Pune July 18, 2015
INVESTMENTWISE
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The diligence dictumSanthosh Kumar, CEO - operations and international director, JLL India,offers tips for renting out a property
India's cities are growing and cre-ating a wide spectrum of oppor-tunities. This means there are alot of people flocking to cities insearch of jobs, higher studies or
just for a more cosmopolitan lifestyle.In other words, today's real estate mar-ket is flooded with prospective renters.The sky-high property prices in largercities are keeping 'buy' option out of thereach of the common man, so the rentalmarket is booming.
Not surprisingly, countless peoplehave either invested in or are enteringthe rental real estate segment. Their ob-jective is to purchase homes and rentthem. The problem is that many first-time landlords are unaware of the po-tential risks associated with renting outa property - particularly a residentialone. Renting out a house in India doesnot always result in smooth sailing; ifnot approached diligently, it could be-come a serious headache and some-times, even a nightmare.
The most common problems thatfirst-time landlords encounter are asfollows.➤ Finding new tenants, especially the
right kind➤ Delay in payment of rent➤ Misuse of property by the tenant➤ Tenants refusing to vacate➤ Tenants not paying maintenance
charges (if the agreement requiresthem to)As the rental season has just begun in
India, time is right to examine thepoints, which a first-time landlordshould keep in mind while renting out ahouse to avoid hassles later.
DECIDING ON RENT➜❘ It is always essential to ascertain thecorrect rental amount for your proper-ty. In such a competitive scenario, youcannot ask for more than the prevailingmarket rate. To ascertain this, you needto do a thorough check of the area's cur-rent rental rates, and price your rentcompetitively. Only if your property iswell-maintained, fully furnished and of-fers that extra 'luxe' factor can you cancharge a consummate premium. Andeven that needs to be logically calibrat-ed.
GETTING THEPROPERTY INSURED➜❘ A savvy landlord gets his rental prop-erty fully insured. A landlord is alwaysat risk because he is not the one control-ling the property, but the tenant. Land-lords should consult with their insur-ance agent to ensure they have the max-imum amount of liability coverage fortheir property.
LISTING THEPROPERTY➜❘ Once you have decided the rentalamount for your property, the next stepis to list the property on the market. Youcan do that by either listing on onlineportals or by contacting local agents. Ifyour rental property is an upscale apart-ment or a bungalow that will fetch ahigher rental, a property consultancyshould be roped in to help you with theleasing.
DRAFTING THERENTAL AGREEMENT➜❘ Every rental agreement should be in
writing and registered. A rental agree-ment should provide the term of thelease, monthly rental amount and secu-rity deposit. It should also specify all theterms and conditions such as who willpay for utilities water, electricity andmaintenance charges. The purpose oftenancy should be clearly mentioned,like whether the property is being usedfor commercial or residential purpose.If the rental agreement is set to expireand you and the tenant agree to extendthe term of the lease for a specific peri-od, the extension should be in writing.
REGISTERING THEAGREEMENT➜❘ After preparing the agreement, themost important task is to get it regis-tered. It is necessary to register therental agreement because only then itcan be used as evidence in the court incase of any legal action. The amount tobe paid for registration and the stampduty may be borne by the landlord, or itcan be paid mutually depending on thesituation.
POLICE VERIFICATION➜❘ This is one of the most essentialparts of the process, which helps inbackground check of the tenant. Notrunning a background check is a punish-able offence under Section 188 of the In-dian Penal Code. The landlord has to fillthe verification form, obtainable fromthe state police department website. Itmust then be submitted to the local po-lice station along with identificationproof of the tenant. The local policethen conduct the background check andgive their approval.
Prime yet private:Privie ResidencesAn elegant offering of Kumar properties, Sanctum has been
planned in a way to incorporate multiple amenities giving youa whole world within a world
Kumar Properties, withover four decades of ex-cellence in real estateindustry in Pune, hasspearheaded a new
phase for luxury homes with thebrand Privie Residences.
Nestled away in an oasis of green,Sanctum by Privie Residences is thelast of its kind located in Ivory estate,Baner. Sanctum means ‘A privateplace from which most people are ex-cluded’.
Baner is one of Pune’s most promi-nent locales; Sanctum is in a primeyet a private and luxurious location.Its proximity to Aundh, Kothrud,University road and the surroundingareas make it well connected andconvenient. It is also an ideal loca-tion for Mumbaikars, given its prox-imity to the Mumbai - Pune High-way.
