Like other sectors, the commercial real estate sector is also moving on the path of recovery past the second wave of Covid-19. The dynamics of the real estate sector is evolving every day and is likely to further bloom in 2023. The supply of residential as well as commercial spaces are gradually increasing, and rents in many markets have risen. Unlike the residential domain, the commercial market is showing better transparency in terms of on-time delivery. With the limited availability of ready-to-move-in property supply in major markets, the renting cost is going to be high. Offices have started to reopen across India, showing a positive growth prospects for the commercial real estate market. This has also led to the increase in demand for commercial and retail spaces among NRIs.
There is an emergence of innovative new concepts in the commercial real estate sector and high demand for rental properties featuring modern amenities. Big enterprises, manufacturers and high IT companies are eying the commercial market in India to fulfill the new needs of the work environment. Many brands have also started to reframe their digital infrastructure. With the increasing demand for hybrid work culture, the requirement of onsite dining options, co-working lounges and fitness centers have also risen. All this is happening after the gradual unlocking of economic activities and also employees joining back to the office premises. The demand for co-working space is on rise and can be the future of office space. Most of the metropolitan cities have seen high demand for commercial and retail spaces but the cities that are drawing major demand are Gurgaon and Noida.
Before investing on commercial property, do the following checks:
- Check the zoning and land use regulations of the area to make sure the property is suitable for your business.
- Investigate the current market situation to make sure the property will be a good investment.
- Hire a professional to check the condition of the building and identify any potential problems.
- Make sure the property is in compliance with all safety and health regulations.
- Research the local real estate market to get an idea of the expected rental income.
- If the property is leased, review the lease agreement and make sure it meets your business needs.
- Talk to the existing tenants to get an idea of how the property is managed.
- Calculate the total costs of owning and operating the property, including taxes, insurance, and maintenance.
- Obtain a loan pre-approval from a lender to make sure you can afford the property.
- Consult a lawyer to make sure you understand all aspects of the purchase agreement.
The investment opportunity in commercial real estate in Gurgaon and Noida doesn’t require more financial resources than residential units. Commercial real estate is changing and many reputed builders and investors are investing in upcoming commercial projects in gurgaon and Noida. Investment in commercial property includes office building to a residential space, or even a restaurant or warehouse. A property that helps you yield profit from leasing it out or holding it and reselling it is a commercial property.