Success has many definitions. To each one, their own. For most of the people in India, it is owning a beautiful office in the heart of a lavish city like Mumbai that would determine one’s success. However, as far-sighted as this dream may be for many, it is not impossible.
Mumbai’s commercial estate seems to be highly advanced designed to cater to the people who are ready to invest in it.Despite being a financial and commercial hub, this city seems to portray certain flaws like shortage of land for commercial estate purposes. It is this shortage of land that has led to the soaring high prices of land and property in the city of Mumbai.
Places like Andheri, Church gate, Airman Point and even Bandar are some of the most expensive places that formulate Mumbai’s commercial real estate. This has led to many companies migrating to other parts of the Mumbai suburbs in order to find cheaper plots for business purposes.
This also gives rise to many employment opportunities if these business organizations are shifted to new locations. People who are in search of new places to begin their businesses usually find offices that are either fully furnished or not furnished at all.
This is where hiring the services of a real estate consultant seems to be of great help and importance. It is the estate agents in Mumbai who are well aware of the condition of Mumbai’s commercial real estate scenario and can help out with property that suits your needs. Investing in such commercial real estate seems to booming as a lucrative business.
There are many factors that go into purchasing the right commercial real estate if you are looking to start your own business. Firstly, it is the location that matters. There is no point in renting or purchasing a plot or a shop if it is highly inconvenient to travel. This may cause a serious problem for you as well as your employees, thus affecting your business in the long run.
Over the years, Mumbai commercial real estate is following a slow, yet constant trend of shifting its business hubs more towards the suburbs. Buildings that rent out shops for a commercial purpose usually charge a monthly fee. These fees are usually taken on a quarterly and even a yearly basis as well. These fees are known as a common area maintenance fee.
The catch here is that the commercial real estate fees that these buildings charge are usually more expensive than buying the place itself. This is where you would need to be aware of the fees in the beginning itself as they can fluctuate in the due course of time.
When it comes to Mumbai’s commercial real estate, the tenants usually rent out the shops or offices in a particular condition. It is imperative to see the condition of the place before purchasing it as you may just go in a loss or a huge financial crisis trying to renovate the place.
Instead, with the help of a commercial estate agent, you can not only find plots that are rented out in excellent condition, but also get a good deal for the place with some effective bargaining. Before beginning any of the above mentioned steps, it is important to obtain a letter of intent. When it comes to Mumbai’s commercial real estate property, a letter of intent is usually required in order to carry out a particular project or contract. It is this letter of intent that is a non-binding clause that enables both sides of the parties to carry out a particular deal when it comes to the commercial estate property.
So it is imperative that one is aware of all of these guidelines before purchasing or renting a commercial estate for business purposes.Celene Cross is a freelancer who likes to write on different articles, blogs, newspapers, and magazines.
She is also a consultant for a financial company. She loves traveling around and finding about new areas of development likes Mumbai’s commercial real estate. She likes writing about the new housing and commercial projects that are under progress.