7 Essential Points to Consider When Buying Property from a Property Builder

Buying commercial property involves a major amount of capital and hence is a decision that should be taken after due consideration, especially in a city like Gurgaon. As a buyer, you would need to put in some time to research well and study the market, you will have to look for the right location and project for your investment, and most importantly, apart from studying the current market situation, you would also need to consider future development opportunities for the area. You will need to be very thorough with your research when you decide to invest in commercial real estate to ensure that you are not exposed to any risks in the future.

With an infrastructure that is growing and improving by the day, fast connectivity and a number of world-class projects, Gurgaon is a great destination for real estate investments. Gurgaon is also home to a huge number of offices and offers a lot of career opportunities as well, which in turn has led to major developments in the residential real estate sector as well. All in all, Gurgaon is a good choice for real estate investments, especially with the plethora of builders offering some of the best projects in the city. However, when you do decide to buy commercial property in Gurgaon, you must ensure that you make no hasty decisions and put in the due research before you buy. To help you get started with the same, here are seven essential points that you should keep in mind when investing in commercial real estate project by a builder:

1. The Builder’s Reputation

One of the most important things that you as a buyer should check is the reputation of the builder. In fact, this is the first thing that you should look into when you begin your search for a commercial property in Gurgaon, or in any other location for that matter. You should go through the builder’s profile and their overall history. Check how many projects they have delivered, their on-going projects, their history of timely project deliveries, the solvency of the firm, and their success with their previous projects. You can also go through previous customer reviews to get an idea of the experience people had with the builder.

2. Physical Inspection of the Project

In today’s times, it is very easy for you to conclude most of your research for various projects in the city using the internet. With virtual tours, websites, and social media presence, you can learn a lot about a particular project without having to venture out. However, that does not diminish the importance of visiting and inspecting the place first-hand. You need to visit the property to ensure for yourself that the details given about the project are true and to check whether the construction updates are correct. You can save this part for when you have shortlisted the commercial projects in Gurgaon that most suit your needs but do make sure to visit the project before you finalise it.

3. The Budget

Every activity that requires investment should include extensive budget planning, more so when it comes to such a huge investment in terms of capital. So, when you start looking for commercial property in Gurgaon, you need to have your budget planned first. Planning the budget should not just include the price of the property and the furnishings but should also include taxes, registration charges, maintenance costs, parking costs (if any), and so on. You will also need to check your loan eligibility and whether the project you are interested in has any tie-ups with banks.

4. The Maintenance Facilities

Whether it is a new commercial property in Gurgaon or an old one, you need to consider the maintenance of the premises you buy. Does the builder offer free maintenance? Or will you have to arrange for the same on your own? Some projects have the maintenance charges built into the price of the property. Maintenance can end up costing quite a lot and can affect your budget in the long run. So, before you choose a project, make sure you find out all you need to about the maintenance of the property.

5. The Allowed Land Use

All land in a city is allotted a particular land use. It may be allotted as residential land, commercial land, agricultural land, etc. It is very important for you to ensure that the property you are investing in has been built on land that was allotted for commercial purposes, otherwise, the property will be deemed as illegal construction. When you are looking at commercial property in Gurgaon for sale, you can either ask to look at the papers of the land or you could check online.

6. Services and Amenities

Ranging from security services to amenities like parking space, elevators, and more, there are a number of facilities that a builder may offer to potential buyers. You will need to think about the amenities and services that you expect from your builder and then can look for them at the various projects around the city. At the end of the day, the availability of the right amenities will not only ensure convenience for you but will also help the property’s resale value.

7. The Location

You need to be very careful when choosing the location for your commercial property investment. The project should be easily accessible and have several connectivity options. The social infrastructure of the area is also an important factor that you should consider. Look at the nearby amenities and facilities, like banks, hospitals, entertainment centres, ATMs, restaurants, etc.

With so many options available, buying commercial property in Gurgaon may not be that difficult a task, but to ensure that you find the right property, you will need to invest some time, efforts, and research.