A commercial property transaction in Mumbai has set a record. The deal was finalized at Rs 450 per square foot, in the financial hub of Bandra Kurla Complex, or BKC. This has taken Mumbai rentals to an all time high. There seems to be no relief for corporates searching for office space in Mumbai. In the past nine months alone, rentals have jumped 40% in the Bandra Kurla Complex. And it does not stop there.

The Limitless Group, a sister company of Dubai-based developer Nakheel, that recently signed a USD 10 billion joint venture with DLF to develop townships in India, has snapped up 12,000 square feet in the IL&FS building. At Rs 450 a square foot, the Limitless Group will pay Rs 54 lakh a month for their office space.

Rents in Mumbai have now superceded Nariman Point and Lower Parel, where they are at Rs 290-350 a sq foot. This recent deal at IL&FS already has builders in the area quoting similar values. It is purely because demand is outstripping supply. Around 12 months ago, the prices were at Rs 250 a square foot, which were very high at that point, but it keeps increasing.  Recently, the British High Commision pre-leased space, in the under construction Naman Chambers, for Rs 350 a square foot. While the Fortune 2000 building and Windsor Plaza are now quoting Rs 330 a square foot compared to Rs 250 six months back.

BKC has only three lakh square feet of commercial space to offer at the moment. And that is a far cry from the current requirement. Industry watchers say that approximately two million square feet of office space will enter this market in the next two years, and that is when corporates could find some respite from soaring rentals.

Tags: flat for rent gurgaon, gurgaon rentals, rent an apartment, rent apartment gurgaon, rent house, renting a house, residential property in gurgaon, residential rentals in gurgaon
Current Mood: bored

 To rent apartment in Delhi or any place in India, with all the pre-requisites in mind is quite a complicated and time consuming affair. It always pays to be extra careful than complain later about the peeling walls, dripping faucets, or odors.
To avoid complications later it is better to have a ready checklist. One should look for:

- Leakage from pipes in the kitchen or bathroom is easily visible, but one should lookout for the underground/ concealed leakages as well. Check out for the wet walls, peeling walls or cracks in the walls. May be there is a fresh coat of paint and nothing substantial is visible. In that case it is advisable to touch the wall and feel for the dampness.

- Make sure that all gadgets are in functioning properly. Check all the gas, electricity, and water appliances. There should be no leaking regulators, choked drains, or malfunctioning sinks or toilets.

- All the doors especially the front door should be solid and not hollow and can be properly shut and have secured latching systems.

- Watch out for pests and mold infestations. Make sure that the wooden doors and cupboards do not smell and is free of fungi and other pests.

- Make sure that the rental accommodation has enough storage space and shelves and can accommodate your books, clothes, and other nick-knacks. Also check whether there is secure parking, burglar alarm and other security arrangements.

If you like pets or plants make sure they are allowed as well.

Tags: flat for rent gurgaon, gurgaon rentals, rent an apartment, rent apartment gurgaon, rent house, renting a house, residential property in gurgaon, residential rentals in gurgaon
Current Mood: worried

The real estate in New Delhi is scaling new heights. The Indian government has ambitious plans for Dwarka, on the outskirts of the main city. Property and real estate agents say that Dwarka has become so popular because it has a lot going for it.

At present there are in total of 29 sectors in Dwarka, out of which 23 are functional. Last year, occupancy was 20 per cent, but now because of the metro and the underpass, it has gone up this year to 40 per cent.

It is expected that the CBI will clear all the colonies, then by the next year the occupancy may further go up to 75-80 per cent. People are looking forward to get a place in Dwarka. The scenario of real estate in India seems interesting and anticipating. By the next one and a half years, an ISBT will also start in Sector 23 of Dwarka. The new city with well-planned townships, wide roads, big market places, close to the airport, and well connected to the rest of Delhi, because of the metro.

In spite of sky-high prices, these are some of the reasons why so many Delhizens with deep pockets have opted to invest in Dwarka. This, while the rest of Delhi remains cluttered with possibly no more land area available.  A ten-acre fashion hub is set to come up at Dwarka. Dwarka becomes the best choice for tourists, 5 and 7 star hotels are also coming there. It's definitely going to become a happening place. There's so much land available there.

The future of Dwarka is good in the sense that the government has planned Phase II in terms of shifting some prime usage there. Once the airport gets operational, that entire region of Delhi will become more prime than it was yesterday. So, if you are looking for some property, Dwarka is the place to head to but hurry, for plots are disappearing fast.

