Property Thane

 15th June, 2022

The amount of rebate would vary from 5%-15% depending upon how much waste is being treated and processed and also if wastewater is being recycled

MUMBAI: Several housing societies in the city have been dedicatedly segregating, processing and treating waste on their premises and have applied for rebate on property tax promised by the BMC three years ago. But many of them have not got any concessions yet.

In August 2019, the BMC had cleared a proposal to give up to 15% rebate on property tax to societies that go green. The amount of rebate would vary from 5%-15% depending upon how much waste is being treated and processed and also if wastewater is being recycled.

While deputy municipal commissioner Sangeeta Hasnale was not available for comment on why the rebate is not being given to eligible societies, an official from the civic solid waste department told TOI, “Many applications are under process at various administrative wards, but the exact number is not known.” A senior official from the civic assessment and collection department said the integration with the system is yet to take place.

Residents of Charkop Atomic Energy Employees Co-operative Housing Society in Kandivli said in March 2020, a BMC team had inspected their premises and given them a letter stating that they have received a 5% property tax rebate for composting waste.

The BMC even posted the same on its Twitter handle. “We feel disappointed and helpless as the rebate for the said month is not reflected in the property tax bill,” complained Neha Wagh, a resident.

“We were also informed that there would be monthly monitoring by a review committee and depending on its report, it would be decided whether or not the rebate will continue for the next month. But there has been no inspection since then.”

When TOI contacted Sandhya Nandedkar, assistant municipal commissioner of R-South ward which covers Charkop area, she said the integration in the system has yet not happened and hence the same could not be implemented. “Also, if a society is found to be not continuing with segregation, the application gets rejected,” Nandedkar added.

Shatdal Co-operative Housing Society in Andheri society, which treats its waste via vermicomposting and biocomposting, is also awaiting a response to its application, but it said it will continue its green initiative as a duty towards a cleaner society. Rupa Divatiya, a resident, said: “We are still not clear why we are not receiving the rebate after submitting all the data on the processes we are undertaking.”

Bhavik Shah, who lives at Marathon Era society in Lower Parel, said the civic authorities are aware about them segregating and processing their waste. “This is demotivating for members who dedicatedly segregate their waste,” he said. “I now wonder if green initiatives like electric vehicle charging stations should be adopted or not in the city.”

Source: realty.economictimes.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

15th June, 2022

Mumbai’s Grade A office space currently stands at 144 million sq. ft, of which only 42% (60 million sq ft) uses centralized Heating, Ventilation, and Air Conditioning (HVAC) system which is known as air conditioning system in common parlance. Energy savings by an efficient HVAC system offers long-term solutions for reducing the energy requirements of a commercial building. Within the 60 million sq ft of office space having a centralised HVAC system, only 33 million sq ft uses water-based air conditioning which is more energy-efficient than the air-based counterpart. Due to the use of this water-based cooling system, Mumbai’s office segment is able to save 185 mn Kwh* of energy annually translating into a reduction of 1.48 lakh metric tonnes of CO2 emissions.

The conversion of the balance of 27 million sq ft centralized air-based HVAC to water-based offers the potential to save 152 million Kwh of energy annually. This would lead to an estimated reduction of INR 175 crore on the energy bill annually and a 1.2 lakh metric tonne of carbon emission. These are the major findings of the JLL report titled, “A sustainable approach through HVAC interventions.”

“The type of HVAC technology used by a building is dictated by the climate of the region as well as the availability of power and water. The initial capital outlay also plays a key role. The capital cost for installing a water-based central system is higher than that of an air-based system due to additional equipment like cooling water towers, tanks, and water pumps. However, since water-based chillers are more energy-efficient, the operating benefits outweigh the initial cost outlay in the longer term,” said Rajat Malhotra, APAC head of Engineering operations, Work Dynamics, India, JLL

