Must Know: Bangalore Laws for Office Space Buyers
Renting an office for your business is not like booking an apartment home. You need to know the right laws and right permits needed to get your business up and running. To do so, learn all the Bangalore Laws for Office Space buyers in TEN minutes!
6 Laws In Bangalore for Office Space Buyers
Commercial real estate is an industry of smart people. To make a smart office space purchase, you need to know the right questions and laws best for your business. To do so, refer to our expert’s report below to find the perfect office space for you in Bengaluru.
Learning the laws in Bangalore for office space buyers below will also help you avert costly mistakes.
1. Authenticity and Witnesses
A confusion-free Deed Title is crucial for an authentic property purchase. Investigate the title by checking whether the seller has rights to the office space. Next, assess the prior land purchases at the Sub-Registrar. You can also advertise in local papers asking for claims about the property.
In addition, always ensure there are two witnesses to all your deals on behalf of the seller.
2. Sanctioned Plans and POA
If you’re booking an office space in a building under construction, you must check the Deed documents thoroughly. Assess the commencement certificate issued by the authority too. For the building finished with the construction, look for the occupation certificate.
You must also assess the Power of Attorney in case the office space renting is not a direct deal.
3. Rental Lease Vs Coworking Agreement
Check if your office space rental agreement is devoid of the term ‘rental release’ as it can create future problems. If you’re looking for a coworking office space, the agreement must be changed further too. Change the document to ‘coworking service agreement’. Sign it once confirmed.
4. Income Tax Documents
You don’t need an official check, but you must mandatorily check if the seller of office space has illegal proceedings on his/her behalf. Check the Income Tax Act of 1961 and ensure the building is classified clearly as ‘commercial’ or ‘residential’ under the Development Control Regulations. Unless the seller has a clear Income Tax sheet, TDS may be levied against you in the future.
5. History of the Real Estate Agent
One of the important Bangalore Laws for Office Space buyers is the clear record of the seller or builder. You can assess the history of the real estate agent by asking for referrals or a review of past commercial real estate projects.
Keep in mind that fraudulent agents might try to skip sharing past client referrals.
6. Validity of your Leasing Agreement
Lastly, check whether your leasing agreement has the right validity. Ensure that the office space for rent is clearly marked with the time and hours you need it for. Otherwise, if you need work hour extensions in the future, it will create a ruckus.
The Real Estate Expert Says …
When you’re looking for office space, you must start with proper research about the societal laws and permissions required to kickstart your business. To do so, refer to the complete Real Estate Laws in India above to rent a good office space in Bangalore.