By Soniya Gaonkar on Apr 8, 2022 8:43:03 PM
The otherwise dormant commercial real estate sector of Pune picked up unexpectedly quickly after the pandemic’s second wave. While developers resumed construction almost immediately after the restrictions were eased, investors also expressed interest and started making investments in commercial properties in Pune. As a result, in 2022, Pune has several ongoing commercial projects in Pune.
If you have realized the significance of commercial real estate investment and want to buy a commercial property in Pune, the city welcomes you! However, how do you know if commercial space is right for you? How do you evaluate a commercial property in Pune and know if it is worth your investment? These ten commercial property evaluation tips can help find an answer.
10 Factors to Evaluate an Ongoing Commercial Project in Pune
From the location, which is the most obvious factor, to many others like assured returns, etc., you must thoroughly evaluate a commercial property to make an informed and productive choice.
Location of the PropertyLocation is the most obvious of all the factors to evaluate when you step out to buy a commercial property in Pune. Location matters for almost every business, regardless of whether it is a customer-facing B2C business, a B2B contact center, consulting firm, or an IT company.
You must evaluate the property’s location on a few essential factors that include its distance from the business hubs of Pune like Hinjewadi, Bhosari, Chakan, Talwade, Pimpri Chinchwad, Kharadi, etc. Additionally, the distance between the airport and railway station also matters.
Another significant factor is the location’s connectivity. Proximity to any of Pune’s upcoming metro stations, along with other modes of transport like buses, suburban railway, etc., also matter. The condition of roads and how convenient it is to reach the location also should concern you while making a choice.
Future Development Prospects:Surrounding development may not directly concern you, but it certainly catalyzes the significance of your commercial property. It is especially when you plan to rent out or lease out your property to someone when these concerns would surface. Your potential tenant will be curious about knowing the prospects and how his business would benefit from the surrounding development.
Choose a place that’s steadily growing. Avoid places that have reached or are about to reach saturation in a short while. Investing in the latter may not prove as remunerative.
Property Layout:Prefer checking all the property layouts onsite or at least on paper. Consult the project’s sales team, or talk to your realtor to choose the space that best suits your needs. Choose commercial properties that are spacious enough to avoid clutter. You may choose smart offices that make optimal use of the space available and which are precisely trending these days.
Assured Rental Returns:As the name implies, Assured rental returns are rental returns for under-construction projects. The rent amount is a particular percentage of the property’s total worth. Assured rental return is a formal agreement wherein the property’s seller commits to pay the buyer a guaranteed sum of money every month until the construction is completed and the project is ready for possession.
Availability of Basic Amenities:Of course, this one is too obvious as the location aspect is. Before finalizing a commercial property, check basic amenities such as water availability, internet connectivity, electricity supply, approach roads, security features like CCTV at vantage points, security alarms, fire-fighting systems, etc. Additionally, get an idea of the project’s specifications, such as its flooring, fixtures, rainwater harvesting, floor plan, etc.
Types of Office Spaces:Another significant consideration is the type of office spaces available. Ideally, a commercial project must offer multi-sized office spaces to serve the varying needs of diverse business types. However, that’s not it. 21st-century modern commercial projects should also provide a range of other contemporary office types, including integrated workspaces, smart offices, etc. Choosing such office spaces is prudent from the viewpoint of maintaining global standards and targeting global client prospects.
Developer’s Reputation:Commercial property investment incurs a significant amount of money. Hence, while every specific element of the property matters, the developer’s reputation, past projects, tenant feedback, on-time completion, quality of construction, post-sales customer service, etc., also should be factored in before finalizing a particular commercial property in Pune.
Commitment to Completion:Completion commitment is another significant consideration. Often, project delays cost a business to you, as the more you wait, the more you delay returns, especially when the developer does not commit to an assured rent return. If the developer does so, you might not have to worry as much about the completion delays, although yes, it is better to partner with a developer who has a reputation for on-time completion.
Fellow Tenants:Although it is secondary, the presence of reputed tenants around can make a psychological difference. So, even if you do not have to finalize your choice, based on who your neighbors will be, you may want to know who they are to be assured of your choice.
Litigation Concerns:The developer’s reputation proves crucial here. Choose properties that are free from litigation concerns, no matter whether old or new. Hire a lawyer to check every essential paper of the property and get appropriate legal advice concerning its purchase.
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