Smantha Sen

Hey all
I would like to rent an apartment in Sun City Gurgaon, should i follow some legal aspects in renting an apartment . If yes, can anyone tell me about those legal aspects I have to follow.

Pinnacle

You should enter into a leave license agreement with all clauses that secure your apartment
Pay stamp duty as per the prevailing laws
And ensure that you get a good tenant whose details are verified and you also get the details lodged at the nearest police station

John

Hi Smantha,

Keep this in mind ...

If you want you can rent a property for a short term and then extend the period later then you will get the opportunity to evaluate the property and assess it's suitability before committing to a longer rental contract. Property owners/agents are often prepared to negotiate on the rental term.

Its better to keep your options open !!

Pinnacle

The oppurtunity costs of doing short term rentals are very huge and nullify the benefit that may accrue through increased rentals in the next 2 -3 years.

Besides, corporates dont prefer to get into any lease that is lower than 3 years due to the high cost of relocations after short lease. And in today's market it doesnt make sense to go for individual lease.

Select your tenant wisely

My advice to landlords is : Quality of tenant is more important than the Rent itself

Off course, the dynamics change totally, if you are looking to lease commercial real estate.

vimal

have you people ever heard about tenant insurance??? what is it?

I wonder if such a thing is there in India or not.

Smantha Sen

Thanks John and Pinnacle for your suggestions in renting an apartment. Would you please tell me what are the benefits of long term rentals. If I go for long term.

And Moreove , I would like to share my views regarding tenant insurance.
Tenant Insurance: If you rent a home or apartment, your landlord probably carries insurance on the property. That coverage won't cover your possessions should something happen. That's why I suggest for tenant insurance.
Tenant insurance also insures your personal property while it is temporarily away from your apartment (i.e. while you're traveling).Depending on your circumstances, you may want to consider insuring items such as bicycles or computers with additional coverage.