Nitty-gritties of renting out flats for rent in Noida

Rent Payable

One of the biggest hurdles that your probable tenants and you can face is deciding upon the rent. Agreeing upon a rental amount can be difficult on your part as asking for a rate which is more than what is prevailing in the market currently can lead to potential tenants turning away. However, if your apartment is in a better state than others in the locality and furnished, you can expect to negotiate on a higher rent. The key to finding the perfect tenant is to be patient. Fixing up the rate for rent properties in Noida is easier than doing the same for independent houses.

When determining the rental rate for the property, you need to consider the demand, location, capital value and the facilities provided in your community. You should also make use of the ready reckoner rate which varies from locality to locality. It is a more fool proof way of calculating rents.

Rental agreement

While drafting the rental agreement for fully furnished flats for rent in Noida, utmost care should be exercised. All the conditions and terms must be stated for avoiding disputes in the future. Normally, the first draft is prepared in consultation with a legal expert. Police verification and reference checks are also believed to be crucial steps for both the involved parties. Some of the details that must be mentioned in the rental agreement include:

• Name, father’s name along with address of landlord and tenant must be mentioned in the document.
• Purpose of tenancy
• Duration
• Rental amount, mode of payment and interest to be levied upon late payment of rent
• The bearer of maintenance fees, water charges, electricity and gas must be clearly mentioned.
• Any clause about rental rate revision and the date from which it will be applicable.
• Include of furniture and fixtures included in the flat and the penalty payable for damaging them.
• Clauses on premature termination of rental agreement.

The agreement should ideally be drafted on stamp papers worth more than Rs 100 as it would serve as an address proof for your tenant.

Police Verification

It is important that you conduct a background check into your tenant, which will lower the possibility of you subletting your house to someone with criminal records. For getting this done, you should fill out a verification form which can be downloaded from the websites of police department of different states and submit it to the local police station along with the proof of identity of the tenant.

You should also keep visiting the premise of your property for rent in Noida from time to time to make sure that your tenant is not violating the conditions of the rental agreement. If your tenant is misusing the flat then you can ask the tenant to vacate your house. If s/he refuses to comply then you can seek redress from authorities that oversees rental disputes with the needed documents.