Properties, Homes & more

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.

Celebrate this festival of DIWALI by making a difference in the lives of some young girls who wish to pursue their dreams of being successful and confident like you and me. This is an effort by the team of “Mission Awareness” to help these girls in a way which will make them self independent…

Let me brief you about “Mission Awareness“. This is an organization run by enthusiastic youngsters who want to help the world by giving some time, talent and resources from their lives to make it a better place. They are involved in many activities to spread awareness about global warming, energy & water conservation, fuel conservation, etc. They now have come up with the bright idea of getting Diwali Diya’s made by these underprivileged girls.

The money that will be accumulated from the sale of these Diya’s will be used to conduct handicraft, acting & dancing and educational camps for the underprivileged children in primary schools across Mumbai & Greater Mumbai. With the help of very helpful teachers and friends, they have taught some underprivileged girls the art of painting Diya’s in a unique and different way. And see what they have made… A huge collection of beautiful & eco-friendly Diya’s that can make your Diwali even more colorful and bright. Find below the photographs of some of these awesome Diya’s alongwith their price.

LEAF Single: Rs 30 | Pair: Rs 55	PEACOCK Single: Rs 40 | Pair: Rs 70
FLOWER Single: Rs 20 | Pair: Rs 35	SWASTIC Single: Rs 20 | Pair: Rs 35
FLOWER-2 Single: Rs 20 | Pair: Rs 35	KAIREE Single: 20 | Pair: Rs 35
GANESHJI Single: 30 | Pair: Rs 55	SUN Single: Rs 70 | Pair: Rs 125
FLAT SHANKH Single: 20 | Pair: Rs 35	PLATE Single: Rs 40 | Pair: Rs 70
SHANKH Single: Rs 30 | Pair: Rs 55	TURTLE Single: Rs 40 | Pair: Rs 75
ROSE Single: Rs 20 | Pair: Rs 35	SUNFLOWER Single: Rs 20 | Pair: Rs 35

To order, please email to GUNCHA @ guncha.khare@gmail.com and mention your order & contact details. Guncha manages this Mission and will ensure that you get your Diya’s well in time in nicely wrapped package. I have bought 5 of them and believe me, they are simply superb. So go ahead and place your oder and help underprivileged a little bit in your own way…

With the culture of individual houses and palatial bungalows fast becoming thing of past, Allahabad has been rather quick in adopting the flat culture, which until now was limited to metros only. The flat system is considered to be safe, secure and useful for social activities, especially for the older generation. It is here that the role of Allahabad Development Authority (ADA) assumes great significance.

ADA, originated in 1974, was formed under the provision laid by the Uttar Pradesh Urban Planning & Development Act of 1973. ADA development projects began with smaller projects & constructions but soon progressed and changed the city’s look with its magnificent works. Uttar Pradesh is one of the most politically important states of India, and Allahabad is indeed an important city of that state with long historical and cultural background. It attracts a lot of people and tourists from all over the world and hence the need for establishment of development authority to overlook planned development of the city.

ADA plans to construct state-of-the-art infrastructure for its residential and commercial projects in a well planned manner by adhering to the master plan laid out by the authorities. It also started many housing schemes like Avantika, Kalindipuram, Juhi, Badri, Parivartan, Shantipuram, Agnipath, and IDH Compound Housing Scheme. In order to give a progressive direction to the development process of real estate in Allahabad, it has started working in conjunction with private builders and developers.

The latest real estate developments in city primarily focus on building hotels, guest houses, dharmashalas, restaurants, retail shops and other tourists’ spots. The real estate property prices in city are also mounting as more and more people are heading towards the efficient business opportunities the city offers. The property dealers are, surprisingly, fully supportive in the sale or renting of any property in Allahabad.

<< Jerry Rao’s interview on creating low cost housing the professional way

Jerry Rao, founder of IT firm Mphasis, wants to deliver low-cost good-quality homes to buyers like drivers, housemaids, plumbers and electricians. Jerry Rao’s new venture, Value and Budget Housing Development Corporation, is targeting building a million homes in 10 years in 17 cities. Excerpts of an exclusive interview with ET, Jerry Rao (JR) defends his new mantra…

Interviewer (I): How will you address the backend challenges? Your buyers constitute the unbanked part of the population!!

JR: There are two big demand-side challenges. One, unlike in Manila and Sao Paolo, where poor and rich neighbourhoods are far away, in Indian cities, the poor live inside the city. Now, we are giving them housing far away. So, there is a commute cost and a commute time. That is a demand-side dampener.

The second is they may want to buy but how many of them will qualify for a loan. That certainly reduces the size of the market. But, believe me, these people have the ability to downpay Rs. 50,000 to Rs. 1.5 lakh. These people live frugally and save a lot. Over time, we believe the system will be in a position to offer 15-year mortgages in the Rs 2-8 lakh range.

I: What is your assessment of the buyer profile?

JR: They may be poor but they are upwardly mobile - these are NOT the absolute destitutes or the pavement dwellers. What they want is to get out of their present shanty / to a more secure place. They want compound walls, security, indoor toilet and privacy. Most want their children to go to English medium schools. The target buyer is someone, who has an income and also high labour mobility so that even if he moves to the city outskirts, he would get a replacement job pretty quickly. Like a driver or high-skilled construction worker.

--- As told to the Economic Times ---

In a major jolt to the already depressed real estate market in Jaipur, more than 1,000 investors were allegedly duped of at least Rs. 80 crore by a big-time city realtor, the Narayan Group. Some others were also duped by Subhash Sindhi Co-operative Society and Mahaveer Nagar Co-operative Society.

This shocking fraud came to the light when the Special Operations Group (SOG) recently arrested six persons, including Narayan Group’s owners Gyanchand Agrawal and his partner Sanjay Gupta. The SOG claimed the proprietors of Narayan Group have confessed to duping at least 1,000 investors. However, the number could be higher. According to SOG, the Narayan Group issued lease deeds to more than 2,200 people. After the group made huge profits in a project called Narayan Vihar A, B, C and D blocks in Mansarovar, they announced some more schemes, but in these schemes, they issued fraudulent lease deeds to people without having enough land.

Of the 2,200 people who had invested in the projects, many were given plots elsewhere instead of the places where they had been promised plots, while more than 1,000 people were not given possession at all. Three persons — Gyanchand Agrawal, Sanjay Gupta and one employee, Ravindra Pal Singh — of Narayan Group, were arrested. The SOG has seized documents related to properties and prima facie it seems that the number of those duped could be much higher than 1,000. The maximum number of fraudulent lease deeds were issued between 2004 and 2006.

In yet another fraud, one Jeevraj Singh approached the SOG alleging that proprietor of the Mahaveer Nagar housing co-operative society - Nankishor Mittal - took Rs 7.20 lakh from him for a plot at Shriram Ki Nagala in Sanganer, but did not give him possession. The SOG arrested Nandkishor and two others —Vipin and Shailendra.

--- As reported in the Times of India ---