Office spaces are increasingly getting more difficult to get a hold of in the cityscape. And, most of the exhibits that you do come through (that are usually within budget) are mostly underwhelming or smaller than required. Part of the problem as many real estate agents point out is the rapid price inflation in the international market, as currency values are unstable now. This makes office spaces in Noida or any such major metropolitan area extremely expensive. But it isn’t unusual and most organisations probably have a healthy amount of spare budget anyway when it comes to buying or renting a desired office space. With that said however, how do you accurately judge if the offered price is right, especially considering a miss-managed country like ours?
Well after extensive research, here is what I found.
- There is a very unusual trend of price inflation by 3rd parties or land owners over their property. Many try to value it for several heaps more than what it is really worth.
- It isn’t unusual for middlemen to interfere with the transactions. Also deception and passing down of wrong information is especially true. It is mostly spite but nonetheless, people lose valuable time and business with this farce.
- There aren’t a lot many managed and legal real-estate agencies, especially in metropolitan areas and hence commercial office spaces in Noida or other major cities are subject to major price influx from building to building. Of course some aren’t built equal to others, but it is a general observation.
So what strategies could you deploy to get a fair price and avoid the whole spiteful ruckus from 3rdparties? Well let’s discuss them.
- Despite my initial observation, there is a healthy growth of real-estate agencies and dealers in metropolitan areas. Of course, they might not cover all areas but you might be lucky enough. Most of them are held back by poor CEO optimisation despite having an online presence, so don’t give up your search yet.
- Approach construction sites. Usually office spaces are pre-booked for most buildings, right after the moment that they are constructed. However, some of them cancel out at the last moment and dealers don’t necessarily post a big newspaper ad for such spaces. It is always advisable to consult your local Craigslist equivalent site or the nearest real-estate agency that you can find for proper listings on property sale.
- Try to avoid being allured into the deal with sweet talk. Most of them won’t tell you the whole story and you might just regret it later. Research for traffic congestion, parking, and relative building price nearby and so on.
- If a place comes at a premium because it’s pre-furnished, it is probably worth it because sometimes furnishings and renovations alone can cost a fortune in such busy areas.
- Try and consult more than one dealer on a potential property. Chances are that you might just come across a good price from either of the two.
So there we are, some top insights to finding a good deal on properties in metropolitan areas especially if you are looking for it in India.