Renting out

There are innumerable residential houses, commercial spaces, office space and industrial sheds are available on RENT in every nook and corner.

Commercial establishments, offices spaces and industrial units are not permitted to run in residential zones – legally, but many are leasing or renting it out.  In the event, such a situation arise that there is a dispute between the landlord and the tenant, both of them, prefer to approach the court for the redressal of their grievance, will be rapped by the court.

If the duration or the rent period is beyond 11 months, the rent agreement has to be registered in the office of the sub-registrar, but 99% of the landlords and the tenants does not execute the proper rent agreement and register the same in the jurisdictional sub-registrar office to evade stamp duty and registration fee and in the event of any dispute, they land up in trouble.

It is very important to verify the ownership before entering into the rent agreement.  In many cases, the tenants enter into agreements with agents and persons who are not the owners.

It must be noted that, these days, 90% of the properties are bought on LOANS, in the event of default by the borrower, the financial institution will attach and take over the possession of the property, the ignorant tenant will be at the receiving end, when he is forced to vacate.

It is also very important to know very well that there are no irregularities or illegalities in the construction of the building and must have been approved by the appropriate planning authorities, but none of the tenants are bothered about it, they realise their mistake, when there are legal and other issues of demolition or eviction or possession taken over by others.

Please check thoroughly regarding the ownership, taxes paid and compliance to the plan before the payment of advance.