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 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.
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.