Whether you are a tenant or a landlord, it is important that both the tenant and the landlord have a fair understanding of the required responsibilities and rights, to have a peaceful and pleasant renting experience.
Property Dealers in Dwarka involved in renting business offer society flats, apartments and DDA flats for rent in Dwarka. The people who rent these residential properties are called tenants. When a person rent a property, the basic rights and responsibilities of both the tenant and the landlord are spelled out in the lease agreement. To avoid confusion and legal disputes, both the landlord and the tenant must be aware of these responsibilities and rights.
Types of Tenancy Agreement
Indian Tenancy agreement consists of 2 different types of contracts namely The Lease Agreement covered by the Rent Control Laws and the Lease and License Agreement, which is not covered. The first option allows the tenant to get the ownership of property for an undefined period of time. This becomes a big problem when the tenant refuses to vacate and to find a legal solution to this problem may take the court a very long time of 10 or 20 years. The second option however, is more viable as it comes with conditional agreement of ownership for a limited period of time with the option to renew with certain changes in rent and stay. This is the most popular contract which most of the real estate agents in Dwarka choose.
Deciding on Rent
A Lease Agreement is covered by the Rent Control Laws. The landlord can decide on the amount of rent by adhering to a formula devised by the judicial government, local executive or legislative. According to that formula, the maximum annual rent for Delhi is a combination of 10% of the expense of property construction and market price of the land. Both these costs are dependent on the historical values where current market valuation is not taken into account. Therefore, with old properties you can expect smaller rent, whereas new properties can give profitable margins to the landlord. The rent can also be increased marginally by including the cost of renovating a property.
Responsibilities Both Tenant and Landlord Should Share
A responsible tenant should pay off the rent and other rental bills associated, within the mentioned time period in accordance of the agreement. If by any chance, the tenant fails to pay the rent within the mentioned time period, the tenant in Delhi is subjected to pay simple interest at the rate of 15 per cent per annum. The rate of interest should be calculated from the due date of the rent to the period it was paid off.
Similarly, there are also some responsibilities the landlord should share. The Property Dealers in Dwarka, New Delhi should provide a rent receipt as a proof of the paid rent to the tenant. If a landlord fails to provide a rent receipt, the tenant has the right to complain to the consumer court. In such a scenario, the authority can bring a solution by listening to both the parties whereby compensating the tenant by the landlord. There are certain rules which the tenant should follow like complaining within a period of 2 months from the payment date. The tenant has the right to ask for bank particulars of the landlord to deposit the rent money. Without such availability, the tenant can choose to deposit the same through money order.
If a landlord wants to revise the rent, he/she should notify the tenant beforehand. A formal notice according to the rule listed down in the section 106 of the Transfer of Property Act 1882 should be sent bearing the signature of the landlord.
By Harish Maggon
Article Source: EzineArticles
