Model Tenancy Act Aims At Resolving Rental Housing Dispute, Boost To “Housing For All”

Source: Indian Property Journal

Through Union Budget 2019, the Government has envisioned for inclusive growth by targeting multiple sectors in the nation. Amongst them, one that has surprised many is “Model Tenancy Act”. It has been well received by real estate developers and is touted to be in the direction of the Government’s ambitious initiative “Housing for All” by 2022.

Jayesh Dave, MD Chairman of Jayraj Builders Vadodara, says that at present the rental market in India faces a lot of issues. There has been a lack of attention for proper legislation and conflicts between owner and tenant remain quite common. Policy formulations are always a plus in any sector and this step by the Government of India can bring a lot of transparency in the rental housing.

Emphasis has been given to speedy redressal of the disputes by specifically outlining the responsibilities of both the landlords and tenants. There is a proposal for Rent tribunals to hear appeals for matters connected to disputes over rental housing. With a defined rental policy in place, opportunities for students, working professionals to find accommodation becomes easy.

The rental housing market in India remains an underdeveloped sphere despite acute housing shortage. Major factors are often contributed to drawbacks such as lack of rental policy and low rental yield. There was thus the need for a government initiative to counter such drawbacks. With Model Tenancy Act, 2019, the government has laid down the following new objectives:

Security deposit shouldn’t exceed 2 months in residential and one month in non- residential properties.
In case of termination of the rental agreement by an order, notice, the tenant must vacate the premises. Failure to do so, will entitle landlord to receive the compensation of double the monthly rent for two consecutive months.
The property owner must give prior notice of 3 months before revising the rent value.

Mr Jayesh Dave said, with these objectives the government is trying to resolve the much disputed premise in India. These objectives have the potential to aid Government’s ambitious initiative “Housing for All”. However, the Act is not binding on the states as the urban development is a state subject as per the federal system of India. It is still to be seen if the states choose to implement these guidelines.

Rental Housing concept is significant in most of the developed nations and if implemented well, it can boost the current situation and transform the way rental housing concept is perceived in India. It is important that states scrutinize the points outlined in this initiative and implement them in the rental housing market to bring transparency and benefits to the consumers.

Jayraj Builders Vadodara Explains some Commonly used Real Estate Terms

Source: Horizon Cottages

If you are looking for investing in real estate for the first time, you might have come across a lot of terms that would’ve left you confused. It’s only natural; however, it ought not to remain the same. Jayraj Builders Vadodara simplify some commonly used real estate terms for you. Take a look:

Credit score

Credit score refers to your capability to repay the loan (home loan or any other) you plan to take on the basis of your salary, financial strength, bank statements, and background check. A good credit score makes it easier to get the loan application approved.

Real Estate Broker

Though often confused with one another, there exists a major difference between a broker and an agent, quip realty experts from Jayraj Builders Vadodara. While the latter is equipped with a real estate license that allows them to assist in property associated matters like buying and selling, it is the former that has qualified the state’s broker exam and has a certain number of successful deals as feathers to their hat.

Lease Agreement

Lease Agreement is a legally binding contract between the landlord and tenant that specifies the details associated with the deal, such as the details of both parties, rent payable, monthly bifurcation, lease commencement and expiration date, security amount, etc. These terms are mutually agreed upon and signed by both the parties involved. Additional clauses can also be added as per discussion, suggests realty expert Jayesh Dave, founder and owner of Jayraj Builders Vadodara.

Carpet Area

Although this term has grown out of use lately, it remains undeniably the most important factor to consider while buying a residential property. Carpet area refers to the area that can be used by the resident to set up their home. It excludes the area covered by balconies, lobby, outer walls, etc. Note that built-up area factors in the area occupied by the aforementioned. Jayesh Dave founder of Jayraj Builders suggest buying the property based on carpet area only.

Super built up area

As the name suggests, super built up area includes the carpet area along with the extra areas like stairs, lobby, balconies, lifts, etc. In other words, all the area that is ‘saleable’. This is also one of the major reasons why most developers decide the final cost on the basis of cost per square feet, quip realty expert Jayesh Dave from Jayraj Builders.

