Getting a commercial retail space is surely a hard nut to crack for most of the businesses. Especially in a city like Gurgaon, which has emerged as one of the hot favorite cities for any business to establish its office here. People are also enticed to invest in retail shops and real estate flats due to the rising fashion of malls and supermarkets. Deciding with the demographics of your customers, the type of product or service, your business deals in, the standard retail space and storage area if required, all these factors must be clear in your mind before you approach any real estate.
Our Real Estate experts have summed up some basic factors which can help you in procuring the best retail space for increased ROIs.
This is the most important factor while looking for apartments in Gurgaon or any commercial retail space. Selecting a location which is easily accessible to everyone, its connectivity, neighboring area, visibility of your space, traffic everything needs to be taken under consideration. It is advisable to do a good research of some best possible locations yourself and look for all the above mentioned factors.
Whether FAR is up to the mark?
All the Real Estate flats and commercial spaces have their own Floor Area Ratio (FAR) which is the actual space to the size of piece of land upon which it is built. The actual floor which will be available to you for your use. Don’t just go with the documents and their prescribed FAR, rather try calculating it yourself. Look for the space in terms of storage and overall utility whether it suits your business requirements or not?
Are there any competitors?
Before you book a commercial space, it is very important to look whether there is any close competitor to your business just beside you? Competitors play a crucial role for newly opened businesses, suppose you deal in high-end cloths and there is a discount store just next to it? The possibility of your retail store for growth gets half straightaway. Hence, try avoiding competitors just next door to your business.
Discuss this aspect with your landlord very clearly and get it in written in your agreement. Just like apartments in Gurgaon, there are several maintenance costs especially in commercial places like upkeep and repair of air units, lifts, lawn maintenance and other security related aspects. Figure out all these expenses along with your agreement and analyze clearly whether the place fits your annual budget for this purpose or not? Remember, your reluctance or ignorance to discuss all these issues clearly can cost you severe charges ahead which you might find unbearable.
Extension of contract along with space
For this, you have to first decide with your priorities whether you would need to expand your commercial space in the coming future or not? If yes, then how much extra space will you need and whether your landlord will be able to provide it on time? Also, discuss clearly the terms and conditions related to expansion of your contract. What notice period you have to serve for expanding your space or contract? What extra charges will apply? How will it balance your other maintenance costs? All these legal considerations must be clearly discussed and should be there in your agreement with the consent of both parties.
Basic as well as modern Amenities
Gurgaon is a city which is known for its ambience both in residential and commercial places. Look for the place which offers you maximum modern amenities as this will be an advantage to your business. The electricity supply and back-up in case of power cuts, running water, security, wash-room maintenance, cleaning and disinfection facilities are must for a business to run smoothly. This can also be a major ground for you to negotiate the prices with your landlord based on these necessary and must-be-there facilities.