Spread over four acres of land,Sanctum has four towers standingtall at 21 stories each, with three and
four bedroom apartments.Renowned for their contemporarystyle and immaculate attention todetail, and designed by one of therenowned names in Indian architec-ture - Metaphors.
Sanctum has been planned in away to incorporate multiple ameni-ties giving you a whole world withina world. Beautifully landscapedlawns with decorative sculpture andfeature walls; adding to the luxuryquotient. Semi-covered pathway;leading to Gazebos and Cabanas tounwind yourself; Recreation facili-ties such as a Cricket pitch, Tenniscourt, Children's play area. A Semi-covered swimming pool with a deck,Terrace garden on club house withan Open-air sit out and state-of-theart gymnasium.
“Strategically located across hand-picked premium residential locales ofthe city, Privie Residences emphasiseon a high quotient of privacy with a fo-cus on luxurious layouts and contem-porary designed homes, these homesare specially curated for the discern-ing ones”, says Rajas Jain, ManagingDirector, Kumar Properties.
In addition to Sanctum, KumarProperties have Sienna, located onMagarpatta Road, Hadapsar is thefirst premium residential project un-
der the Privie Residences brand,with 88 luxury condominiums in atotal of three towers of 11 storeyseach scheduled for possession by endof this year. Selena is another projectat Baner-Pashan Link road that of-fers compact four bedroom apart-ments. It is the only hi-rise tower inthe Baner area, which boasts a pri-vate elevator allowing you direct en-try in your house. And last but notthe least, Privie Shiloh, is the mostpremium offering by Privie Resi-ddences. Located in the prestigiousModel Colony, it features four bed-room Limited Edition Villaments -elegantly designed for the uppercrest of society.
For more detailsVisit: www.privieworld.com
Bibwewadi 6630 to 8390
Boat Club Road 14580 to 19050
Chakan 3000 to 3660
Dahanukar Colony 10310 to 12810
Kaspate Vasti 5820 to 6740
Law College Road 15390 to 18700
Lohegaon 4360 to 5360
Manjri 4690 to 5630
Mundhwa 4790 to 6150
Pashan-Sus Road 6310 to 7720
Pimple Nilakh 6380 to 7570
Punawale 4850 to 5730
Sopan Baug 9200 to 11490
Talegaon Dabhade 3390 to 4050
Viman Nagar 6910 to 8450
Vishal Nagar 6210 to 7270
Vishrantwadi 5150 to 6770
Wadgaon Budruk 5150 to 6600
Wadgaon Sheri 5800 to 7370
Wagholi 4110 to 5000
Wagholi Nagar Road 4270 to 5160
Wakad 5760 to 6820
Wanwadi 6690 to 8540
Warje 6100 to 7520
Yerawada 6310 to 8030
Property Index
Locality Capital Values(`/Sq feet)
AV E R A G E R E S I D E N T I A LA P A R T M E N T P R I C E S : P U N E
For more detailsplease log on to
www.propertyrates.magicbrics.com
SOURCE:
QUICK BYTENESTLED AWAY IN THE
PREMIUM IVORY ESTATE,BANER; KUMAR PROPERTIES
OFFERS LUXURY LIVINGWITH PRIVIE RESIDENCES -
SANCTUM.
SPREAD OVER FOURACRES OF LAND,SANCTUM HAS FOURTOWERS STANDINGTALL AT 21 STORIESEACH, WITH THREEAND FOUR BEDROOMAPARTMENTS.
FAST FACT
Luxurious Swimming pool with a deck at Sanctum
Sanctum by Privie Residences at Ivory Estate, Baner
NEWSDIGESTPREMIUM PROPERTY EXPOThe Times of India is pleased to announce its 13th editionof The Times 'Premium Property' Showcase on July 25 and26, 2015. The exhibition will be held at The JW Marriott, SBRoad, Pune.
The Times Premium Property Showcase has beenconceptualised specifically keeping in mind the needs ofthe upper crust of society and will have properties ondisplay that would essentially appeal to this niche segment
of high end property buyers. Private swimming pools,homes with split level living rooms, multiple car parks,terrace gardens, penthouses with breathtaking views of thecity's skyline and farmhouses nestled in exotic valleys willbe the order of the day.
Select projects spread over the entire city suiting theneeds of today's discerning premium home buyers andinvestors will be showcased at this landmark exhibition. TheTimes Premium Property Showcase is Pune's mostprestigious transaction focused property exhibition.