“It is heartening to note that nearly 23% (33 mn sq ft) of Mumbai’s Grade A office real estate is already utilising the benefits of centralised water-based chiller systems. A transition of those using air-based HVAC systems will double the segment’s energy savings and lead to a reduction in the city’s carbon emissions. This sustainable choice will also support the city’s annual carbon emissions reduction by 1.2 lakh metric tonnes. This upgrade—albeit involving more water consumption—along with added capital investments and technical challenges in existing buildings, will be key components in analyzing the payback period for this change. What is not in question, however, is the definite energy savings and the positive climate impact through a sustained reduction in carbon emissions,” Samantak Das · Chief Economist and Head of Research and REIS at JLL India

Looking at a greener future

Looking forward, even offices with non-centralized HVAC systems must look at integrating such technology. Costs would be a major concern, not to mention the technical challenges of this switch in already operational buildings. Water consumption will also go up, but this is where the efficiency of the sewage treatment plant (STP) will come into action to ensure that freshwater is not wasted in running HVAC equipment. Importantly, one can upgrade cooling tower dosing systems with modern water treatment technologies and practices to reduce water wastage by cooling tower basins. Owners and operators should not hesitate from investing in treatment technologies since water consumption is a critical factor that can place water-based central chillers at a disadvantage, if not managed and controlled through smart operational and maintenance practices. The resultant CAPEX towards such upgrades may act as a deterrent for many asset owners/ investors, but the tangible benefits in terms of operating costs and environmental gains along with energy savings far outweigh the immediate impediments. The payback period will act as the key financial metric, but the tangible environmental benefits will support the switch to this technology in times to come, as India continues its journey to becoming a net-zero carbon economy by 2070.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of the real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces, and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

JLL is India’s premier and largest professional services firm specializing in real estate. The Firm has grown from strength to strength in India for the past two decades. JLL India has an extensive presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi, and Coimbatore) and over 130 tier-II and III markets with a cumulative strength of close to 12,000 professionals. The Firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services. These include leasing, capital markets, research and advisory, transaction management, project development, facility management and property and asset management. These services cover various asset classes such as commercial, industrial, warehouse and logistics, data centers, residential, retail, hospitality, healthcare, senior living, and education.

Source: www.magicbricks.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

15th June, 2022

The revised income slabs are expected to come into effect with the upcoming draw of around 5,000 affordable homes by MHADA in the Mumbai Metropolitan Region.

The Maharashtra government has revised the income slabs- a criteria to determine who is eligible to purchase affordable homes constructed by the Maharashtra Housing and Area Development Authority (MHADA).

In a notification issued on May 14, the Maharashtra housing department said that the annual income slab for the economically weaker section (EWS) has been increased to Rs 6 lakh for those residing in Mumbai, Pune and Nagpur Metropolitan Region, and Rs 4.5 lakh for the rest of the state. Earlier, the income slab cap for the EWS category was a monthly family income up to Rs 25,000, or Rs 3 lakh a year.

For the lower-income group or LIG segment, the annual income limit was raised to Rs 9 lakh for Mumbai, Pune and Nagpur Metropolitan Region and Rs 7.5 lakh elsewhere, going up from Rs 25,001 to Rs 50,000 monthly income (upper limit of Rs 6 lakh a year) for the entire state. Further, the income slab for middle-income group (MIG) families, which was Rs 50,001 to Rs 75,000 a month (upper limit of Rs 9 lakh annually) for the entire state has been revised to up to Rs 12 lakh statewide.

Families earning an annual income of over Rs 12 lakh fall in the high-income group (HIG) category, up from the Rs 9 lakh limit earlier. There is no upper limit set for HIG category.

The revised income slabs are expected to come into effect with the upcoming draw of around 5,000 affordable homes by MHADA in the Mumbai Metropolitan Region. The last revision of income slabs was undertaken in 2016 citing the need to match the income limits defined by the Union government under the Pradhan Mantri Awas Yojana (PMAY) scheme.

In addition, the carpet area for affordable homes has now been defined as up to 30 square meters for the EWS category, up to 60 sq m for the LIG category, up to 160 sq m for the MIG segment and up to 200 sq m for HIG families.

