TrueSeed is an interior design company that deals in designing and leasing commercial property in Gurgaon. They are sharing a checklist that highlights the crucial parameters to check before taking an office premise on lease with commercial property interior design service already done.
Leasing a commercial property is not similar to a residential one. There is a difference in the process while leasing commercial property in India -starting from security amount, and tenure to a monthly rental amount. Therefore, it’s very important for you to take a look at data analytics of commercial property prices varying in the market.
While leasing property you must know that the rent of commercial ones is higher than residential ones. Commercial leases are for a longer duration ranging from 3 to5 years and further while residential leases are for a minimum duration of only 11 months. As there is a major difference between residential and commercial leasing therefore it is essential for you to do proper research on leasing commercial property in Gurgaon.
Points to Remember While taking a Commercial Property on Lease in Gurgaon
Property Ownership
The first step should include being assured that the property is legally owned by the landlord. And has all the legal documents in a place like a property tax receipt, power of Attorney(PoA, if required), operation occupancy certificate(OC), and all other aspects so that no uncertainty exists. You need to be sure that no rent or sublet is connected to the property before signing the lease agreement.
Rent Agreement
You should be sure that the lease agreement suits your criteria. Therefore, a clear examination of the lease agreement needs to be done starting from its lease duration, security deposit, maintenance, etc. You have to keep eye on whether the statements that are made verbally are also mentioned in the contract as well. The contract must be signed by all parties involved in the process.
Taxes & Mortgage
While leasing a commercial property you need to assure that any dues are left unpaid or legal encumbrances. You need to check the Income tax status of the lessor. It is important to verify the category of property under the Income Tax Act. According to Development Control Regulations, you need to check whether the property is commercial or residential. A penalty will be issued if you are in commercial procedures in residential ones.
Agents or Middle Man
It is important to check the background of the agent before you take commercial property on lease. To find out about the work experience of agents you must have a conversation with their previous clients regarding the time taken to close the deal and charges such as tax, fine or other charges during the process. If the agent is not ready to let you contact their preceding clients that means they are hiding something. So it is advised to avoid such types of agents.
Before leasing commercial property in Gurgaon, keep all these crucial pointers in mind. Do good research before hiring an agent so that you don’t have to face any issues if needed get the service from the best interior designers in Gurgaon, TrueSeed for the best quality and effective service.