Real estate and property have become a hotspot to earn money and make sure that everyone earns good amount of wealth and assets. People have invested a lot in the real estate sector and it is booming a lot. Property has become a point in which people would invest in money and then sell the property when they would need money. This is a very nice and intelligent system to make sure that the person has almost doubled the investment and increased his or her wealth. This would also make sure that they have a backup property in case their residential property needs to be renovated or reconstructed. The extra house also acts as a guesthouse. One property acts as a multipurpose thing and proves to be a wealth multiplier. Many times, people use the property to earn a regular amount of money. They keep the house on rent and earn monthly income. Renting is very popular in India. Especially in big cities like Mumbai, Bangalore, Chennai, and Kolkata, the rent is high and there is a huge demand for a rental place. Rental house in Chennai is much demanded and there are about 3-4 parties at a point demanding for the same flat. Renting may sound as an easy process and a smart way to earn money without much of efforts, but many times it so happens that people take it lightly and they are exploited in the process. There are many instances in which either of the party is taken for granted and exploited by the other party. One has to be careful and do all the necessary legal formalities to ensure that both the parties are safe and no one is exploited by the other one. The agreement should be done by the brokers or the owners themselves and it should be legalized by the government. Here are some stories in which the tenants or the property owners are shocked by the other party:-
- Fake deals:- recently in Thane district, two people gave a cheque for a postdated deposit and took the possession of the flat claiming that he wanted to show the flat to his wife. After getting the keys, he posted the flat's ad on internet and got around three lakhs for the same! After this deal, he flew away and the owner had to suffer gave loss. Later on, the convict was arrested by the police. This is one of the ways in which the tenant can misuse the property and make illegal money out of it.
- Misuse:-there was another report in which a property was used as a guesthouse. The rented house was taken and then used as a guesthouse. The guesthouse was further involved as a venue in a sex racket. Four males and four females were caught in the house. The house was not verified by police and it was directly given to the people. This type of misuse happens regularly if the tenants are not screened and verified by police.
- No returns:-there was once a case in which the owner and the tenant agreed and normally did the deal. Later, when the broker asked for the fees from the property owner, he refused and the tenant had to pay on behalf of his. Later on, the property owner even refused to repair the things he promised. At the end of the agreement, he deducted a huge amount from the deposit because of paints and house repairs.
- Long story short:-another incident was one in which there lived a girl in the house. The girl stopped paying rent. Furthermore, the girl called her boyfriend and thrashed the house, made holes here and there. When the proprietor fought with her, he ended up making her pregnant. He tried eviction but failed at it. The court case and the legal things lasted so long that the property owner finally thought that it would cheaper to pay a grand to the couple rather than not getting rent and fighting the case for a long time.
- Fake rules:-once there were few people who made the rent agreement and took a flat on rent. After the first month, they stopped paying rent. As the law states, they were given a few months to pay the rent. They did not pay the rent for four months. As a result, they were going to be legally questioned. However, before the date of questioning, all of them left the house with taking all the furniture, electronic appliances and literally damaging all the property. The documents turned out to be fake and there was no clue about the tenants.
- Religion reason:-there were many instances in the recent times when the tenants were disallowed to take the flat on rent because they were of a particular religion. Muslims were the target of this baseless discrimination!
Thus, the above are the stories which prove how important is to know the parties before renting.