Introduction
If you are looking to invest in a commercial property in Chennai, there are two ways to go about it – buying a shop, and leasing out a shop. Leasing a shop in Chennai has its own set of advantages, and so does buying a commercial space. This blog will discuss the benefits of leasing a shop in Chennai.
Commercial real estate investment is an investment that guarantees consistent returns, whether or not the market is bullish. It is one of the safest and the most secure investments you can make, as commercial properties are almost always occupied due to their ongoing demand.
The demand for commercial real estate in Chennai is also on the rise, thanks to the development taking place in the IT and corporate sectors. With the growth in these sectors, more businesses are looking for commercial spaces to set up a factory, shops, and offices. This has increased the need for more commercial properties in the city, therefore making it a very desirable investment.
Chennai offers commercial properties for both ownership and leasing. But if you run a business and want to save on cost, then leasing a shop is your best bet. In the coming section, let’s discuss the benefits of leasing shops in Chennai.
Benefits of Leasing A Shop in Chennai
Benefits of Leasing A Shop in Chennai
Leasing out a shop is nothing but renting a shop for a long period of time. When you lease a shop, it will fall under a commercial lease. Leasing a shop in Chennai is a great option, especially when you don’t have the affordability to buy a shop space and want to save up on your cost. Leasing allows you to realize your dream of setting up a shop, despite the inability to meet the monetary requirements of a property purchase. Leasing allows you to rent out a property for a fixed period of time and enjoy the amenities and other benefits of the property under set terms and conditions.
Did You Know
According to Financial Express, the CBRE report also states that retailers are expected to lease 5.1 million sq. ft. of space in 2022.
There are Several Benefits of Leasing Shops in Chennai:
1. Location
Location – Benefits of Leasing A Shop in Chennai
When you have decided to lease out a shop in Chennai, you will have an expanded scope in choosing a location of your choice. As opposed to buying a commercial property in a prime location, you will find it more affordable when you lease out a shop in these locations, as leasing is easier on your pockets than buying a shop altogether. This is one of the benefits of leasing shops in Chennai.
2. Budget-Friendly Option
Budget Friendly – Benefits of Leasing A Shop in Chennai
Even though leasing might be a more expensive option in the long run, it proves to be a very budget-friendly option as an immediate investment. This is especially true when you are not able to afford to purchase a commercial property at the location of your choice. Leasing a shop in Chennai allows you to pay less and get more benefits, including access to amenities, which we will discuss in the next point. In addition to this, you will not need to incur additional expenses like maintenance, repair costs, and more in case you have leased out a shop.
3. Amenities
Amenities – Benefits of Leasing A Shop in Chennai
Amongst the other most important benefits of leasing a shop in Chennai, access to amenities is one. When you lease out a commercial property, you end up paying less for more. You will have access to all amenities of the property and the facilities and advantages of the location, as you will when you buy a property. This is a great bargain considering the fact that you will be paying way lesser for all the benefits and amenities put together.
4. Flexibility
Flexibility – Benefits of Leasing A Shop in Chennai
Leasing a shop in Chennai instead of buying is an extremely flexible option. You will have the luxury of uprooting your business and relocating altogether or simply moving your business to a better and upgraded property once you are done with your lease period. Apart from this, you can also get the lease renewed by the landlord with pre-negotiated rent.
5. Fixed Costs
Fixed costs – Benefits of Leasing A Shop in Chennai
As discussed earlier, leasing a shop in Chennai means you won’t have to pay for any maintenance or repairs. You don’t have to be involved in the upkeeping of the property. This helps you plan your finances and manage other expenses efficiently, as you will know exactly how much you will have to pay for the property you have leased.
6. Tax Benefits
Tax Benefits – Benefits of Leasing A Shop in Chennai
As a lessee of a commercial property, this might be one of the biggest benefits of leasing a shop in Chennai. When you lease out a property, you will be entitled to a number of tax benefits and can deduct taxes and other expenses, including –
- Property insurance
- Lease payments
- Property taxes
- Utility and maintenance
- Occupancy costs of leasing
- Rent attributable to the land’s value
These are some of the top benefits of leasing a shop in Chennai. Leasing is a more sensible way of investing in commercial property when you don’t have the proper financing to make a purchase. If you are already looking to lease a shop in Chennai, Market of India is a great option.
