Properties, Homes & more

Real Estate Leasing business of the Construction Division of Godrej has recently announced its grand foray into IT PARKS with the “Godrej IT Park - P2” As a part of its continuous effort to demonstrate care and respect for environmental preservation, the Godrej IT Park will be a LEED certified Green Commercial Building Project at Godrej and Boyce complex at Vikhroli. Godrej IT Park shall have more than 1.4 million sq. ft. of constructed space with approximately 1 Million sq. ft. of space on Leave & License. It consists of 2 Stilt Levels and 2 podium levels for Car Parking, Building Services and Utilities and 6 levels of Office Space.

“Godrej IT Park - P2″ is a warm shell, multi-tenanted building with exterior walls, landscaping and constructed parking lots. The building is fully enclosed with Electrical Systems and Power, HVAC, Plumbing and Fire fighting, Building Management System, Sewage Treatment plants and backup DG.

Salient Features

1. Godrej IT Park – P2 is located within the large lush green campus of Godrej and Boyce complex
   Provides flexibility and scalability across floors and blocks
2. Option of occupying multiple floors in a single wing or on the same floor
3. Neighbouring with existing large IT / ITES companies within the G&B complex
4. LEED pre-certified Gold rated Green Building with 41 points
5. Ample Car parking space
6. Landscaped Terrace garden

A rental agreement is for short tenancies, usually for 30 days which automatically continues once this period is over, unless the agreement is terminated. In a rental agreement, the landlord can choose to amend the mentioned terms as long as he provides written notice to the tenant. However , the tenant has the right to occupy the property for a specified period at fixed terms, usually 11 months, in case of a written lease. However, unlike a rental agreement, a lease has to be renewed.

Please find below a list of important points that need to be thought upon, before taking a property on rent:

1. A tenant should know the prevailing rental rates in the chosen location and be aware that only an airtight rental agreement that transparently outlines his rights is acceptable. For example, it should be clearly mentioned who will pay the tax after mutual agreement between the landlord and the tenant. Also, a tenant should be aware that the landlord’s permission is required before initiating any major changes to the property.
2. The tenant should be wary of a clause allowing for automatic rent increases, arbitrary amendments to the existing terms of the agreement by the landlord, and any provision that permits the landlord to enter the property at any time.
3. The agreement or lease should be filled out by the tenant, or in the presence of the tenant.
4. There is no stipulation on the amount of security deposit to be paid by the tenant. It’s a commercial term determined between the two parties. Hence, the time to safeguard one’s safety deposit is before moving in.
   • Security deposit should ideally be paid in cheque to ensure that the same is reflected in their bank statements. Also, legal assistance should be sought to ensure that a proper clause stating that the security deposit would be refunded at repossession by the owner. There should also be a clause in the leave and license agreement of interest penalty on the outstanding security deposit amount in case the amount is not refunded. In such cases, the agreement should clearly highlight if the advance would be adjusted with the first or last few months of the lease. In case of security deposit, the amount and terms for its return should be mentioned.
5. The name of the landlord should be clearly mentioned in the property documents. The property papers, which include the occupation certificate and title deeds, should be in order.
6. The tenant can seek a copy of these papers if needed. If the landlord has carried out an illegal extension within the house, a tenant has to take a written record or have the landlord mention the same in the agreement . There is no such norm that the tenant should possess these documents. However, it’s in the best interest of the landlord and the tenant to have everything in written.
7. Similarly, if the property has any lien such as loan, then the lender should be involved in the transaction between the landlord and the tenant for the transaction.

Nerul has stood up to expansion on all sides, with a planned infrastructure and good roads. The road and railway connectivity of Nerul is excellent. On the harbour line, Nerul has frequent facilities with trains up to Mumbai CST and also till Andheri and Panvel on the other end. The recent Nerul-Thane rail service is another feather in the cap. Buses of BEST and NMMT services have an extensive network in Nerul.

Nerul is home to many educational institutes like SIES Graduate school of Technology, Ramrao Adik Institute of Technology, Terna Engineering College, Dr. D. Y. Patil Medical College, SIES College of Management Studies, Dr. DY Patil College of Architecture, Ramrao Adik Institute of Technology, Dr. D. Y. Patil Dental College, Delhi Public School, St. Augustine’s High School, St Xavier’s High School, Sterling College, Ryan International School and Apeejay School.

Nerul is a complete place to stay in Navi Mumbai — a person who has stayed here will never want to move out from here. It is also fully saturated, with hardly any projects to come up. Over the years Nerul has developed in leaps and bounds. In the past nine years or so the infrastructure of Nerul has undergone a drastic change.

Considered by many as the “best place to stay in Navi Mumbai after Vashi“, Nerul has the most scenic stretch of the Palm Beach Road — the showpiece of Navi Mumbai. This state-of-the-art road is at par with those in other developed cities, giving it an ultra modern appeal. The mangroves on one side and the lake on the other give it a tranquil air.

CIDCO has some plans to develop public parks and boating facilities, which will increase the appeal of Nerul as a preferred residential location. The D.Y Patil cricket stadium launched with the IPL bang, has given an altogether new identity to Nerul. Because of the stadium, the place has now got its own name in the map of India. It has always been a popular shopping destination after Vashi, with the presence of many leading brand-stores and malls. In a nutshell, a complete residential area that is what Nerul is…

If you are staying in a rented house, ensure you get a good deal. And the most important is: Don’t get caught in unauthorized deals / illegal flats / flats belonging to unlawful elements. Well, I myself was going through the same dilemma a few months ago. Then I talked to a few experts, brokers, friends, and read a few articles in various newspapers. Based on my research and personal experience, I can confidently list down following precautions that you must observe while taking a home on rent…

1. Ask for a Format of Leave and License Agreement or rent agreement, and check for the notice clause in the agreement
2. Check details of the owner, such as whether he has the right to give it out on rent. If the representative is the owner’s agent, ask for an authority letter or show the power of attorney between him and the owner.
3. Check whether he wants to give flat on company or personal lease, and what kind of contract he plans to sign - also whether he will give monthly license receipts.
4. If the agreement has to be registered, ask the owner about the expenses towards that registration (lawyer’s fees, registration charges, stamp duty and other charges, if any). Who will bear these charges; are they going to be shared - if yes, then how?
5. Check with the neighbours regarding facilities such as water, power, security, or any other details that you wish to know.
6. Check for cross-references with other employees of your company, or friends. Always ensure you use the services of a reputed agent, and that he has a proper office, in case there is a default and you need to trace him later.
7. Check society rules for your convenience. Make a checklist of all things provided by the owner and let the document listing the items be signed by both of you mutually.