Whether you are a tenant or a landlord, it is important that both the tenant and the landlord have a fair understanding of the responsibilities and rights required, in order to have a peaceful and enjoyable rental experience.
Real estate dealers in Dwarka involved in business rental offer the company DDA flats, apartments and flats for rent in Dwarka. The people who rent these residential properties are called tenants. When a person rents a property, the basic rights and responsibilities of both the tenant and the owner are spelled out in the lease. To avoid confusion and legal disputes, both the landlord and the tenant should be aware of these responsibilities and rights.
Types of lease
The Indian lease consists of 2 different types of contracts, namely the lease contract covered by the rent control laws and the lease and license contract, which is not covered. The first option allows the tenant to obtain ownership of the property for an indefinite period of time. This becomes a big problem when the tenant refuses to vacate and finding a legal solution to this problem can take a very long period of 10 to 20 years to court. However, the second option is more viable as it comes with a conditional ownership agreement for a limited period of time with the option to renew with certain changes to rent and stay. This is the most popular contract that most Dwarka real estate agents choose.
Decide on the rental
A lease is covered by rent control laws. The landlord can decide the amount of rent by adhering to a formula devised by the judicial government, the local executive or the legislature. According to that formula, the maximum annual rent for Delhi is a combination of 10% of the construction cost of the property and the market price of the land. Both costs depend on historical values in which the current market valuation is not taken into account. Therefore, with older properties you can expect a lower rent, while new properties can provide profitable margins to the owner. Rent can also be increased marginally by including the cost of renovating a property.
Responsibilities that both the tenant and the landlord must share
A responsible tenant must pay the rent and other associated rental bills, within the time period mentioned in accordance with the contract. If, by any chance, the tenant does not pay the rent within the mentioned time period, the tenant in Delhi is subject to pay simple interest at the rate of 15 percent per annum. The interest rate must be calculated from the rental due date to the period in which it was paid.
Similarly, there are also some responsibilities that the owner must share. Dealers of property in Dwarka, New Delhi must provide a rental receipt as proof of rent paid to the tenant. If a landlord does not provide a rental receipt, the tenant has the right to file a complaint with the consumer court. In such a scenario, the authority can bring a solution by listening to both parties and the landlord compensates the tenant. There are certain rules that the tenant must follow, such as complaining within a period of 2 months from the date of payment. The tenant has the right to request the owner’s bank details to deposit the rent money. Without such availability, the tenant can choose to deposit the same by money order.
If a landlord wishes to review the rent, they must notify the tenant in advance. A formal notice must be sent in accordance with the rule detailed in section 106 of the Transfer of Property Act of 1882 with the owner’s signature.
