People who have moved to metro cities, like Delhi and Mumbai, for higher education or jobs face many challenges, and the biggest of them could be finding the right home to live in.
Moreover, many migrants who arrive for the first time in the city may not be aware of the paperwork, such as the types of documents required to rent a house.
A report by Magicbricks, a property buying and selling portal, revealed that demand for rental homes rose 29.0 per cent year-on-year (YoY) in the third quarter (Q3) of 2022 based on online searches. Greater Noida, Noida, and Gurugram saw the highest growth at 37.0 per cent, 12.7 per cent, and 8.5 per cent, respectively.
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The quarter-on-quarter (QoQ) demand, however, fell 3.9 per cent on the Magicbricks Rental Index for Q3. Although the unit size, location, convenience, and rent are critical factors for choosing a house, it is vital to consider certain legal aspects before renting a home in a metro city. The following are three important aspects that one should remember.
A) Is the landlord indeed the real owner with a right to let out the house?
Knowing whether the caretaker is the house's actual owner is crucial. "For that, basic diligence may be undertaken regarding the landlord's title by inspecting title documents. It can also be verified by reviewing the electricity, water, and gas bills and municipal records, which ordinarily reflect the owner's name," says Apoorva Chandra, Partner at Sarthak Advocates & Solicitors.
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However, it is important to note that it is common for utility bills and municipal records to reflect the name of a different owner, as it is often optional to get the names changed after a change in ownership.
B) What Is The Tenure Of The Lease?
It is important to note that leases for a tenure exceeding one year must be registered. Therefore, if the lease is for more than a year, it should be registered, failing which it becomes a month-by-month lease, terminable with a 15-day notice.
C) What Are The Conditions For Lease Termination?
Knowing if there is any lock-in provision in terms of the lease deed is essential. Moreover, one should closely inspect the notice requirements for the termination of the rent agreement to ensure the notice period matches the tenants' needs.
How To Look For A Good Area Without Falling Into A Broker’s Lofty Promises?
People need to choose the right area for rented accommodation. Experts say you can talk with the neighbours or contact the nearby community centre to get a sense of the place, such as crime rates, nearest accessible police stations, etc. Moreover, you might get these details online. "Ensure that there is adequate security personnel posted in the project. Other security aspects, such as streetlights, public transportation modes at odd hours, and habitation levels in the locality, are also important, says Altaf Ahmad, co-founder of Azuro, a property management service.
