A. Many property owners find managing their rented property time consuming, whilst living in the same city, let alone managing it remotely from another city.  Getting family members involved does not work out as best alternative in the long run, as it is not the number one priority for the person entrusted and relationship prevents demanding of service, in terms of updates and clarity in communication
Handing over your valuable asset to a professional firm, allows you to expect service and get it.
You or your relative will need to engage a local real estate broker, in order to find a suitable tenant and pay brokerage commissions. So in sum total you do not save any money in not engaging a professional firm.

A. Unlike most estate agents who give priority to purchase/sell transactions and regard residential renting as a sideline service, we are dedicated exclusively to renting in Mumbai and rental management.
We consider ourselves a specialist in renting and rental management of residential properties. Plus our services come at a competitive cost and offer continuous value addition, unlike a transaction only service.

A. For sake of convenience we have broken the whole process into 5 steps Step 1: Rental Assessment
You can get a free rental assessment of your property by registering it with us. This can be done through the form fill or calling us with the details of your property.
Once you have registered your property with us, we will get in touch with you within 24 hours.
We will arrange for visit to your apartment based on a convenient day / time to make a Rental Assessment.
We will get back to you with a practical rent expected, which stands a good chance of renting the property in quick time. Our objective is to strike a balance between attracting a good tenant and good rental value for the property owner.
Where necessary we will make suggestions about how you can make the property more marketable and attractive to prospective tenants.

Step 2: Property Listing
Once you agree and are comfortable with the Rental expected, you can choose to sign up with us by agreeing to list your property with us.
With so many options available for good tenant, renting out is highly competitive. We ask you for a nominal amount of Rs. 2000/- as a onetime listing fee to take your property out to the market.
The Listing fee covers a range of services which include creating a professional photo gallery for each of the spaces of the property, a dedicated web page on our website, creating an e-mailer with a carefully written description of your property, the local amenities, and the surrounding area focusing on the main attractions.

Step 3: Execution of Marketing Plan
We draw up a marketing plan for your property and share the same with you for your feedback and approval. Once it sounds good to you, we will put it into action.
Staging your property for renting means presenting it in a way that will help you attract a good tenant. If need be, you can consult our empanelled interior specialist.
We will create a e-mailer campaign by sending messages to local real estate brokers, HR personnel in corporate offices and in-house database of clients looking to rent property.
Your property will be featured on our website with professional image gallery and also listed on all popular real estate websites with our contact details.
We schedule and coordinate showings of your property to all the prospective tenants who meet the requirements.

Step 4: Rent Negotiation, Finalization of terms and Conditions
The entire process of finding the right tenant ends with Rent Negotiation and sign up. We will share with you the details of the shortlisted tenant along with all the references. Our thorough groundwork ensures that you are provided with the best option. However, you may choose to accept / reject the proposal.
Once you approve the proposal, we will draw up the necessary paperwork.

Step 5 : Rental Agreement Registration, obtaining NOC, Police Verification

A. When you list your property with us, our objective is to find you a tenant who exactly matches your requirements. We shortlist the prospects through a screening process based on personal information and paperwork we’ll ask them to submit like • ID such as a passport, driver’s licence or voter’s card • References from an employer or landlord • Proof of current address

A. Rent collection can work in 2 ways and is entirely your choice. If you opt for Full Rental Management services, we offer to collect rent on your behalf. We can have the tenant set up a standing instruction with his bank or deposit with us Post Dated Cheques (PDC’s) for the tenure, to ensure that there are no delays in you receiving rent. Timely rent collection is part of the offered services We will be take up the responsibility of making sure that the Rent credit is posted in your designated account inside the agreed time frame. Alternately, if you opt for Rental Broking services, you can have the Tenant, making direct credit into your account.

A. We aim to get a security deposit in the range of three to six months’ rent. This amount is transferred to your bank account and can be held by you as a refundable Interest free security deposit for the tenure your property is rented out.

A. If you opt for complete rental management in which collect the rent on your behalf, when the funds clear in our account, we will deduct our service charges and transfer the same to your NRO account.