Source: www.moneycontrol.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

 14th June, 2022

KALYAN: The Kalyan-Dombivli Municipal Corporation (KDMC) has finally decided to grant 66% property tax rebate to residents of Palava City- the state’s first integrated township project – who have until now been paying double property taxes. While the township’s Palava City Management Association (PCMA) has been charging residents for providing basic amentities and infrastructure, residents have also been paying taxes for the same to the KDMC.

According to a 2016 circular issued by the state’s urban development (UD) department, an integrated township that provides common amenities, utilties and infrastructure – like roads, street light, garden, sewage treatment plant, solid waste management and transport facilities – will be entitled to a 66% rebate in property tax. KDMC, however, had not granted Palava this exemption, so even though all the basic facilities are provided by Palava’s own management association, residents had to pay for the facilities to the PCMA as well as to the KDMC.

“Till now, the PCMA has additionally paid between Rs 10 crore to 15 crore in taxes,” said Pramod (Raju) Patil, a Maharashtra Navnirman Sena MLA who is pursuing the issue of property tax relief with the KDMC. Talking to TOI, KDMC’s tax department head Vinay Kulkarni said, “The integrated township should get this exemption. All formalities are completed. We are only awaiting approval from the General Body meeting.”

Source: timesofindia.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

14th June, 2022

The housing finance limit of 5% of the total asset is expected to boost self-development of societies in Pune, Mumbai, and Thane, Maharashtra Housing Federation vice-chairman Suhas Patwardhan said.

PUNE: Nearly 20,000 housing societies and apartments planning self-redevelopment in the state will benefit from the RBI’s decision to allow cooperative banks to grant finance for the commercial real estate-residential housing segment.

The housing finance limit of 5% of the total asset is expected to boost self-development of societies in Pune, Mumbai, and Thane, Maharashtra Housing Federation vice-chairman Suhas Patwardhan said.

“Real estate projects involving redevelopment are key areas in the property market, especially in growing cities.As per the RBI notification, all district cooperative banks and state cooperative bank will be able to grant loans to housing societies for self-redevelopment instead of them handing over the project to a developer for commercial real estate-residential housing according to the notice on June 8,” Patwardhan added.

The decision is expected to open more liquidity and financing avenues for real estate development. Federation members said that it will help housing societies implement the 2019 GR to promote self-redevelopment.

Bank manager Shrikant Karegaonkar said that the RBI monetary policy has doubled the limit of housing loan for cooperative banks. “It will help reduce the impact of inflation by pumping more funds into the housing sector and open opportunities to customers with the cooperative sector,” he said.

Members of housing societies said that while 5% of the total assets looks small compared to the demand, the limit may be extended and it was a good beginning.

Source: realty.economictimes.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

 11th June, 2022

The entire airport land of around 1,160 hectares has been handed over to the developer, Adani Group, for the proposed second airport for Mumbai.

NAVI MUMBAI: In a significant development, Cidco has cleared a major hurdle by removing more than 3,070 existing structures in the core airport area, encompassing 10 villages, which will pave the way for construction at the Navi Mumbai International Airport (NMIA). The entire airport land of around 1,160 hectares has been handed over to the developer, Adani Group, for the proposed second airport for Mumbai.

According to Cidco, all project-affected persons (PAPs) from 10 villages of the core airport site have been evicted and they have accepted the compensation offer of developed land at the new township of Pushpak Nagar in Ulwe. Cidco said rehabilitation of more than 5,000 families from the 10 core airport villages is nearing completion and construction of the airport will speed up.

“Cidco has successfully achieved the important milestones of the airport project till date due to the cooperation of the PAPs of NMIA. The challenging task of clearing the airport site was no exception. The pre-development works in the airport area have already been completed. The work of Navi Mumbai International Airport (NMIA) is proceeding as per scheduled timelines. The project is on track,” said Dr Sanjay Mukherjee, vice-chairman and managing director of Cidco.