Financial Express stated that, according to a CBRE report, India’s retail leasing is expected to cross the pre-Covid levels this year. The country is likely to see a 25% jump in new store openings in 2022 as compared to the previous year.
Lease Out a Shop in Market of India
Lease Out a Shop in Market of India
If you are looking to lease a shop in Chennai, Market of India is your ultimate destination. Market of India is India’s upcoming largest wholesale and retail marketplace in Chennai. Located within SPR City, at the heart of Chennai, it is a unique organised marketplace that acts as an extension of the city’s 9 major trade hubs, including Sowcarpet, Koyambedu, Mint Street, Parrys Corner, Ritchie Street, and more.
Market of India is all set to change the face of how businesses are carried out in the country. It offers traders a wide range of commercial properties for lease. When you invest in a commercial space in Market of India, you get an array of benefits that are exclusive to business people doing trade in Market of India. The marketplace comes bearing a wide range of irresistible amenities and state-of-the-art facilities that meet the global standards of trade and business centres.
Market of India | Infrastructural Highlights
- 54,00,000 sq. ft. of built-up area
- 30,000 sq. ft. of Atrium area
- 18 kilometres of trade corridors
- 1,00,000 sq. ft. of Central Plaza
- Shops between 180 – 60,000 sq. ft.
- 10,000+ vehicle – parking space
- 78 lifts; 76 escalators
Why is Market of India Beneficial For Traders?
Leasing a shop in Chennai at Market of India can help your business grow by leaps and bounds with the benefits India’s upcoming largest wholesale and retail marketplace comes bearing. Here are a few benefits it offers to traders and business people who invest in commercial spaces at Market of India.
- 40L expected monthly footfall (prospective customers)
- Opportunities to take your business to the global market through Market of India’s Chamber of Commerce
- Strong marketing support with 20+ ancillaries
- Establish a digital presence for your business with Market of India’s the online store
- Get access to a wide range of commercial spaces, including wholesale and retail shops for lease in Chennai.
With these benefits that Market of India offers, you can take your business to the next level. Market of India offers wholesale and retail shops for lease in Chennai, and if you are able to lease out a shop in the marketplace, there is no turning back for your business.
Things to Keep in Mind While Leasing a Retail Shop
Things To Keep in Mind While Leasing a Retail Shop
If you are looking at leasing a shop in Chennai, you must know that it involves a lot of planning. Even though leasing is a pocket-friendlier option than buying a commercial property altogether, it still involves a couple of things or factors you must keep in mind. Here are a few things you must consider while leasing a shop in Chennai.
- Set your budget.
- Decide on the amount of space you need.
- Set your eyes on the right locations.
- Look at many commercial properties and have 4 to 5 options before you zero in on one.
- Take a real estate agent or a financial advisor’s help to study and understand the conditions of the lease.
- Negotiate the lease and sign the agreement.
Documents Required While Leasing a Shop in Chennai
While signing a lease agreement on a shop, you will need to be aware of and deal with a set of documents. Some of them include:
- PAN Card of the company.
- Power of attorney/board resolution on company letterhead.
- Company seal or stamp of authorised signatory.
- ID proof – Aadhaar Card, Passport, Driving License, etc.
- Coloured photographs of the authorized signatory
- Address proof of the signatory.
Conclusion
We hope you have understood the basics of leasing a shop in Chennai and the things you must consider while doing so. If you are looking to lease a shop in the city, there is no place better than Market of India. Being the country’s upcoming largest wholesale and retail marketplace, it has a lot to offer and holds the scope for your business to see substantial growth. For more details, visit our website.
FAQs
1. What are the benefits of leasing shops in Chennai?
Leasing shops in Chennai can provide a prime location for businesses to attract customers and increase visibility. Furthermore, leasing can be less expensive than purchasing a property outright.
2. Can I negotiate the lease terms for my shop in Chennai?
Yes, you can negotiate lease terms for a shop in Chennai. Rent, lease duration, maintenance responsibilities, and other terms may be negotiated, but the outcome depends on the landlord’s willingness to negotiate.
3. Are there any hidden costs associated with leasing shops in Chennai?
Maintenance fees, security deposits, and standard area fees are hidden costs associated with leasing shops in Chennai. Before signing, carefully reviewing the lease agreement is critical to ensure you understand all costs and responsibilities.
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