First Time Renters Guide - Real Estate Mumbai

First Time Renters Guide - Real Estate Mumbai

If you are looking to rent your apartment as a tenant then you need to understand a few things. This first time renters guide helps you understand the basics of taking an apartment on leave and license basis in Mumbai.

Important Points before considering a Property on leave and license basis for the licensee (tenant or occupant)

  • Set up a Monthly budgets

  • Make sure you have the rent payout money before the 5th of each calendar month.

  • Understand the Lock In Period as to when can you sever a notice of termination.

  • Usually the owners will ask for a 1 year lock in period.

  • Decide the number of months, you would like to stay in the Licensed Premises (the Apartment), under a leave and license agreement

  • You can sign a contract upto 60 Months under a leave and license agreement

  • Its advisable to sign a contract for 2 to 3 years.

  • If you are unclear about your stay in the apartment, then sign only for 1 year and build an exit clause for termination

  • Speak to your Real estate advisor and share with him in confidence your plans

  • Keep provision for a Security Deposit

  • You don’t need to pay maintenance for the property, but you have to be responsible for the general day to day maintenance

  • Bring to the owners notice all the issues, leakages, damages in the apartment.

  • Before moving out make sure, the place is neat and clean as the same condition the owner has given in.

  • You need to pay the Utilities bills like electricity, telephone, internet and gas charges

  • Please ensure that your agreement is Registered in the Registration office in your location or which falls under your location.

  • Ask your real estate advisor to get these paper work formalities done.

  • Ask for Society NOC

  • Ask if the property is mortgaged and make a mental note of that, usually, the Banks have no Objection in Leasing out the property as its beneficial for them in any case.