Turning Flats In Mumbai Into Commercial Property

Mumbai is one of the busiest metropolitan of India

. In fact, it is often referred to as the commercial capital of the country. Hundreds of people migrate here for job opportunities and investment options. But, as the city is getting more and more people there is always a shortage of space. Plus, green spaces, roads, flyover, overhead metro rail, etc. take up further area in the city. Thus, you may only imagine the rate of flats in Mumbai. Mumbai happens to be one of the most expensive when it comes to real estate in the country.

This is why most people prefer to convert their homes as makeshift offices and commercial places. You may find many local shops and offices in residential buildings. If you wish to have a small business of your own then, this seems a budget friendly option. However, just like flats in Pune it is likely that most cooperative housing societies often oppose full-scale commercial use of residential flats. This is because most commercial activities may involve movement of people or storage of goods, and financial transactions, which may be a hindrance to residents. So you need to have complete clarity on the legal aspects while using your home as an office or shop.

If you are looking at converting your residential space into an office then you need to first get the shop and establishment license from the local municipal authority. Know the purpose of your business clearly and the exact area required. Often people tend to take more rooms than prescribed in the license, which may be a hindrance to neighbors. Just like commercial flats in Bangalore, you may be charged a higher rate for property, water and electricity as compared to a regular residential space.

While these cover the main aspects of residential to commercial conversion, they are not all inclusive, blanket rules, as these may be different for varied areas and society regulations. You may also need an actual permission from the building secretary. Additionally, the applicable tax of the house may change once turned into an office or shop. The outgoing towards the society depends on the area one stays in; in fact, it is likely that the society will levy a higher maintenance charge.

There are a few exceptions for professions like doctors and other service based professions, along with private classes for yoga and art. However, it is best to clarify before you plan on setting these up.

by: RoomSmith

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