A. The system of calculating income from house property broadly speaking would be as under: Actual rent received from property Less: House Tax to the extent actually paid by the owner Balance: i.e. Annual Value Less: (1) 30% of the annual value as deductable (2) Actual Interest in respect to loan for the property (No limit on interest paid) Equals:  Net Rental taxable income from house property. The net Rental income received on any immovable property, commercial or residential owned by an NRI is subject to approximately 30% taxes. The above-mentioned formula would enable most of owners to claim correct deduction in respect of income from house property. You can repatriate rental income post tax without any limit. We also offer you tax and accounting assistance through our associate CA, for a nominal fee.

A. Repatriation of income derived out of renting of immovable property is permissible. NRI/PIO can rent out the property without approval of Reserve Bank. Rent received can be credited to NRO account or remitted abroad. Powers have been delegated to the Authorised Dealers to allow repatriation of current income like rent, interest, dividend etc. of NRI/PIO who do not maintain an NRO account in based on an appropriate certification by Chartered Accountant, certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid/ provided for.

A. The expenses on your rented property can be divided into three groups. Utilities – Such as Electricity, Cable Television, Internet, Piped Gas etc. These continue to be billed to the property owner, but the incidence of payment rests with the tenant, as it varies based on the usage pattern. We offer to maintain copies of all the utility bills and track payments made under our comprehensive rental management services. Property Related Charges – Such as Society Maintenance, municipal taxes, insurance which are not linked to the usage pattern of the tenant continue to be billed to the property owner and the incidence of payment rests with the owner. We offer to maintain copies of all such bills and make payments on behalf of the owner. Repair & Maintenance – Disputes arise here, as there is ambiguity related to cause of expenses, who bears and how much. Here the move-in checklist comes in handy to minimize subjectivity. The incidence of maintenance expenses are to be mutually agreeable and put into the agreement. Usually for Rented apartments the tenant bears for repairs not attributed to usage, up to a certain amount (for example Rs 10,000) and the home owner bears for major repairs which exceed this limit.

For example, you (the “principal”) may sign a POA to confer upon another person (called the “agent”) the authority to deal with the third parties on your behalf. So if you are renting out a property but cannot be physically present at the place of signing the Renting Agreement or registration of the rental agreement, you can authorize a lawyer, a property management firm or someone you trust to sign the agreement or appear on on your behalf under a POA.

A general POA authorizes the agent to take care of all the affairs of the principal (i.e. the person who has signed the POA) during a period of time when the latter is unable to do. Under a general POA, the agent will usually be subject to a standard of reasonable care, i.e. the agent will have to ensure that he/she acts “reasonably” in actions carried out under the POA. A general POA provides for wide range of powers to the agent appointed by the principal. If you appoint someone under a general POA, is very important to understand that they may exercise a wide range of powers relating to your property depending upon the terms of the POA.

A specific POA is unlike a general POA because it is effective only in specific circumstances and situations which are set out clearly in the POA itself.

A. Generally, a person above 18 years of age and is mentally sound may execute a POA in favour of another person (who must also be above 18 years) and mentally sound to act on his behalf.

• A POA must be made on stamp paper or needs to be franked in order to be valid.
• Hiring of a lawyer is not required in order to execute a POA
• It is also mandatory that the POA should be notarized by a Notary Public.
• At least two witnesses should be present at the time of execution of POA.

Where the principal is a resident in India, the POA should be executed before and authenticated by the District Registrar or Sub Registrar Where the principal does not reside in India, the POA’s execution is before any of the following authorities in the area where you are executing it: Notary Public / Court / Judge / Magistrate / Indian-Consul / Vice-Consul / Representative-of-Central Government. It is important to note that when a POA is executed in India by an NRI, the POA should be executed on non-judicial stamp paper of the requisite value or should be franked.

POAs can be classified in two categories - Revocable POA and Irrevocable POA. In case of revocable POA principal can revoke the POA at his own discretion without there arising a need for him to take the consent of the agent. The principal does not need a reason to revoke the POA. He may revoke it at any time by a written revocation. After revocation, it is important to distribute copies of revocation to the concerned. POAs automatically expire upon the principal's death or when he turns insolvent and some POAs expire on a particular date set by the principal.

