Caution before renting or leasing out a property

Presently, the rates of property has become very high. That’s why it is very difficult to purchase even 2 BHK  in good locality. Moreover, the price rise in property has been major issue for service class to buy good flats on a reasonable rates. So, the service class prefer to go for renting rather than to purchase their own property. But if you have made up your mind to go for renting accommodation then you should take proper caution before taking final decision. The landlord or tenant should understand the rent agreement well to avoid any litigation.

Rent is fixed on the basis of location, space, accessibility, parking facility, type of construction, The rent may be verified by the valuer, other local property dealers.

The regular expenses like water bills, electricity bills, or even maintenance of the property should be born by the tenants only.

The rent must be raised by at 10-15% after every third years of the lease or according to the terms of the lease deed.

If any major repair in the rental property is required then it may be carried out only after obtaining the prior permission of the landlord in writing. The amount spent on such repairs will have to be worked out between landlord and tenant.

If the tenant is duly paying the prevalent market rent, as assessed and fixed between the parties, the landlord shall not be entitled to bring any action for eviction against the tenant for a period of at least five years. Thus, for a period of five years the tenant shall enjoy immunity from being evicted subject to proper and timely payment of rent.

Feature: Dwarka Parichay-Property Guidelines Cell
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