Hey,
my friend getting your hands on a good real estate property is not a piece of
cake. You should do deep insightful
research before buying a new home or even getting one for
rent for let's say office purposes. One major point that affects the overall
decision of a person renting a place is the monthly rent of the place.
You
Must Have a Clear Vision before Rent A Place
You
must have a transparent vision about what kind of place you are looking for.
How big of a place are you looking for? What are the key essentials that you
want the place to have? One of the most important questions is what will be the
purpose of that piece of land? Once you have the answers to all these
questions, then you can proceed further with the process of searching for a
property for rent. The demand for renting a space has increased post the period
of pandemic and it is suppose to go up with time only.
Bangalore
is one of the greatest tech cities that we have in India currently. Over the
last couple of years, we have witnessed a major jump in the prices of office rent in
Bangalore as well. During the year 2021, the south Indian cities like Bangalore, Chennai and Hyderabad
dominated the domestic office space leasing market which is a great point for
the future of the leasing market. As you all know COVID-19 hit us all in 2020
and the entire world came to a standstill from there on many businesses have
preferred the option of renting a space than buying one.
What
are the top places to get a rental space for an office in Bangalore?
Let's
take a quick look at the places that are apt for rent in the beautiful city of
Bangalore. As per the reports, we saw a big increase in rent growth between the
years 2021 and 2022.
Near Mg Road, Bengaluru
For
example, if you are looking for a fully furnished space of around 3770 sq. Ft
for your office that has the full set of amenities that you require then hold
your hearts as we are going to tell you that the rent for the place will be
around 3.7 lakhs. Don't be shocked the property will clear out your set of
doubts. By the end of the day, you would like a real estate property that is
big and it's a good space for working overall for you and your employees as you
are going to spend a major part of their day in your office.
The
place will provide you many facilities like the parking lot facility, on-call
maintenance staff, security personnel, food court, CCTV surveillance, and the
city railway will be within a total of 1.5 km. One of the greatest benefits of
this property is that it is near MG road which is considered a hot spot in
Bangalore.
Apara Oxford Tower
It
all comes down to your needs and demands. If you want a bare shell office space
with an aim to convert your business idea into reality! Then you can get your
hands on a fully freehold office space
with a super built-up area of 4555 sq. Ft for lease at Kodihalli, Bangalore
east. The property is located on the 2nd floor, which comprises 2 private
washrooms, and 60 workstations. Everything within the office is of high
quality. Tenants will be able to enjoy and feel safe, and secure. This property
is located in Apara Oxford Tower. The
monthly rent of the property in this case will be 2.5 lakhs per month.
Koramangala
Koramangala
is another location that is quite popular for renting a commercial or
residential space. You can check it out to get the property of your dreams and
rent it for your office purpose. You will be able to find a good property here
and with a great rental price. You can get a super built-up area of 4300 sq ft
at the rate of 4.3 lakhs per month. It will have a good set of facilities like
air conditioning, fire sensors, and space for parking, cafeteria and many more.
If you are looking for a smaller place, then obviously its rental amount will
be low as compared to those stated above.
The
average monthly office rentals in Bangalore rose by 15% to Rs 77 per sq ft in FY21 compared
to Rs 67 per sq ft in FY18. When we talk about the main southern office
market with time it has also overtaken other regions in terms of net
absorption. An individual needs to know the average rental price in the area in
which they are planning to rent a place. The rental rate of real estate
properties can vary from place to place.
Reasons
for growth of real estate market in Bangalore
Now
we will check out the key reasons why the real estate sector has been thriving
and booming in the market.
- Nearly 30,000 low-cost homes got
a seal of approval under Pradhan Mantri Awas Yojana (PMAY), which
resulted in eased rules for beneficiaries under ‘Housing for All’ by 2022,
unchanged property tax rates and new building bye-laws strengthened the
realty market in 2019.
- The
fast-paced registrations that take place under the Karnataka RERA and dispute resolution firmed up the buyer
sentiment. If the registration of a real estate property happens at a
quicker speed then automatically it will speed up the entire
process.
Conclusion
The
city of Bangalore continues to be India’s healthiest office market for
co-working spaces with plenty of space all ready for absorption. The improved
business policies, seamless infrastructure and access to multiple co working
options have also contributed to the trend.
Before
signing up any piece of paper like official documents of the real estate
property make sure that you are well versed with each word written on it. You
won't like getting shocked after the deal is done. So know what you need as a
business owner what kind of space are you looking for and once you have the
answer to that, then you can kick start your search for it accordingly.