By Soniya Gaonkar on Nov 18, 2022 7:10:16 PM
Are you buying a commercial property in Pune? Consider going through these dos and don’ts that will help you stay careful about a few aspects and avoid common mistakes.
What to Do While Buying a Commercial Space in Pune?
Here’s what to do while investing in commercial real estate.
- Research Thoroughly
This is the foremost thing. Back your decision with extensive market research that involves assessing the market’s potential, existing commercial real estate growth, expert opinion on whether to invest or not, probable market downfalls, tenant potential, etc. Know as much as possible about the market in retrospect and the future viewpoint. The more educated you are about the market, the more informed your decision will be.
- Choose the Right Location
The next part is location. This will significantly drive the success of your investment and returns in the long run. While selecting a location, some factors to consider include connectivity, accessibility, future development, the businesses for which the location will prove to be fruitful, infrastructure, etc. Avoid investing in a commercial property that will be possibly blocked or camouflaged by a flyover, etc.
- Select the Right Property Type
Choose the right property type. In India, the most common ones include offices, shops, and showroom spaces. Some other modern ones include smart offices and integrated office spaces. The location will play an essential role in the selection process.
For instance, in a crowded location in the city’s center, buying a shop will make more sense. But in a commercial property located in the city’s corporate vicinity, purchasing an office space suiting IT, finance, banking firms, etc., can prove to be more remunerative.
- Assess the Property’s Layout
Pay a site visit and don’t merely see the property’s layout but vet it from the viewpoint of the prospective tenant. The layout should be appealing enough to attract contemporary entrepreneurs (tenants). A layout tenants don’t find convenient is likely to remain vacant for a long time and become a liability.
- Evaluate the Property Documents
This is the most critical step. Commercial real investment isn’t a joke. You are about to invest your hard-earned money. Accordingly, you must evaluate all the property documents that include but may not be limited to the sale deed, mother deed, Khata certificate, building approval plan, Power of Attorney, betterment charges receipt, stamp duty, and the latest tax paid receipt. Hire a realtor or lawyer to assess the authenticity and validity of all the documents.
- Compute Rental Earnings (RoI)
This is the aspect that will help you calculate the returns you will earn from the investment and determine the usefulness of your decision. Have a realtor by your side to help you do it. They will help you factor in various elements while calculating the near-to-accurate returns on a property. Choose to buy a commercial property in Pune only if it fulfils your short and long-term investment goals.
What Not to Do While Purchasing a Commercial Property in Pune?
While you now know what to do, let’s see what not to do.
- Get Hassled
The various options out there can hassle you. But don’t let them overwhelm you. It is your money and your investment. So, make a decision after considerable thought and with your investment objectives in mind.
- Assume Things
This is a complete NO! Don’t assume things. For instance, don’t assume that the owner must have done a particular thing like paid taxes and would have all the required documents. Assuming this could reveal a significant gap later and make the deal go sour, or even worse, land you in trouble or losses after the property is sold to you.
- Let Promises Carry You Away
Promises are a common thing in commercial real estate. Here, you need to be rational while believing in them and making the right decision. As mentioned earlier, calculating the rental earnings or RoI with a realtor, understanding it thoroughly with the seller, and asking about the basis on which they are making such commitments can help. Verifying the basis and their claims is another significant aspect concerning this point.
- Invest in Saturated Locations/Too Old Properties
Some locations may appear lucrative. But if they are already saturated with too many commercial complexes and options, yours might become a speck in the universe. Besides, don’t invest in very old properties. They may come with several liabilities and expenses on your part. If the benefits outweigh the probable costs, you may make a rational decision based on your calculations and findings.
- Invest in Kohinoor World Towers in PCMC Near Pune
If you want to buy a commercial property in Pune, consider investing in Kohinoor World Towers (KWT) in PCMC near Pune. KWT stands at an ideal location between the two bustling towns of Chinchwad and Pimpri on the Old Mumbai Pune Highway.
The project’s features include superlative connectivity, abundant business opportunities, and proximity to many of PCMC’s industrial zones and Hinjawadi (IT hub). In addition, KWT is near Chinchwad and Pimpri train stations and the Pimpri metro station. Thus, it is a beneficial location from the business and employment perspective.
Smart layouts, ample space, and various multi-sized offices are some of the other reasons that make KWT a unique commercial project in PCMC near Pune. Call +91 20 6764 1818 to know more or to book an appointment with KWT’s experts, who will navigate the investment opportunities, RoI potential, etc., of the property.