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Get the terms right before renting a flat

Author: Sagar | Category: India growth story, Latest trends, Legal, Opinion, Rental properties, Tips

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.

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Allahabad sees boom in real estate demand

Author: Sagar | Category: Affordable homes, Housing, India growth story, News, Tips

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.


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3

Latest trends: Hassle-free Property Management

Author: Sagar | Category: Affordable homes, Housing, Infrastructure, Latest trends, Opinion, Tips

As more and more people flock to metropolis (for whatever reasons), the stress on its housing resources is multiplying and the direct impact is on accommodation. A significant part of our income in any metropolis is spent on the living: house rent if you’re living on rent or maintenance if you own a home. Typically many people tend to live on rent and this tendency has given rise to a whole new business: renting out. A few years back, renting out was not a big deal. You just need to decide on the locality and the budget you can afford and you will easily get a nice house. However things have changed after incidences of terrorist attacks.

I would not go in depth about the terrorism, but investigations revealed that these terrorists have rented out places in the metropolis and managed to get unnoticed. Hence, it was recommended that everyone who wants to rent a property must undergo police verification. Well, this is a good move, but not always practical. The most important question is: how would you find good people to rent your property out? I am sure you will not simply rent it out to anyone. After all, it’s YOUR home and you’d like it to remain as lovely as you’d keep it yourself.

gorenter-logoHence, it is quite important to find out good people to give your house on rent. That’s where GoRenter will help you out. Once you subscribe by paying a small fee and specifying details of your property and what type of people you’re gorenter-promolooking for and the budget, GoRenter will match with its extensive database and provide you notifications whenever a suitable match is found. It also acts as a middle-man in sorting out differences, if any, between the two parties. It will also take care of the police formalities and will ensure that the rent agreement and other procedures are done hassle-free. True that this is, for the time being, limited to Arizona Property Management, I am sure it will soon expand to other locations. If you would recollect, GoRenter was in a big mess earlier with lot of unresolved disputes between previous owner and customers. However, it has now undergone lot of restructuring and the new management is quite promising, determined, focused, and supportive. I have gone through GoRenter.com Reviews and I must say that it offers good quality service at very affordable rates. I have not faced any issues / disputes with them and am sure no one will. If you’re looking for Homes for rent in Arizona, GoRenter is THE place. If I have to say my opinion, just go for it…


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Affordable Homes: Mulund, Mumbai

Author: Sagar | Category: Affordable homes, Mumbai

Connecting Thane to Mumbai, Mulund has become a hotspot for property buyers, due to its all-round development. Located on the central line, Mulund is a developing suburb between Bhandup and Thane. During the ’60s, Mulund was a small settlement with very little population, which mostly consisted of middleclass families, as companies like Johnson & Johnson, Gabriel, Richardson and Cruddas established in Mulund. Mulund today has become a multi-linguistic suburb.

Mulund is divided into two parts - Mulund West and Mulund East. The West is comparatively more developed than the East. Mulund underwent a drastic change after 1990, as builders took notice of its potential and started floating new constructions. Nirmal Lifestyles came up with its first project Mayur Pankh in the year 1976-77 and gradually progressed with prestigious projects like Nirmal Lifestyle and City of Joy that completely changed the landscape of Mulund.

Mulund wins the cake in terms of infrastructure too, as it is centrally located and has easy access to Mumbai, Thane and even Navi Mumbai. Road connectivity through vast network of BEST buses and frequent train availability has benefited Mulund.

Fortunately, Mulund is blessed with greenery due to places like Yogi hills and Cyprus. A morning walk amidst the greens rejuvenates Mulund residents. The suburb is strategically planned, fulfilling the requirements of modern-day living. Looking at the phenomenal growth, some of the best educational institutes like Lokmanya Tilak English High School, St Pius, St Mary’s, Holy Angels have come up in the past few decades. Mulund boasts of good colleges like V. G. Vaze College, Vani Vidyalaya and Mulund College of Commerce.

Hospitals like ESIS, Municipal hospital and private hospitals like Dhanvantari, Upasani, Saidhan Hospital and high-end hospital like Wockhardt cater to medical needs. Mulund has religious places like Ambaji Dham, Santoshi Mata Mandir, Jain temple, to name a few. For entertainment purposes, Mulund has single screen theatres like Jai Ganesh, Mehul and multiplexes like R-Adlabs, PVR Cinema. Malls have become the Mecca for the cinegoers in Mulund. L.B.S Marg in Mulund can be called as the hub of malls, with huge malls like Nirmal Lifestyles and Runwal Mall. From restaurants like McDonald’s, Pizza Hut to trademark hotels like Vishwa Bharati, Vishwa Mahal, Mulund has everything to offer. Mulund also has some well-known clubs like the Rotary Club of Mulund.

The property market in Mulund is flourishing with ever growing malls and its connectivity. Recently, property  rates in Mulund range between Rs. 5,000 to 7,000 per. sqft. A number of huge residential and commercial projects are coming up. With the kind of construction and developments coming its way, Mulund surely looks to be the destination for future.


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Always opt for experts while moving homes

Author: Sagar | Category: Opinion, Products, Tips

I have staying in a rental home since last 3 years. The moving-home process, in my opinion, is a bit difficult and cumbersome. For my first move, I and my wife did all the packaging and transport, all by ourselves. We were, of course, frustrated and decided that we’ll take services of packers & movers (P&M) in my city. Well, for my next relocation, I promptly called up 5-6 P&M’s servicing my area and shortlisted one based on the lowest price. Believe me, I am still regretting my decision! The P&M that I had called (name withheld to protect identity) was absolutely crappy. They were handling items & furniture in my home in a way a kid would handle. I was completely disappointed and hence decided to take services only of a thorough professional P&M and I started my search well in advance before my third relocation came up.

movemeMy fierce search led me to MoveMe.com – a end-to-end complete moving-solutions provider. They are thorough professional house-movement experts & provide expert services while moving your homes. I checked their online portal and was immediately impressed by the range of services they provide and customer testimonials. I was though bit taken back by the price but I was convinced that it was worth it. Needless to say, I immediately requested free legal quote as well! :)

moveme-1Once I fixed my deal, experts from MoveMe visited my home, took an overall idea of what all items need to be moved, distance and position of “from location” and “to location”, and offered me the best and most convenient way of transport. I must admit that the way they package things is impressive. There were only 2 damages during transport (as compared to over 15 in the earlier case) but these were not critical for me. I was told in advance what their route would be, contact numbers of those present on field, and online monitoring too! To check their fat claims, I logged on to check whether it really works, and I was surprised to see that I could actually track my “consignment” online! Wow!! This is incredible. I was out-n-out satisfied with MoveMe. By the way, did I mention that they insure the “consignment”? I would also refer MoveMe if you are looking for a property solicitor. This conveyancing firm helps you get the best legal aid for all your property-related appraisals / disputes.


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