CIdco is developing the NMIA project on 1,160 hectares of land encompassing 10 villages in Panvel taluka of the Raigad district.

“Considering the contribution made by the PAPs from these villages for a nationally important project, Cidco has given them the best rehabilitation package in the country. Also, for the rehabilitation of those affected by the airport project, Cidco is developing Pushpak Nagar, a complete rehabilitation and resettlement township near the airport,” said a Cidco official.

Cidco sources said except for jobs to all family members in affected villages, Cidco has agreed to fulfil most demands.

The pre-development work done so far includes Ulve river diversion, hill cutting, shifting of power transmission lines, flattening, reclaiming marsh land and site work.

Source: realty.economictimes.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

 10th June, 2022

Mumbai is the financial capital of India and India’s most expensive property market and finding space with that budget in the city is very difficult, but not impossible. Moneycontrol lists the options you have.

Wondering what type of property you can buy in Mumbai with a budget of Rs 1 crore?

Your options range from a studio apartment in Central Mumbai to a 1 BHK flat in the distant suburbs. You may also be lucky enough to find a tiny commercial space in the distant suburbs of Dahisar, Borivali and Mulund.

Mumbai is the financial capital of India and finding an apartment for Rs 1 crore in the city is very difficult. But there are plenty of options available in the Mumbai Metropolitan Region (MMR). MMR also covers cities neighbouring Mumbai including Thane, Navi Mumbai, Kalyan and Dombivali.

Mumbai suburbs

If you are looking for a 1 BHK apartment in Mumbai within that budget, the suburbs are the only option.

Blox, a technology-enabled online system that provides buyers e-commerce functionality in their home buying journey, has a list of 250+ verified properties for Rs 1 crore or less.

They range in size from 400 to 700 square feet and come in configurations of 1 and 2 BHK. The per-square foot rate in the Mumbai city limits ranges from as low as Rs 15,000 to above Rs 1 lakh.

In satellite cities like Thane, Navi Mumbai, Kalyan and Dombivali, a buyer can easily find residential space for between Rs 5,000 and Rs 15,000 per square foot.

“These properties are located in Malad, Kandivali East and Thane. Some notable projects on the website from reputed developers offer the best amenities and good quality of construction for investment or personal use,” said Pratyush Saxena, head of sales and business development at Blox.

Studio apartments

If you want to stay in the plush areas of Juhu, Khar or Bandra, you may have to settle for a studio apartment in a Rs 1 crore budget.

The average carpet size of a studio in areas including Andheri, Santacruz and Vile Parle is 180 square feet to 200 square feet. Deep in suburban areas like Borivali, Kandivali and Malad, studio apartments are of 250 square feet to 300 square feet in area.

In case a buyer can settle for a place in neighbouring cities like Thane, Navi Mumbai and surrounding areas, one can even buy a 3-BHK apartment.

The farther you move away from prime city areas, the more economical it gets, according to real estate consulting firm Savills India.

“Mumbai is India’s most expensive property market and finding a property within a budget of Rs 1 crore is a tough task,” said Bhavin Thakker, managing director, Mumbai and head of cross-border tenant advisory at Savills India.

“One can find a plush three-bedroom duplex in Kalyan Dombivali Municipal Corporation (KDMC), a minimalist studio in Juhu or Khar, a modest one-bedroom flat in suburban Mumbai or a spacious two-three bedroom apartment in MMR. The further we move northwards, away from the prime city area and away from the local railway stations in that locality, the more economical it gets.”

“Thane and Navi Mumbai are more prime locations than other peripheral areas and hence while one can get a house under ₹1 crore here, the size would be smaller ranging from 350 – 400 square feet carpet area,” he added.

“One can look towards KDMC (Kalyan Dombivali Municipal Corporation), Ulhasnagar, Bhiwandi, Ambernath, Navi Mumbai, Sanpada, and Nerul which are some of the locations that offer properties under ₹1 crore. 1 BHK size in these micro-markets would be in the range of 350 to 500 square feet carpet area, whereas a 2 bedroom would range from 650-800 SF carpet area.”

