Commercial Real Estate Laws in Bangalore to Know
The commercial real estate is not like a property deal. While you can buy a house anywhere in the country, office spaces require a special permit. Learn the commercial Real Estate Laws in Bangalore in the next 5 minutes to take wise decisions!
1. Green Office Space Compliance
Builders and developers with office spaces that comply with environmental regulations, many awards and honorary badges are provided. Lookout for builders with a track record of Green Office Spaces.
If you’re looking for office spaces in Bangalore, terms such as BRE approve Environment Assessment Method (BREEAM) or LEED (Leadership in Energy and Environmental Development).
2. Local Laws for Commercial Real Estate
To ensure that your new business venture is a success, you need high visitor footfall. To ensure the high outcome for customers, your business must comply with the local laws. Hence, before investing in an office space, look if the local laws actually permit working of your business. Consult an advocate for an easier analysis of the corporate laws in India or choose your office space in a metropolitan city such as Bangalore.
3. Type of Leasing Agreement
Does the agreement say ‘rental lease’ when you’re opting for a coworking office space? Rectify the error by correcting it to coworking agreement. Else, you will face boundless problems with the builder or seller.
In addition, check if the title of the deed specifies your agreement. Errors in the title of the agreement can even make your lease void!
4. Past Job Record of the Agent
The best way to check if the agent you’re working with is fair is by consulting the past clients of the agent. Run through the past projects and ensure that the builder or seller is not involved in any fraudulent property or commercial real estate deals.
Sellers who are fishy will not disclose their past job history and you must immediately stop working or report them.
5. Tax Record
Another important way to prevent losses in your office space investment in India is by assessing the tax record of the seller. Look for TDS dues on the property because if it is unpaid at the time of the agreement, you might have to bear the charges in the future.
Referring to the Income Tax Act of 1961 is also wise as you can check if the property is listed as ‘commercial’ or ‘residential’!
6. Estimated Budget
You must know the Laws in Bangalore for Office Space Buyers when you’re investing in a business. Else, the total charges might cross the budget and stop your business midway. Hence, assessing the total cost of setting up the office including the per head charges with the seller in the agreement. This will prevent any hidden costs in the future too.
The Real Estate Expert Says …
Must-Know Commercial Real Estate Laws in Bangalore are written by experts in India, above. All you need to do is find the right property that can help to soar your business to success. Let us help you out.
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