accessibility and approach of the house, shop or building is a big factor to get a good tenant and better return on investment. 
  • Return on Investment: When one is looking for a better return of investment for both short term by rental and long term by increase in property value, commercial property wins over residential investment.
  • Builder’s Reputation: Always buy from a reputed builder as meeting the delivery timelines, government approval and the chances of getting a tenant right away are more. Newer and not so known builders may try to entice you with offers but the amount of due diligence required would be much more and not worth the effort most of the time. In Raipur real estate developers are many, so doing your research is important.
  • Experts Opinion: Always speak to a real estate lawyer and CA before finalizing the deal. Let them check all property papers and verify the claims.
  • Facilities: When looking for commercial property, another thing to consider would be the facilities in and around. If you are buying a shop or office space it is suggested to look at tech parks with all modern amenities like rainwater harvesting, solar power, backup generators, ample parking etc. to make it attractive for the tenants and these places are known to get better returns. 

Shriram Business Park meets all these factors and more. So just book a visit to take advantage of the opportunity that will make your investment grow leaps and bounds.

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