Ticket size of deals

An analysis shared by Knight Frank India based on property registration data of May 2022 said that out of the total registrations in Mumbai that month, Rs 1 crore and below deals had a dominant 46% share.

“Rs 1 crore to Rs 2.5 crore has a contribution of 39% while Rs 2.5 to Rs 5 crore has a contribution of 10%,” the analysis said

In May, Mumbai city saw property sale registrations of 9,523 units, contributing over Rs 709 crore to state revenue, according to official data.

Distress selling

Home buyers can hope to strike a deal inside Rs 1 crore within the Mumbai city limits if they are willing to live in old buildings.

“Old redevelopment buildings within the city where we have seen a lot of distress selling can be an option,” said Ritesh Mehta, senior director and head – west, residential services and developer Initiatives, Jones Lang LaSalle India.

“The newer ones with fancy and modern amenities are tough to steal within the Rs 1 crore range. A good sized 1 BHK can be bought in Borivali or Dahisar side towards western line and between Ghatkopar to Mulund on central side. However, someone who wants to stay towards South Mumbai near Chembur/Wadala side may also get a studio/1 RK within Rs 1 crore.”

Mehta added: “Many resale 2BHKs are also available both in the western and the central sides within Rs 1 crore range but these would mostly be old buildings. Also, one may get 2 BHK in old buildings located in specific pockets of Mumbai like Charkop, Gorai, Vikhroli, Kanjurmarg, and so on.”

Buyer preferences

Mumbai residents demonstrate a low inclination towards relocation to a different micro market, Knight Frank India said in a report last week on a trend that determines the choice of area where a homebuyer would want to purchase a flat.

Out-of-city buyers have shown an interest in purchasing residential properties primarily in the western suburbs followed by the central suburbs.

Central and western suburbs being relatively affordable markets, buyers in these micro markets have shown a tendency to upgrade to properties within their own micro market. So 92% of homebuyers from the central suburbs and 81% of homebuyers from the western suburbs prefer their current location when buying a new property. About 15% of homebuyers from the western suburbs have relocated to the central suburbs.

Homebuyers from the prime micro markets like central and south Mumbai are inclined towards property purchase within their own micro market. So 55% of home buyers in central Mumbai and 50% of homebuyers in south Mumbai have purchased a home in the same micro market.

Commercial segment

Commercial property prices in the city range from Rs 15,000 per square foot to Rs 80,000 per square foot towards south Mumbai. Brokers in Mumbai say that one can get a decent 200 to 300 square feet of smart commercial space under Rs 1 crore anywhere between Borivali and Bandra. The price range for this may vary between Rs 20,000 per square foot and Rs 50,000 square foot depending on the area.

“If you ask me what commercial space on can own for Rs 1 crore, I will say there is going to be a lot of inventory of smart offices measuring around 200-300 square feet in the coming months,” said Sanjay Sippy, real estate consultant at Sippy Housing who operates in areas like Bandra, Khar and Juhu.

“In the Bandra area, you can expect commercial space of around 200-300 square feet for Rs 1 crore. However, if you go deeper into the suburbs, options for commercial spaces in Rs 1 crore are already available. These types of investments can also give one fixed rental income of around Rs 30,000 to 40,000, if one opts to rent it out,” Sippy said.

Source: www.moneycontrol.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

8th June, 2022

MUMBAI: Rent or leave and license fees received by an owner of a residential flat, even if such flat has been let out to corporate entities for use by the latter’s employees, will not be subject to goods and services tax (GST). This was recently held by the Authority for Advance Rulings (AAR), Maharashtra.

