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5 Things to Check When Leasing a Commercial Shop in Gurgaon

Real estate is one of the biggest and most recognised sectors all around the world. Comprising majorly of residential, hospitality, and commercial properties, the growth of the real estate sector in India has been most evident in urban and semi-urban cities. Gurgaon,one of the favourite real estate destinations for all the realtors, is a very good example of this very development. In the last few years, Gurgaon has become one of the top real estate markets in India. From residential projects to commercial properties, Gurgaon has a lot to offer to investors.For retail business owners too, the city is the perfect destination, with a huge number of options incommercial shops for sale in Gurgaon. If industry reports are to be considered, it was predicted that by the year 2030, real estate in India would reach a market size of US$ 1 trillion, contributing 13% to the country’s GDP. However, with the COVID-19 scenario affecting the economy and industries, there are chances that the predicted market reach will fluctuate. Nevertheless, the real estate sector has managed to pick up its growth in terms of property registrations since the lockdown measures were eased.

Coming to the properties in Delhi-NCR, if commercial shops in Gurgaon are spoken of, the city houses some of the best properties that retailers and businessmen can consider. However, there are a few aspects that you should keep in mind before investing in such properties.

Commercial Properties: An Overview

Simply put, commercial properties are those buildings and spaces that are used for business purposes. This includes warehouses, shopping malls, office buildings, retail shops, and so on. However, if you consider urban locations like Gurgaon, a commercial building can also be multi-functional, where a few levels may bededicated for office spaces while others may function asretail shops, restaurants, salons, and spas.

Commercial Shops in Gurgaon

Equipped with top-class features and aesthetically appealing interiors, there are numerouscommercial shops for sale in Gurgaon. How ever, even with the numerous options available, it is very important that you put in the due time and research before you buy or lease a shop.

Things to Check for While Leasing Commercial Shops in Gurgaon

Many business owners who are looking to start or expand their business often think that commercial property can only be purchased but the truth is that they can be leased too. A business lease can be one of the most significant financial decisions you make, and it is important that you are aware of the key provisions of the lease.

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Here are a few things that you must check for before signing the lease agreement –

  1. Broker Credentials

When you start looking for commercial properties, you will come across a lot of brokers or agents who are into such deals. Even if you search for properties online, you will find various aggregators for the same. Although it is always a good idea to check out properties directly onthe official website of the realtors, if you plan on leasing the property through an agent, make sure to check out their credentials. Ensure that they have a valid license that is authorised by the Government, ask about all the queries you have regarding the property, and also make sure that you are clear about the broker’s terms and conditions and vice-versa.

  1. Terms and Price of the Lease

Every property dealer has a specific set of terms for which they lease the property space. While some renew the contract on a yearly basis, a few realtors renew the papers every 3 to 5 (more or less). Also,

  • Look for the rental and renewal price of the property so that you don’t go over your budget.
  • Make sure that you check out for the renewal terms and the clauses surrounding it.

Only after this, choose one that best suits your requirements. Don’t forget to check out the rental price of the property, including all the taxes, so that you don’t face any hassles at the time of the paper work.

  1. Location of the Property

If you are into retail, a major aspect of running your business successfully is the location of your shop. Ensure that the property you are planning to lease is located at the centre of the city or near a happening spot. If your shop is located a tan exterior location, customers may often skip visiting the place. You can also check out multi-functional office spaces where you can lease the ground floor of your shop and attract more people. Remember, the more attention you get,the better will be your revenue.

  1. Size of the Property

Another important aspect to check is the dimensions of the property. Commercial shops are required to be spacious because when you have customers visiting your shop, you wouldn’t want them to feel congested. Especially as in retail shops, the products you sell will be taking up a lot of space. It is important to make sure that there is enough room for customers to move freely, look around, and shop for products. Having said that, excessive space in comparison to the number of products you have can also make your shop look a little dysfunctional. So, select the right-sized property so your commercial shop doesn’t look too congested nor to empty.

  1. Connectivity and Amenities

To make your commercial shop look more appealing and attractive, you need to decorate the interiors with the right lighting fixtures. And, for that, you need proper electrical connections. Check out if the wiring is properly sealed and secured, if there are any corrections to be made, and so on. Adding to this, also check for internet connectivity and network ranges. While checking the amenities that the commercial space is offering, make sure that there are CCTV cameras, security checks, clean and hygienic washrooms, food court, parking, lifts, and escalators. Commercial properties in Gurgaon are surrounded with green shrubs and plants with benches to sit and hang out for a while, so that is an added advantage.

These factors are not only limited to leasing a commercial property but also for when you buy one. So, the next time you are looking for a commercial shop for sale in Gurgaon or for leasing, make sure you keep these factors in mind.

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