Zero rentals for housing apartments are quick gaining popularity in the suburbs of Vasai-Virar in Mumbai. As per to the concept, Pay huge advance amount and get back the total paid when the leave-and-license bond comes to an end, but the rented accommodation shall remain in as it is condition.
House owners are cheering zero rentals in return for ‘heavy deposit’ to the tune of Rs. 2-5 Lakhs so that they get back their apartments in good condition when the tenants vacates. Correct leave-and-license bond is drawn up and both need not to contact each other until the bond ends.
Ashok Shelat, Vasai Resident who rented his flats for deposit of Rs. 3 Lakhs said to www.propertykhazana.com that, “All the time renter leaves, we have to invest on repairs and new renters constantly claims on basic maintenance of the residence. Electricity bills will be unpaid and a deposit of Rs. 25,000-50,000 does no good.” Jeweler in Nala Sopara had paid Rs. 1.5 Lakhs as deposit for 1 BHK flat and occupied the flat and used the furniture for a span of 11 months after which the security deposit was returned. He says, “I had cash and by doing so, I saved the money by paying rent every month and I’m also happy that when the bond expires I will get back my money.”
When tenants find the zero rental schemes attractive, they look after the flats in good condition to avoid deductions in deposit amount. And owners also find it easy to reinvest the deposit than collecting a monthly rent, which will be used at once.
Kishore Pandey, Virar based realty broker said to www.propertykhazana.com that, “Rentals in this area range from Rs. 2,000-4,000 and the deposits between Rs. 25,000-40,000. A huge amount is reinvested for more wisely.” Renters especially newly married couples and those with transfer jobs prefer the zero rent schemes.
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