In cities like Mumbai, residential flats are often let out, on a lease and license basis to business entities. In turn, the concerned company allots these flats to its key executives for their residential purposes. Letting out of residential flats is exempt from GST, but does the mere fact that it is let out to a corporate entity transform its character? This often becomes a contentious issue. Kasturi and Sons, which had proposed to let out some of its residential flats, located in a posh South Mumbai area, to Life Insurance Corporation of India (LIC) approached the AAR. It contended that the flats that are going to be let out are residential apartments and they are going to be used for residential purposes only. Merely because these flats will be taken by LIC does not change the end usage to ‘commercial’

The bench was composed of members Rajiv Magoo and R. R. Ramnani, who ruled that flats which are used for residential purposes, irrespective of whether they are let out to individuals or to commercial entities will be covered by the exemption notification dated June 28, 2017. In this case, as the nature of the end use was residential; Kasturi and Sons would not have to pay GST on the monthly leave and license fee received by it (This was proposed to be Rs. 145/sqft).

Indirect tax specialist and founder of a CA firm, Sunil Gabhawalla explains, “The exemption is available if the property being let out is a residential dwelling and is used for residential purposes. If the property is used for commercial purposes, the exemption is not available and the landlord or licensor would be required to register and pay GST at 18% if the annual rent crosses 20 lakhs.”

“The ruling correctly holds that the commercial nature of licensee (which is LIC) would not be relevant to decide the eligibility for the exemption but the actual use of the property – residential stay by employees of LIC is the determining factor,” adds Gabhawalla.The AAR bench in its order pointed out that the submissions made by the jurisdictional GST official defined all logic. He had submitted that: LIC is a commercial organization and hence the staff to whom the flat is let out can sit late in office and work more. LIC is a profit-making company. So, in order to increase profit, the facility of residential quarters is given to employees, which is a commercial use.

The jurisdictional officer had also submitted that the exemption notification would not apply, but he had failed to provide any reasoning for his opinion, observed the AAR bench.In its order, the AAR bench also referred to a similar advance ruling given by the West Bengal bench. “The GST applicability is not decided by the nature of the property, but by the purpose for which it is used,” emphasized the AAR bench and held that the exemption notification would apply.

Source: timesofindia.indiatimes.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

 7th June, 2022

According to the ‘Bulls and Bears’, Indian valuation handbook, Indian real estate segment shows a good growth with largest ever launch in the pipeline by most real estate companies.

Motilal Oswal Financial Services Limited’s (MOFSL), India valuation handbook ‘Bulls and Bears’, May 2022 edition stresses on the fact that the fear of inflation is overdone and the realty segment will see a good growth going forward.

According to the report, most Indian real estate companies have witnessed a 10%-15% rise in construction costs. Now even if the cost is around 25%-40% of the sales price, the overall impact on margins is restricted to 3%-4% only and the realty companies have been able to push a price hike of 5%-8% on portfolio level comfortably.

Strong pre-sales

Affordability, rising need of home ownership and sector consolidation etc. have paved the path for the Indian real estate sector to again see strong pre-sales momentum since the onset of Covid-19. The handbook mentions that with the largest ever launch in the pipeline by most Indian real estate companies, the Indian realty segment is expected to see a healthy demand in the near future.

Reduction in inventory overhang

Since 2013-14, though the housing demand has remained stagnant, the inventory levels have seen significant correction driven by consistent decline in new launches. As per MOFSL, unsold inventory has dipped notably to 4, 37, 000 units from the peak of 7, 70, 000 units in CY13 with the overhang now reducing to 23 months.

Impact of interest rate hike

According to the MOFSL report, while the impact of interest rate hike is expected to be minimal in spite of a similar hike which was made recently, it can have a negative impact as the rates start moving closer to 8%. In that case, most developers will have a 10%+ borrowing cost and this will in turn have an impact on their return profiles.

Realty sector valuation

The report highlights that the top 12 listed companies posted 43%/45% YoY growth in bookings in FY21/FY22. This should have ideally resulted in further re-rating of the stocks, but the rising cost pressure along with recent interest rate hikes have built in expectations of margin erosion and demand slowdown. Hence, post the recent correction, many stocks have now entered the value zone.

The sector valuation has corrected to below its long-term average P/E of 23.2x and is now trading at 21.2x on a one-year forward basis.