Tags: flat for rent gurgaon, gurgaon rentals, rent an apartment, rent apartment gurgaon, rent house, renting a house, residential property in gurgaon, residential rentals in gurgaon
Current Mood: confused

Presently the real estate market condition in Delhi suburbs including Gurgaon, Noida, Faridabad, Ghaziabad, and total NCR, it is better to invest in commercial property rather than residential. The rental return from commercial is much higher than residential property. If for residential property the rental return is 4 – 5 %, for commercial property it is almost 8%.

For the past one year or more there had been no addition in the commercial land in the National Capital Region. Since supply of land is limited, so is the supply of commercial office space. Recently commercial land has been added in Jasola and Saket. There are quite a few up-coming commercial projects in these places. The developers include real estate majors like DLF, Realtech, Salujas, TDI, Uppal, and Aditya Group, etc.

Nowadays, major corporates, even those based in South India or West India, are putting up offices in Delhi. These further increase the demand. The result of high demand and limited supply has led to a rise in the capital and rental values. The cost per sq ft was Rs 6,000 in Saket around six months ago, but now the current rate is in the range of Rs 13,500 per sq ft and more.

With quite a few projects under development and the Common Wealth Games coming up both residential and commercial properties are scheduled to generate generous rental returns. But the market trend prefers commercial property a bit more.

 

Current Mood: thoughtful

With most IT companies picking up the stream in cyber cities of India, the prime residential property in Gurgaon and Noida has witnessed a high surge during the last quarter. Also, being close to the emerging work centres, these locations are highly preferred by companies’ employees. This has helped ‘renting a house’ to emerge as a good option. And whether you are renting your first house or the tenth, it still remains a major decision.

Compared to other fast developing cities in India, Gurgaon is much gaining in popularity and quality of life in the privately managed residential sectors in Gurgaon is persuading many people to think about shifting here. In case, you are all among such enthusiasts and looking for rent apartment in Gurgaon, following steps can be of great help.

Carry out the search: Start with word of mouth. Your friends and co-workers can be of great help in giving you ideas regarding where to look for an apartment. In case, you are scouting for professional guidance, try real estate agents in Gurgaon or apartment locating service. If you call about a classified, try to get the terms and conditions and be as good as possible to stand out from other applicants.  

Handle money with care: Everyone wants a comfortable place without putting much pressure on budget. So how much is too much? Flying high on the wings of booming real estate, residential rentals in Gurgaon is going through the roof. However, one rule of thumb is not to spend more than 25% of your monthly income on rent. See to it and decide the best for yourself

Location: This is another factor that decides for your money. At times, it is really difficult to get the best place for the best affordable price. But, property dealers are proficient in getting you the smartest deals which may get close enough to cater your requirements and preference.  

Checking the documents: Now, signing the rental agreement or lease comes after you have narrowed down on the location and the apartment. Before you do it, read your lease carefully and inspect the apartment for physical damage or safety violations. In case you come across any, inform the landlord about them before moving in. Ask for the improvements and if any such are recorded in the agreement.

Look for the necessary in rental agreement: A rental agreement is a legally binding document between a landlord and tenant.  It must feature your name, the landlord’s name, apartment’s address, amount of rent, and the mode of payment as well as its schedule. Also, check out the following in your lease:

• Rules for subletting
• Who is responsible for repairs
• Rules about pets
• Who pays for heat and utilities
• What physical changes to the apartment you may or may not be allowed to make
•  Rules regarding breaking the lease

You may also consult to your lawyer in case you want any modifications in certain provisions. However, never sign a lease if you feel uncomfortable with any of its part. 

Tags: flat for rent girgaon, gurgaon rentals, rent an apartment, rent apartment gurgaon, rent house, renting a house, residential property in gurgaon, residential rentals in gurgaon
Current Mood: calm

Whether you are renting out a home or renting in a home, your home rent agreement plays a critical role in determining the rights of both the landlord and the tenant. It is even more necessary to avoid nasty surprises later.

What is Home Rent Agreement?

Your home rent agreement is a legal document which features the terms and conditions subject to which the residential property is leased by the landlord or lessor to the tenant or lessee.

The responsibility to ensure everything falls more with the tenant before entering into a lease agreement. Check that the agreement contains proper title of the property.  The property should either belong to the lessor or an authorized power of attorney holder.

