Protecting property: Before you decide to let
In last decade, many laws came in to force, which not only guide the legal procedure for such deals but also protects the interest and property of the owner. This empowered the courts to take stronger action in cases of violations or breach of agreement. Law enforcement agencies have also been looped in with mandatory regulations such as verification. This has given relief and support to the owners.
The other factor is the changing profile of the tenant. A new breed of educated professionals began to migrate to cities to take up emerging job opportunities or take up residence upon job transfer. There was demand from corporates, multinationals and even students. The fear among owners began to disappear and professionalism is creeping in albeit slowly.
Benefits from rental
Rentals are beneficial in two ways. One, the income and secondly, the person who moves in, invariably takes care of the premises, thereby removing the worry on account of maintenance. For example, NRIs usually rent out their flats to MNCs, for are not able to visit, check and follow-up on their property frequently. Hence they need a legally sound agreement and a tenant who can maintain the property well. MNCs fit the bill.
The legal agreements are drawn in professional manner and the companies take care of these flats very well as people who stay there are of very high ranks such as CEOs, directors etc. “I have a 3 BHK flat at Marine Drive in southern Mumbai. I have given it