Gurgaon, also known as the Millennial City, has developed at a rate of knots. Owing to this, the city has also witnessed a massive growth in the real estate sector. With the arrival of some of the globally renowned multi-national companies, Gurgaon has become a top choice for students as well as young professionals. And if you aspire to start your own venture in the city, here are few things that you must keep in mind before you finalise a commercial space:
Prices and Taxes
While someone would be concerned about the actual price of the property, it is equally important to know about the additional taxes that can have an impact on your overall budget. Thus, it is advised that you should consider the rate of taxes including VAT or transfer duty and set your budget accordingly. Some of the localities in Gurgaon that offer commercial office space in Gurgaon at a reasonable price include Sector 54, Sector 70 A, Sector 62, Sector 63 A, Phase 3, and Golf Course Extension Road.
Location and Potential
While an investor would prefer a locality that is affordable, it is also important to pick a space that lies in the heart of the city. And since coming across such a locality can be difficult, you might have to carry out thorough research. You can also consider some of the newly launched projects that can help you find a commercial space that would not burn a hole in your pocket.
Also, be sure that the area offers easy connectivity options to people as it can help your business to grow even more. Another factor that can increase the potential of growth is the neighbourhood where your commercial space is located. For instance, if you are planning to set up a corporate office, then you should pick an area that has offices of different companies or if you wish to open a retail store, you should pick a residential locality.
Basic Amenities and Security
To ensure that your employees have a positive work environment, it is important to ensure that the commercial space you pick offers you all the basic amenities. Also, it is suggested to opt for an option that offers proper security measures. Some projects provide such amenities in exchange for a monthly maintenance fee. Thus, you can opt for such projects if you are on the lookout for corporate office in gurgaon.
Unlike home loans, the norms related to a commercial property loan are strict and rigid. Thus, it is highly important to consider the amount that you would have to set aside as EMIs each month. Also, you need to consider the cost of commencing a business from the scratch (if that is the case) and have enough funds to support the day-to-day functions until your business is able to yield good returns. By taking such factors into consideration, you will be able to overcome the risks and challenges that every business has to face in the initial phase.
A purchase ought to have complete documentation in order to validate the transaction. Thus, one should have all the documents that act as a proof of the investment. Some of the documents that must not be neglected are loan documents, payroll registers, bank statements on the property, closing statements, trust deeds, business licenses, and the deed title. Other documents include environmental reports, advertising contracts, and engineering and design plans.
We hope that these factors, if taken into consideration, will help you pick a commercial space in Gurgaon that fulfils all your needs and requirements.