Source: housing.com

Back to All Thane Real Estate News

To Get More Information About Properties in Thane City Or Call us On 9930011453 or Email us On info@propertythane.com

Here are some of the best marketing methods you can use to find tenants, to rent your commercial property to a franchise

Have you ever wondered- I want to rent out my commercial property or I want to rent my shop for franchise? A well-known franchise company as a tenant may be an excellent option for owners of commercial properties.

Nevertheless, a majority of franchise tenants will be pretty picky about the properties they look at and evaluate for their future occupancy. Hence, the more effectively you promote your commercial property, the greater the likelihood of getting the top price for your property. Here are some of the best ways you can prepare to rent your commercial property to a big franchise.

Tips to rent your commercial property to a franchise

1. Hire an expert commercial real estate broker

To discover franchise owners, this is the simplest and most effective method. A commercial real estate broker can handle everything for you! Leasing and selling commercial real estate, such as office, retail, and industrial spaces, is the only focus of commercial real estate brokerages.
As a result of their contractual obligations to you, commercial real estate brokers charge a percentage of the overall lease amount. So, you will not have to pay them until you have completed the lease. These payments may also be structured so that you do not have to pay them until you get money. Spending half of the commission at lease execution after collecting the first month’s rent and security deposit and the other half at the start of rent can help you avoid being out of pocket, but it is not the most frequent method.

2. Create a 3D virtual tour

Commercial real estate marketing may benefit from 3D virtual tours in the future. In particular, these tours are helpful for franchise owners that may not be able to personally visit a region before deciding to move there. With a 3D tour, you will have a leg up on the competitors. Using a spherical camera with a tripod is much easier than you may expect. Place it in the desired location and activate it using an app on your phone.

3. Use shots from drone footage

If you genuinely want to take your marketing to new heights literally and metaphorically, you could consider flying a drone over the property. Using drone footage, prospective franchise buyers may get a bird’s eye view of a property and a sense of the surrounding area. Moreover, it lends your marketing a degree of professionalism. If you do not own a drone, you may hire a local drone specialist to shoot the photos and videos for you.

4. Advertise on billboards

The billboard, which is often overlooked, is one of the most visible ways to promote your commercial real estate advertisement. If you decide to employ this strategy, make your billboard advertisement simple: include a memorable commercial real estate slogan, as well as precise explanations of what you are giving a prospective franchise buyer as a selling point. Your contact information should be in a big typeface that is easy to see from the roadside.
A good billboard for commercial real estate should not be cluttered with photos, brands, fonts, or multiple colours. Choose a focused image that will be paired with a few lines of text in two or three complementing colours.

5. Display your ad on social media

Knowing how to promote on Facebook and other social media platforms may significantly increase the number of leads you produce for your commercial real estate company. Due to the platform’s user-friendly interface, creating commercial real estate Facebook advertising is a breeze.
Using Facebook’s filters, you may narrow your ad’s audience down to possible commercial real estate franchise buyers based on their geography, interests in commercial property, and demographics. Choose high-quality images of your property to include in your Facebook ad. The most effective Facebook advertisements use eye-catching pictures and gripping videos to get viewers to click through and learn more.
In a sea of commercial real estate Facebook advertisements, video is a great way to make your ad stand out from the competition. As an alternative to Facebook, you may use one of the many other social networking networks such as LinkedIn, Instagram and Twitter.

6. Join a commercial real estate association

One of the most effective strategies to expand your network is becoming a commercial real estate organisation member. It may also help you establish credibility by offering you access to franchise owners, resources and continuing education opportunities that you would not otherwise be able to attain. A member of one of the commercial real estate owners’ organisations provides prospective franchise owners with the impression that you are more established than someone who is not a member.

7. Keep it simple

The promotion of commercial real estate does not have to be a hassle. As long as you keep your message concise and engaging, you will be on your way to a steady flow of fresh commercial real estate buyer leads.

Get More Information About Commercial Properties in Wagle Estate For More Details Visit Propertythane.com And Email Us On info@propertythane.com