Rent House in Chennai
Do you want to rent house in Chennai or in any other city in India? The rental segment in the realty industry is experiencing growth. Especially the metropolitan cities of India where population pressure is increasing day by day, houses and apartments for rent are the most sought after. People from smaller towns come to these cities for educational and work purposes. This migrant population seeks rented accommodation.
In bigger cities like Chennai, Bangalore, Delhi or Mumbai, where thousands come every day, renting a house to stranger makes the owners worried. Some owners have multiple properties in the cities and to earn from these properties, they give it on rent. Earlier owners rented properties to only known people. Cities like Chennai have a distinctive culture of its own. Opening of industries and various multinational companies in and surrounding the city has welcomed the coming of a mixed population. Many professionals required houses for rent. Getting rented accommodation was tough earlier but with the introduction of the rent agreement, things are changing.
The government of India has made it mandatory to have a rent agreement between the owner and tenant. Rent agreement or rent contact is a legal document essential to give a house on rent in Chennai. Urban centers or in industrial areas there is demand of rented accommodation.
The parties, the tenant and the property owner signs rent agreement. In cities, the rent agreement is made at the time of taking the accommodation. It is usually a contract of one-year duration. This agreement expires after the end of 1 year. If the tenant wishes to continue the stay, the agreement has to be renewed. Again the new agreement is effective for a year only. This process goes on till anyone of the parties discontinues it.
With even newly constructed properties are going in the rental market, a rent agreement is essential. Many investors are buying new properties in Chennai with the motive of earning returns. Moreover, in the initial period, they rent the property to earn monthly income.
For renting houses in Chennai too, this agreement is essential. Owners or tenants who want to avoid this should note that this safeguards the rights of both of them. Property owners or tenants, rent agreement is essential as it mentions certain property rights of both the parties.
A typical rent agreement includes the following important points.
€ Names, permanent address and contact numbers of both parties
€ Day and month of possession by the tenant
€ Address of the property on rent (street address, house no., etc)
€ Mentions the amount of rent paid by the tenant
€ Also include the date on which the rent will be paid
€ Mentions clauses for renewal or non-renewal of agreement
Besides these, the rent agreement also includes items inside the rented property. For example, if a house is available with furniture and electrical fittings the same things should be mentioned in the rent agreement. While leaving the rented house, the tenant cannot take any possession along with them. Lights, fans, chairs all belong to the owners and this should be mentioned. Both the parties should insist on signing the rent agreement.
In bigger cities like Chennai, Bangalore, Delhi or Mumbai, where thousands come every day, renting a house to stranger makes the owners worried. Some owners have multiple properties in the cities and to earn from these properties, they give it on rent. Earlier owners rented properties to only known people. Cities like Chennai have a distinctive culture of its own. Opening of industries and various multinational companies in and surrounding the city has welcomed the coming of a mixed population. Many professionals required houses for rent. Getting rented accommodation was tough earlier but with the introduction of the rent agreement, things are changing.
The government of India has made it mandatory to have a rent agreement between the owner and tenant. Rent agreement or rent contact is a legal document essential to give a house on rent in Chennai. Urban centers or in industrial areas there is demand of rented accommodation.
The parties, the tenant and the property owner signs rent agreement. In cities, the rent agreement is made at the time of taking the accommodation. It is usually a contract of one-year duration. This agreement expires after the end of 1 year. If the tenant wishes to continue the stay, the agreement has to be renewed. Again the new agreement is effective for a year only. This process goes on till anyone of the parties discontinues it.
With even newly constructed properties are going in the rental market, a rent agreement is essential. Many investors are buying new properties in Chennai with the motive of earning returns. Moreover, in the initial period, they rent the property to earn monthly income.
For renting houses in Chennai too, this agreement is essential. Owners or tenants who want to avoid this should note that this safeguards the rights of both of them. Property owners or tenants, rent agreement is essential as it mentions certain property rights of both the parties.
A typical rent agreement includes the following important points.
€ Names, permanent address and contact numbers of both parties
€ Day and month of possession by the tenant
€ Address of the property on rent (street address, house no., etc)
€ Mentions the amount of rent paid by the tenant
€ Also include the date on which the rent will be paid
€ Mentions clauses for renewal or non-renewal of agreement
Besides these, the rent agreement also includes items inside the rented property. For example, if a house is available with furniture and electrical fittings the same things should be mentioned in the rent agreement. While leaving the rented house, the tenant cannot take any possession along with them. Lights, fans, chairs all belong to the owners and this should be mentioned. Both the parties should insist on signing the rent agreement.
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