Corporate Rental – Indian Scenario

The professionalism in property rental business is comparatively new in this country. In contrary, it is one kind of corporate business in the USA, where most of the apartments, put on rent, in big and small cities, are taken over by the real estate companies. These rent apartments are leased out to individuals or to the companies after observing all the legal formalities. Any breach of the contract clauses can be sued in a court of law. Now, the Corporate rental business in the USA is a big business and is being run with all professional expertise.

The economic liberalization in India has removed all the hurdles in the form of government imposed impediments to economic development in the country. The result of this is seen in the recent development spree, India is passing through.

This tremendous pace of development has increased the demand for good housing in the big cities in India. All the big cities have become the development hub of the country and qualified and skilled people from all corners of the country and even from other parts of the world are assembling in the Indian cities. They are getting very good remuneration compared to international standard.

Accommodating these alien people in the Indian cities has become the greatest challenge. Fortunately, the renowned builders are continuously in the process of transforming the city’s skyline, by building small and large apartments to provide shelters to the people.

A sizeable number of these buildings are rented to a section people or companies, as the requirements of these apartments to these people may be temporary, so long as they are in service in the city.

With this point in mind, corporate rental in India is taking shape nowadays. Mostly the reputed builder companies are now the corporate rental agencies and dealing with the individuals or the companies requiring office space and /or accommodation for their employees.

The concept probably was started in Mumbai as the price of the space in the city had been sky high since long back and having own accommodation in the Mumbai city was anybody’s dream.

As such, habitable apartments in good locations are put on rent by way of commercial lease by the renting companies.

It is found that the renting business in the city has become a professionally managed one.

Let us now look into the status of corporate rental situation in our favourite city of Gurgaon.

The development activities going on here are no less than other cities, rather, the pace of development outsmarts other similar cities and attracts qualified and experienced people from all the parts of the country and the world.

So, Gurgaon has become a giant hub in respect of manufacturing and service industries.

At present the city is the best Information Technology centre with potential to be developed further.

As a result of this, scarcity of prime land for accommodation as well as starting new industries have become a problem for the city. All the reputed builders have become serious about the best commercial exploitation of the land.

First they take over the land for commercial purpose by way of purchase from the original owner of the land, or, if the land is owned by the Government, they offer the best price to the Government during auction of the land.

Afterwards they execute Gurgaon commercial land lease agreement with the ultimate user of the land who may be an industrialist or an individual.

Gurgaon has become a city of malls nowadays and concentration of big shopping malls is maximum here. Big builders have built these huge shopping malls and distribute the space in the mall as rent space mall to the business men like to do business in the mall.

All these activities are leading to further development of the city as a whole, and the city is calling more people who can earn good living by way of service or by business and can live here peacefully.

Michaelle Sui is an associated editor to the website http://www.listingbaazar.com/. ListingBazaar is dedicated to explain all your related queries for real estate India and India properties, with the latest news updates. Your feedback and comments will be highly appreciated at “michaellesui@gmail.com”.