Things That Renters Must Know Before Renting A Property

by Godrej Properties Limited

650

2

Essential Information For Renters In India

Renting a home in India is complicated, especially for those inexperienced in the local real estate market. Understanding the essential facts as a renter is critical to having a pleasant renting experience. To simplify the process, we will discuss a condensed vocabulary of significant phrases and topics related to renting in India for tenants in this article.

Things To Know Before Renting A Property 

1. Lease Agreement

Also known as the rent agreement, it is a legally binding document between the landlord and the tenant outlining the rental agreement's terms and conditions. It includes information such as the rent amount, lease period, security deposit, maintenance obligations, and other stipulations.

2. Security Deposit

A refundable sum of money is provided to the landlord by the tenant at the start of the tenancy. This money acts as a type of security for the landlord against potential tenant damages or non-payment of rent. The security deposit is usually refunded to the renter after the lease term, less any outstanding dues or damages.

3. Registration of Rent Agreements

In several Indian states, the rental agreement must be registered with the local government. This registration assures the agreement's legality and validity. Also, it guarantees that the rental dealing is legally binding.

4. Rental Period

It is the length of time the property is rented for. Depending on the arrangement, it might be for a set period (e.g., 11 months) or month-to-month. This period is mentioned in the agreement. The time can be terminated or elongated based on the renter's financial behaviour.

5. Maintenance Charges

Every property has basic maintenance charges, including water charges, upkeep of shared facilities or amenities, cleanliness, hygiene, etc. Every renter has to pay this basic maintenance charge during the rental period. 

6. Rent Control Act

Some Indian states have rent control legislation that governs the rental market. These statutes establish the maximum permissible rent increase, eviction processes, and other rules to safeguard renters' rights.

7. No Objection Certificate (NOC)

It is a document issued by the society or building association to the landlord declaring no objections to the tenant renting the property.

Final Thoughts

Before signing a rental agreement, renters in India must read and comprehend the terms correctly. It is also essential to get the advice of legal or real estate specialists to guarantee compliance with local laws and regulations. Be aware of the basics of renting, and your process will go quickly!

 

Frequently Asked Questions

1.What documents should I ask for before renting a property?

Ans: Before finalising a rental agreement, you will need a title deed or ownership documents of the property, encumbrance certificate, NOC, and building completion certificate if the property is newly constructed.

2.What are the typical costs involved in renting a property?

Ans: Monthly rent, security deposit, maintenance charges, and utility bills are some costs involved in renting a property.

Previous Post
Next Post