The real estate landscape in Lucknow has been transforming at a steady speed in the past few years. With infrastructure development, new investments, and upcoming growth, the race to start a new business in Lucknow is on the rise.
This has led to massive real estate investment in a small span of time. However, when making a real estate investment, it is essential that you make the right decisions after analysing several important factors. If not done right, there have been instances when investors lose hefty capital, and it gets pretty difficult to secure good returns.
Therefore, today, let’s talk about the top factors one needs to consider in order to invest in the best commercial property in Lucknow.
- Location of the property
Location plays an important role when it comes to determining the property’s value in the long term. This depends on several factors, like how the area looks in terms of infrastructure, amenities, connectivity, and security.
When it comes to commercial properties, the role of location increases more. The location where your business or office is should be at a prime location with great connectivity and ease of access. If not, it might hamper your business in the long run.
A good business location will also reward you with higher rental assurance as it will attract quality tenants to the location.
Hence, it is important that you run a good background check about the area of your target commercial property. This will give you an approximate idea of how the location might look after a decade or so and will help you determine a possible return on your investment.
Migsun Janpath, for instance, offers commercial property to invest in Lucknow. This is a great investment option due to its strategic positioning on Shaheed Path, just 10 minutes from Sultanpur Road.
- Catchment Area
Commercial spaces get a lot of attention if they have a significant amount of catchment area. Catchment signifies the total number of people who will be visiting the location every day.
Investments made near residential hubs like Gomti Nagar, Indira Nagar, and other densely populated residential areas are said to receive heavy footfall of customers, increasing the property rates in such areas.
If the location at which you are investing falls near the employment and educational hubs of the city, it could be a great investment opportunity for the future. This is because such areas attract people with high-spending power that will boost the sales of your business.
Buying office space in Shaheed Path, Lucknow, will be a good investment decision because it is one of the fastest growing areas in Lucknow. It will get your steady monthly rental or a massive catchment of potential buyers. There are many commercial spaces available in the area, like Migsun Janpath Lucknow, which has a great catchment area due to being in very close proximity to Sushant Golf City.
- Infrastructure and Connectivity
Commercial spaces located in areas with great connectivity to the major destinations of the city attract high rental income and tenants. Access to major roads and highways is essential for easy movement of goods and raw materials required for businesses. Commercial spaces that are easily accessible by public transportation get higher footfall compared to ones with fewer facilities. Hence, always choose properties that are easily accessible through public transport.
If your commercial property is located near amenities such as banks, restaurants, and hotels, it will attract higher footfall due to the availability of leisure facilities.
- Choosing the right property
While making a real estate investment, it is important to note that choosing the right type of property is a crucial aspect of the investment journey.
However, the choice depends on several factors, like the reason for investment, the returns you expect, and the goals and objectives you set. Therefore, always make sure that you give a thought about things like these and then decide on what type of property to buy. Commercial property in Lucknow includes plots, chambers, studio apartments, and retail spaces.
Investing in the right property will give you peace of mind since you will have a clear vision of when to exit the market or how to utilise your commercial property. It could be starting your own business or leasing out for a stable rental income, depending on your goals and objectives.
Things to consider while before investing
- Invest in only RERA-approved properties like Migsun Janpath.
- Always invest with reputed builders who have a track record of delivering timely projects.
- Conduct a thorough market research.
- Consider consulting a tax consultant or a finance planner to make sure you save on taxes while keeping an eye on your budget and financing options.
- Consult a real estate advocate or a lawyer to ensure that the property you are investing in has all the legal certifications so that you do not get into legal trouble.
Conclusion: Investing in commercial real estate property in Lucknow is a sound decision. The city of Nawab is experiencing heavy growth and investments, making it a potential investment hotspot.
While investing in a commercial property, ensure that you are aware of the recent developments and future growth opportunities of the location and the expected catchment it will receive in terms of footfall. It is equally important to invest in commercial properties that are close to major destinations of the city and have great connectivity via roads and highways.
As an investor, you should consult a tax consultant and a legal advisor to make a sound investment. Financing and budgeting play an important role in defining the overall cost of your property.
Hence, do not make a quick decision based on limited information. It is important that you take your time and analyse different properties before you buy office space in Shaheed Path, Lucknow.