The valuation of any commercial real estate property is among the most important decisions you will make as a seller. If your shop, office space, showroom, or commercial building is priced correctly then you can expect a serious buyer to present themselves relatively quickly. Conversely, if you set an incorrect price for your property it could be months before it sells. As the commercial real estate market in Bhopal continues to expand throughout the primary areas designated for doing business there are a number of factors that provide all owners and investors with helpful information regarding how to price their property.
The first method of pricing your property should involve researching recently completed transactions for commercial properties in your local area. The reasons that value of commercial property in Bhopal vary greatly from one location to another are based upon factors such as the proximity to quality roads, foot traffic and the type of business being operated at the given location. Some of the most active marketplace areas including MP Nagar, New Market, Arera Colony, Hoshangabad Road and Kolar Road have exceptionally strong demand for office, retail and services. If you compare similar sized buildings or businesses being run from those buildings along with their relative visibility from the other buildings you will be more accurately able to determine a price range than simply choosing a number because it looks nice.
The type of building you own is another large factor impacting the price of the property. An office located on the first floor of the building will always sell for significantly less than a ground-floor retail outlet with ample parking and great exposure.
One of the critical determinants of commercial property prices in Bhopal is rental potential. Some investors will calculate a property’s value based solely on generated income. If there are already tenants in the property, or if the property is situated within an area with high demand from businesses, then the investor can be more confident about the estimated market price. Investors can also evaluate how soon they will recoup their investment from the property, making any claims made by you on realistic rental expectations for the property will only help to increase your asking price.
Additionally, legal approvals and documents will also have an effect on the price at which you can sell the property. Commercial purchasers want to acquire a property that has been legally approved and registered and titled, is free from restrictions under local regulations and complies with any local zoning ordinances. In Bhopal, verified approvals and permissions, an accurate land usage classification and complete registration documentation will reduce the purchaser’s purchase risk and enhance the purchaser’s purchasing confidence. Generally, if the property does not have all of its documents in order, it will be subject to price negotiations or the transaction may be delayed.
Furthermore, the infrastructure and developments in the area also play an important role in commercial property price performance. For instance, commercial property along major arterial roads, high-frequency transit routes, residential areas and/or potential development areas (i.e. land that is likely to develop in the near future) are likely to perform better over time than properties that are located in an area that is less economically viable. As the City of Bhopal grows, any area that has commercial development planned and has better access to the growing commercial and residential areas in Bhopal will attract more interest from both investors and end users.
One of the biggest mistakes made by sellers is setting a price for the property based on what they “expect” to receive. Even if value will probably appreciate in the future, potential buyers will only see today’s value not projected growth. Pricing is important for generating interest in your property, which results in more offers, more inspections, and ultimately better negotiation opportunities.
At The Company, our goal is to offer owners insight into local commerce and help them compare their properties with other comparable properties throughout Bhopal. We provide sellers with a platform that allows for direct interaction with verified buyers, creating an efficient and seamless transaction process when selling real estate.
Correct pricing on your commercial property in Bhopal is helpful when you plan to sell it will lead to an expedited sale and improved quality of inquiries. A well-researched price based on your local knowledge of the market will provide the best possible foundation for a successful commercial real estate transaction.
Find out about commercial properties or list your property at-the-company.in or call +91 99815 00228.