In common parlance, lease agreements governing immovable property like house/flat etc. is a Rent Agreement. The terms “Rent/Lease Agreement” and “Leave and License agreement” are often used interchangeably, but in fact there is a significant difference between the two. The cardinal distinction between a “Lease” and a “Leave and Licence” is that in a lease there is a transfer of interest in the premises, whereas in the case of a Leave and Licence, there is no transfer of interest, although the licensee acquires a right to occupy the premises.

A. In rental agreements, there is a transfer of interest from a Lessor to a Lessee. If the premises are given on tenancy, there is an element of irrevocably (or immovability) by the owner except on the grounds for eviction mentioned under the Rent Act. Lease is defined under Section 105 of The Transfer of Property Act,1882 and a lease of immoveable property is a transfer of a right to enjoy such property for a certain time or in perpetuity on consideration of a price paid to be rendered periodically or on specified occasions.

Most owners prefer to give their premises on leave and license basis rather than on lease basis. Leave and license agreements have played an important role in protecting the legitimate interests of property owners, wanting to rent out their residential premises as they offer a higher form of protection for landlords

A. As per Section 55 of the Maharashtra Rent Control Act, 1999 registration of Leave and License Agreement is compulsory and it is the responsibility of the  landlord to ensure registration (Most times, the cost is also split up equally between the Licensor and the Licensee). Further in the absence of a Registered Agreement, the contention of the tenant, about the terms and conditions on which the premises have been given to him by the landlord shall prevail unless otherwise proved.

A. The registration process takes between 1-3 days. The following documents are required for registration

• The agreement to be registered (in duplicate)
• Two passport size photographs of each party
• Identity proof for each party and witnesses (for example, election card, passport, Identity Card issued by Govt. of India, Semi govt. and Autonomous bodies or identification by a Gazetted officer)

In case the parties are unable to come personally for registration, a power of attorney holder may carry out the registration formality. Read POA

A. Generally, it is advisable to draft the clauses carefully to make sure that the provisions and clauses do not have any ambiguity between the tenant and the landlord. The typical clauses are as follows:

• Description of the property, address as per papers, configuration of the house, area covered etc
• Time period, whether the lease is for a fixed term, for example, one year, or a rolling term. Any lock-in period. Escalation terms.
• Compensation payable amount, the date and method of payment. Penalties/interest for late payment
• Security deposit, this could any amount but is usually six months' rent which the tenant deposits with the landlord as a interest free deposit. This amount can be withheld by the landlord if the tenant does not pay the rent, or damages the property.
• Conditions on the use of the property For instance, there could be a prohibition on smoking, or on making any alterations to the structure of the premises.
• Utilities & Other outgoings Who will bear charges such as utilities, society & municipal charges? Making available paid billed copies to the landlord.
• Repairs and Maintenance of the premises. This is a tricky one and in 95% of cases is the sole cause of disputes. Usually, the tenant pay’s for repairs up to a certain amount (for example Rs 10,000) and the landlord usually pays for major repairs which exceed this limit. However, the tenant to repair any damage due to his fault. The tenant is obligated to return the property in same state as at beginning of tenancy, subject to natural wear and tear.
• Property Inspections of the condition of the property before and after the tenancy, for instance in the case of a house the condition of the walls, windows, pipes, electricity, water facilities etc. Provision for notice before inspections by the landlord / his agent.

Breach clauses, Conditions for termination, Method of termination.

	‘Leave and License’	Rent/ Lease
Possession stays with landlord	Only permission to use the premises	Possession passes to tenant
Term	Can be for any term but it is generally for 11- 33 months	Variable
Rent control	Does not apply	Can apply
Subletting	Subletting not possible	Subletting could be possible depending on terms of agreement/any laws governing it
Legal action	Tenant faces legal action if property not vacated	Either Regulated by Rent Control Act or by the lease agreement under Transfer of Property Act
Advance rent/ Deposit	Usually 6-11 months payable depending upon the agreement	If lease is regulated by provisions of Rent Control Legislation then advance cannot be charged (unless prescribed). Under a simple lease any advance sum can be charged
Stamp Duty on agreement	Varies from state to state	Varies from state to state
Eviction	On expiry of term of license	On expiry of term or if regulated by Rent Control Act then as per the provisions of Rent Control Act.
Death of licensor or landlord	Results in termination of license	Will not result in termination of lease