Subletting

Subletting is a clause that allows the tenant in a property to rent a part (say, a spare bedroom) to an outsider, or sub-tenant, and take the rent from them for that area, without the involvement of the property owner. However, if done without the knowledge of owner, this can lead to immediate action of vacating the property, suggests Jayraj Builders.

Any other real estate term you need to be explained? Let us know in the comments section!

Jayraj Builders Review: How I found my dream home in Vadodara

When it came to buying my dream house, I always had a specific idea in my mind. My idea of a dream home was pretty simple – a home with hut shape and a balcony. I always wished for a duplex house with a swing on terrace. I also like greenery a lot so I want to have mini garden on the terrace which would provide fresh air.

In addition to these pretty basic things, I also dreamt of having a rocking chair which I would place in my balcony and can have meaningful talk with my partner while sitting on that. I always wanted my family to eat together so I also wanted a small dining table with an open kitchen.

But that was it for me. After all, dream homes are just ‘dreams’, and dreams seldom come true. However, I found my dream realized when I visited Aishwarya by Jayraj Builders Vadodara. Standing true to its name, Aishwarya indeed was an embodiment of luxury combined with simplicity.

Aishwarya is caressed by fresh breezes from the Arabian Sea and bathed in rich sunlight, and is located in the elite Race Course are of Vadodara. The project offers an unhindered view of the surroundings with the complete absence of any tall structures in the vicinity of the project site.

The luxury living project by Jayraj Builders comes with 80 per cent open space, of which 35 per cent is gardens. The 20 per cent space which has been utilized for construction houses the residential structures which provide the inhabitants with a premium experience.

Be it the design of the apartments, or the unrestricted view of the surroundings – it was love at first sight for me when I visited Aishwarya with a prospect to book an apartment. The open terraces, spacious apartments and stimulating gardens at the front – all fitted to my idea of a dream home.

I knew that this is it – my dream home.

I feel thankful to Jayraj Builders for giving me my dream home.

Jayraj Builders Founder Talks Real Estate on Vadodara’s Smart City Transformation

One of the largest cities in Gujarat, Vadodara, is gradually being transformed into a smart city. The development that occurred throughout the last decade vouches for the major transformation good old ‘Baroda’ is undergoing. Realty experts believe that the credit for the changing face of the Banyan City goes to the latest building techniques used by the city’s leading real estate developers.

Founder of Jayraj Builders Vadodara, Jayesh Dave, while talking about the changing real estate scenario in the city, said, “The housing scheme started by the government for medium to low income groups has turned out to be a major influence in changing the face of the city. People are giving positive response to the concept of affordable housing.”

Areas like Sama, Sayajigunj, Kala Ghoda, and Akota are now being transformed into smart localities with the introduction of intelligent poles. The idea behind these poles is to provide Wi-Fi connectivity to every citizen at a good speed. These poles also have LED display centers to relay important messages and they will also have the provision for CCTVs.

Not just the local dwellers, but major investors from all across Gujarat are keen on capitalizing in these regions of Vadodara. Real estate experts believe that this huge change has been only possible due to the new technological advances made by Vadodara’s real estate developers. The likes of Jayraj Builders are following international standards while designing and constructing new residential properties.

According to Jayesh Dave, founder of Jayraj Builders, this year is witnessing a quantitative rise in Vadodara’s real estate market, when compared to the previous year. “The modernization of real estate sector through Vadodara Smart City Project has enticed more investors than ever,” Jayesh Dave added.

The emerging residential townships are resourced with several modern facilities like 24×7 water supply, uninterrupted power, 24×7 security with CCTV cameras, ample parking space, better sewage management, gymnasium and swimming pools, special play zones for kids, community hall, and well-maintained gardens for recreational purposes.

According to Jayesh Dave, the condition of Vadodara’s realty market has been seeing a positive stride owing to the rapidly progressing Smart City Project. “This benefits prospective home buyers to a great extent. Buildings under construction will feature latest technology and better amenities. This will provide the residents with a better experience,” he said.

Source : Horizon Cottages

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