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Commercial Property Management in India

 

Commercial property management in India is a concept that majority of the people are imbibing. Perhaps it is much easier to manage residential property as compared to commercial property. This is mainly due to the fact that residential property management involves a very small area as compared to a commercial complex that has different areas to address. However, if it is a huge residential complex that needs to be taken care of, the magnitude of the task may almost be the same.
 
Commercial property management services are offered by several companies in the country. The concept of commercial property management in India may not have struck roots in all the cities of the country; nevertheless, these places are catching up too.
 
What is the role of commercial property management companies in India?
 
There are different roles played by the companies that take care of commercial property in India. The mode of operation may differ from one company to another. But the underlying concept is the same in majority of the cases.
 
The services offered by the companies offering commercial property management in India can be categorized into the following –
 
  • Advises and assists property owners on issues related to pricing, structuring transactions.

      

  • Hunts for reliable and credible tenants

      

  • Selects an appropriate location for the property
  • Financial analysis
  • Marketing property or project
  • Studying current market conditions
  • Documentation
  • Assist you in addressing lawsuits and legal proceedings
  • Negotiation etc
 
There is a very fine demarcation between facility management and property management. Looking after the commercial space and all activities related to the same falls within the purview of commercial property management in India.
 
Why is commercial property management in India growing?
 
There are many reasons why commercial property management in India is fast catching up. Some of the factors include -
 
  • Growth in IT and IT related areas
  • Indian government’s policy pertaining to FDI
  • Awareness among consumers etc
 
Although real estate in India faced a bolt from the blue owing to the worldwide economic meltdown but it has recovered remarkably. And as soon as real estate started recovering, real estate developers and builders took the plunge without wasting time.
 
Just as IT and IT enabled services have assumed greater importance and affected our lives, it has affected the property market too. In addition to the 4 metros, several other cities in the country are experiencing this IT boom. As such the need for office accommodation and accommodation for outstation candidates is on the rise. This has helped the rental property market to grow too. And the people/land owners who are renting out their premises are doing brisk business.
 
As more and more commercial complexes are coming up, the need for commercial property management in India is being exceedingly felt.
 
Several new commercial projects are coming up in different cities. Some of the projects that are coming up include –
 
  • Office space
  • Shopping malls
  • Plazas
  • Schools
  • Colleges
  • Training institutes
  • Hospitals
  • Hotels
  • Highways etc
 
Credibility of companies offering commercial property management in India
 
It is very important to assess the credibility of the companies that offer commercial property management in India. This is because at the end of the day, they are in the market to do business. So, select a commercial property manager who will address your needs in an optimum manner and simultaneously you will get true worth of your cash.