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FAQs
Buying a commercial property is a crucial decision and you must consider the following factors:
- Location of the Property
- Location of the Unit within the premises
- Connectivity and parking
- Amenities provided by the developer
- Reputation of the developer
- Infrastructure and neighbourhood
- Assess the rental earnings after tax and insurance
- Value Assessment
Commercial property can be classified into five different categories. Among these are office spaces, industrial properties, retail locations, hospitality properties, and multifamily homes.
There are three types of commercial office space: class A, class B, and class C. A class A office space is a luxury space that is more accessible and more competitively priced. As opposed to class B office spaces, which are relatively cheap but need to be refurbished after purchase. A Class C office space is an older building (usually over 20 years old) that requires immediate maintenance.
Commercial and industrial real estate are buildings where products are manufactured and distributed. Conversely, retail commercial spaces serve as places where products and services are sold. For example, shopping malls, department stores, and department stores.
In addition to hotels and motels, hospitality commercial real estate can also include short-term rentals. Multifamily apartment complexes and buildings are examples of multifamily commercial real estate, as they contain five or more dwelling units.
As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
Zoning is location-specific and does make a difference in terms of what you can do with a property. Some zoning regulations permit commercial developments while others do not.
Certain municipalities may restrict commercial property development in certain areas that are too close to densely populated residential ones.
The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name.