The lessee may cross check the society share certificate to ensure that the lessor has the title to the property. The agreement must be signed by both the parties. Always read between the clauses mentioned in your home rent agreement.

 

Outlined below are some common clauses mentioned in a rent agreement: 

• Details of the lessee and the lessor along with their addresses.

• Details of property leased.  

• Term of the lease

• Declaration by the lessor ensuring himself to be the owner of the property.

• Effective date of commencement of the rent agreement as well as duration.    

• Amount of the rent and the mode to pay it.

• Rent increment clause

• Terms and conditions regarding fixtures and maintenance of the property leased.  

• Basis for termination of lease

• Renewable Clauses  

• Details of society and its rules

• About security deposit, if any, and whether it is refundable.     

• Advance rent payment, if any, and its mode of payment.

As far as the other clauses are concerned, they will largely depend upon commercial terms agreed between both the parties.

 

Ensuring the following checklist is a good starting point while Renting A Property:

1. Current rental trends and prevalent rental rates in the vicinity.

2. Ensure that the property you have identified is the right one for your requirements.

3. Consult an advocate to formulate commercial terms for the agreement.

4. List your requirements with a reputed brokerage firm.

5. Examine the deeds to establish the ownership of the property by the Lessor, preferably through an advocate. The title of the Lessor must be clear and marketable

6. Finalize commercial terms. Ascertain the rent and other charges like water and electricity charges, society charges & maintenance charges.

7. Ensure that the lessor has obtained no objection certificates from any authorities if required.

Tags: india rentals, rental tips, renters checklist, renting a property
Current Mood: awake

Renters rights are actually not clearly defined in India, and if any are there, then people are not much aware with them. As a result of this ultimately renters has to suffer..

See what happens in this case. The building in which you stay in a Flat on rent has just been sold by the land lords? Most affected from this are the tenants that with month-to-month leases. In such cases, (especially in US) A person can be given notice with no reason at all

In general, though, renters with long-term leases have more rights when a building is sold. Most states require new owners to "step into the shoes" of the old owner, assuming all of their responsibilities and leases. This means:

* If you have a lease, the new owner typically has to honor it for the length of its term.

* Once you have paid a deposit, the new owner can't charge you a new one or require you to pay additional fees.

* The old landlord can either transfer all of the deposits over to the new owner, or may pay them back to you. If that money is refunded to you, the new owner can't require you to pay more than you did before.

Tags: rent an apartment, renters rights, residential renals india
Current Mood: cheerful

What a lessee should keep in mind while going for a residential property on rent?


The factors a lessee has to keep in mind while renting a residential property are:

1. Locality: Proximity to transport hubs, schools, hospitals, market, central business district, entertainment centres, hotels, restaurants, pollution levels, safety records of the neighbourhood.

2. Total area of the property i.e. Carpet Area or Built up Area or Super Built up Area.

3. Adequate car parking space.

4. Construction should be of a high quality with good quality fixtures and fittings.

5. Reputation of the lessor or owner. Check around with local sources to find out more.

6. Adequate water supply, electricity and other utilities would be an important factor.

7. Get a good idea of all the costs involved total rent, monthly maintenance, society charges and costs of utilities.

8. List out any other advantages and disadvantages of the property to help make a better decision.


Source:

Tags: real estate india, rental property india

Expenses of renting property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them.Residential Rental Property includes information on the expenses you can deduct if you rent a condominium or cooperative apartment, if you rent part of your property, or if you change your property to rental use.
When to Report Income

Report rental income on your return for the year you actually or constructively receive it, if you are a cash basis taxpayer. You are a cash basis taxpayer if you report income in the year you receive it, regardless of when it was earned. You constructively receive income when it is made available to you, for example, by being credited to your bank account.

Advance Rent

Advance rent is any amount you receive before the period that it covers. Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use.

Security Deposits

Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year.

Expenses Paid by Tenant

If your tenant pays any of your expenses, the payments are rental income. You must include them in your income. You can deduct the expenses if they are deductible rental expenses. See Rental Expenses in Publication 527, for more information.

Property or Services in Lieu of Rent

If you receive property or services, instead of money, as rent, include the fair market value of the property or services in your rental income.

If the services are provided at an agreed upon or specified price, that price is the fair market value unless there is evidence to the contrary.

Personal Use of Vacation Home or Dwelling Unit

If you have any personal use of a vacation home or other dwelling unit that you rent out, you must divide your expenses between rental use and personal use.

Source: irs