New rents concept in Panchkula - Indian Real Estate Forum

15-11-06

Here's the new scheme of things, on rent from real rentors: The contractor rents a house, assures double the prevalent market rent to the owner. The contractor then sublets it at a rent comparatively lower than the market rent. Yet, at the end of it the contractor makes a 500 per cent profit.

Here’s how: the contractor not only sublets the house to more than one person but does so in shifts. The house is rented in two or three different shifts. The tenants use the same room in shifts.

One of the Real estate experts in Panchkula explains the new phenomenon:

Quote:

“Contractor takes on rent a single-storey 10 marla house in Panchkula for Rs 10,000, which is almost double the average market price. Each of the four rooms in the house is further given on rent to four persons each for 12 hours per day.

“The house is again rented out to a different set of tenants who use the accommodation for the next 12 hours. So, in a nutshell the house is rented out to a total of 32 persons.”

The rent varies from Rs 1,000 to Rs 3,000 depending on facilities on offer. “So even if we take the average rent as Rs 2,000, the contractor makes Rs 64,000 from the same house,

The contractors are targeting groups of BPO professionals or blue-collar workers. A contractor in Sector 15, on the condition of anonymity, says: “A group of BPO professionals, working in day and night shifts, find this arrangement very cheap, especially when they are from the same company.”

Manmohan Singh, of RMP Property Consultants, says: “This arrangement is not legal but that hardly deters contractors, who are making a big profit out of it.

The concept is prevalent in Panchkula and Manimajra. For blue-collar workers, contractors are even using places like Indira Colony, Chandigarh, for sub-letting in shifts.”

--Expressindia.com

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