Individual Lease Flats in Mumbai
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” where in the Companies would take the flats on Lease for its Employees and Executives.
An individual lease gives an employee the freedom to switch Jobs and independently pay the rent or monthly compensation to the Property owners immaterial of their Housing allowance. In a lot of cases, Individual employees of Companies take the flats and apartments on Leave and License basis and also buy a small home or office for investment.
Over a period of time and now in the year 2017, the Property Owners in Mumbai are happy to give their apartments on Individual Lease - Lease - Meaning Leave and License in Mumbai. Now the Leave and License agreements can be signed upto a period from 1 year to 5 years.
Under Section 55 of the Maharashtra Rent act the agreements must be registered.
Property owners in Mumbai, classify the Occupants in 2 ways
- Corporate Occupants
The Leave and License agreements in Mumbai are signed up for a period of any where from 1 to 5 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.
For any assistance in Drafting Leave and License agreements, Registration, Stamp Duty Calculations - Please call 9819867813. Charges applicable.