Commercial property is a constructed building or land zoned for commercial use. This piece of real estate will be used by the industry to generate profits.
However, not all land or buildings that generate profit can be classified as commercial land. All agricultural land generates income. However, it cannot be used for commercial purposes. Similarly, residential units can be rented out for living purposes but not for commercial use. One would be required to officially have the ‘land use’ changed to use a property or land not zoned as commercial real estate.
This is important to understand as commercial buildings will be taxed, financed, and governed differently from residential property and agricultural land.
in Chennai, commercial properties are available in abundance and can be considered an excellent investment. The city also has mixed-use properties and townships that bring the commercial and residential property sectors together.
Some types of commercial properties are:
Commercial property has always been considered a more lucrative form of investment as compared to residential properties. This is due to the higher rental or lease income that commercial properties are capable of generating.
Commercial property laws in India also allow a longer lease than residential property laws. This means you can secure long-term rental income.
If you buy commercial property in Chennai, you can also benefit from using a Triple Net Lease. A Triple Net Lease transfers the liability to bear any property taxes, insurance, and maintenance charges to the lessee. Lessors of residential property aren’t allowed to use a Triple Net Lease.
When you know the price of the commercial property in Chennai and start your commercial buying process, here are a few tips that might come in handy for you.
Clicbrics takes the effort out of finding a warehouse, retail space, office space, or any other commercialized space. We provide you with trustworthy developers whose complete history can be found on our site. You can even keep an eye on the project status right through your Clicbrics account as well.
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