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Legal Safeguards - Secrets of Good India Property Management Revealed
Understanding your rights inside Indian legal system
When we believe of letting our property, the first thing that occurs to us, "What if your tenant will not vacate my property?" In the past, this became a current fear. The older law, The Bombay Rent of 1947 protected the tenant from eviction and rent increases. This triggered landlords losing power over their property. Finally in 1999, the Maharashtra Rent Control act was passed- now to protect both parties involved.
Most people still cling on the old notions in the Indian legal system. Mr. Patel from Harrow who owns an appartment in South Mumbai, input it best, "I realize that all tenants are not bad but what if I let my flat out to some tenant who then refuses to vacate. I have heard that filing a court case in India takes years. I don't want to spend five to ten years paying attorney's fees and appearing in the courtroom. I want my flat available when I need it." It is true that the legal case usually takes over anyone would wish, but there are alternative solutions.
Good property management companies use leave and license agreements which cover the right of recovering possession within the relevant parts of both Bombay Rent Act along with the Maharashtra Rent Control Act. They also include clauses of arbitration in the case of dispute. Ideally, Leave and License Agreements are valid for 11 month periods and they are duly registered. i thought about this are also submitted to the local police station.
If the tenant doesn't vacate, good property management companies assist by issuing notices on behalf in the landlord. If that does not work, a police complaint must be filed. The police then help out with evicting the tenants. In majority in the cases, that is everything is necessary to reclaim the home. The last resort is usually to go to the small causes court equipped with the registered agreement. Typically such cases are decided within 15 trading days with all the proper documentation.
The Indian real estate market along with the Indian legal system are secure and fair for most law abiding citizens. Good property management companies ensure that landlords are protected, making their property ownership a joyful experience.
Want to understand more to do with the Indian real estate market? Unesta is really a property services firm, with offices in London and Mumbai, offering letting, sales and property management services to NRIs owning property in India. +44 207 125 0425.
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