Thursday, 29 January 2015

RENTAL MATTERS

Here are some points to keep in mind before renting out an apartment when you need to relocate temporarily, for redevelopment.

Redevelopment of old buildings in many suburbs has brought to focus the need for renting an apartment. According to G Shanmugham, a real estate agent, “Developers today , do not offer alternate accommodation. They fix an amount per sq ft which is paid as the rent amount till the new structure is completed.

Here is a checklist for when you are hunting for a rented apartment:

Location of the property:
This includes the area where the property is located and also the kind of infrastructure around the area. “A flat with a good view, will command a higher rent as against one that blocks the view,“ states Usha Kamat, an old resident who had to relocate owing to redevelopment of her building. "One needs to check the internal upkeep of the flat available on rent. It means chipped flooring, paint peeling from the walls indicates poor maintenance,“ cautions VT Kumar, a businessman. Veena and Shekar, residents of Chembur, state, “When our building was demolished, we were given a fixed amount as rent which was not sufficient for us to relocate as the prevailing rent rate was high. Hence, we decided to shift to Dombivli; this way we could save a little amount every month as the rental rates are fairly low here."

Families with school-going children can either move to smaller flats or negotiate with the builder for a higher amount. A fixed amount is generally paid by the developer to all the house owners before demolishing the structure, to enable them to look for suitable accommodation. When such a payment is offered by the developer, it is necessary to examine whether he has taken into account the increase in the rent rate for the subsequent years. The escalation clause of rentals for every subsequent year need to be agreed upon, framed and incorporated in the developer society agreement before vacating the flat to the developer. “Dispose off all unwanted furniture and fixtures while shifting because in a new house, the old furniture and fixtures may be out of place and may also be difficult to be accommodated in the rented home, which is temporary,“ suggests, Prema Rajan, a homemaker.

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