In Mumbai taking an apartment on your name means taking an apartment on “Individual Lease”.
The term came up and got built over the years, as earlier the concept was of “Company Lease”.
An individual lease gives an employee the freedom to switch Jobs or with in the Companies and he also gets taxation benefits.
Owners usually prefer to give their apartments on Company Lease or now with this new trend to Individuals working for Companies in high-end apartments in South Mumbai, Bandra, Juhu, Powai or upto Goregaon East.
Property owners, classify the Occupants in 2 ways
- Corporate Occupants
The Leave and License agreements are signed up for a period of any where from 1 to 3 years with escalations of 5, 7 or 10% built depending on the location, demand and supply.
The deposit in most cases ranges from 3 months to 6 months and max in select cases can go up to 9 months to 1 Year.
The rental payment is done monthly and most of the owners insist on a Post Dated Cheque for the rent payment every month, which is typically before the 7th day of each calendar month.