Friday, June 13, 2014

Trifecta Esplanade Apartments for sale Located in Whitefield, Bangalore available with 2BHK and 3BHK Apartments.

Trifecta Esplanade Multistorey Apartments for sale Located at Whitefield, Bangalore available with 2BHK Apartments and 3BHK Apartments.

http://bangalore5.com/project_details.php?id=1318

Description:

With wide open spaces and landscaped jogging tracks Esplanade – Whitefield is a breath of fresh air for those looking to get away from it all without leaving the city.

Featuring 426 two and three BHK apartments all in the vicinity of IT Parks, Malls and some of Bangalore’s finest schools, Esplanade – Whitefield is being built into an environment that nurtures such moments, keeping real life and real families in mind.

The project features include the following:

    Well landscaped jogging track.
    Full size and toddlers swimming pool.
    Gymnasium and spa (steam and Jacuzzi).
    Amphitheatre.
    Squash court.
    Badminton court.
    Tennis court.
    Cricket pitch with nets.
    Skating rink.
    Child safe play area.
    Senior citizens lounge.
    Multipurpose hall.
    Mini departmental store.
    Landscaped gardens.
    Indoor games such as table tennis, billiards, football, carom and chess.
 
Renting  out  Properties

It would not be that easy to let out the property and stay free  from litigation unless there exists a properly drafted rental  agreement. Therefore, it is better to know the salient features of  the rental agreements before any property is let out.

Rental agreements in the legal terminology, are known as Lease Agreements. The person who transfers the  property is called the ‘Lessor’, and the person who accepts the transfer of property is called the ‘Lessee’.

According to section 105 of the Transfer of Property Act, a lease is defined as “A lease of immovable property is a transfer of the right to enjoy such property, made for a certain time, express or implied, or in perpetuity,  in consideration of the price paid or promised, of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions   to the transferor by the transferee, who accepts the transfer on such terms”.  In short, a lease is a transfer of a right to enjoy the property of the lesssor by the lessee  for a certain time, during  which period the lessee is put in possession of the property upon payment of lease money or rent.

Elements of a good  lease

The essential elements of a  lease are (1) parties, (2) subject matter, (3) the terms and (4) the consideration or rent. A lease transaction involves  commitments  by both the landlord and the tenant  which are  complimentary to each other, the landlord agreeing to let out his accommodation to the tenant in consideration of the latter paying him the rent and  the tenant agreeing to pay to landlord the rents in consideration of the landlord allowing him to use the leased premises. A lease is that form of encumbrance which consists of a right to the possession and use of property owned by some other person.  It is the outcome of the separation of ownership and possession.

A tenancy is created not only by an express contract but also by implication by the conduct of parties.  Acceptance of rent by the landlord clearly establishes a tenancy. A lease of immovable property may be effected  either by a registered instrument or by unregistered instrument.  However, in cases where the lease is from year to year or for any term exceeding one year or reserving a yearly rent the lease agreements are to be made only by a registered instrument [Sec.107 of T.P.Act] and the lease agreements for a period less than one year do not require registration.  Applicable stamp duty for lease agreements of a period of less than one year is Rs.50/-[Rupees fifty only].

Period

It is a common practice to terminate the lease agreement at the end of every eleventh month and  enter into a fresh Lease Agreement since if the rent is paid on yearly basis or if the period of lease exceeds one year, then it is mandatory to register the lease agreement. The practice of termination of lease agreements at the end of eleventh month and entering into  new lease agreement is adopted generally to avoid payment of  stamp duty and registration charges on such lease agreements.

Contents

An agreement of lease should be drafted carefully and properly to protect the rights of both the parties and to avoid any misunderstanding in the future. It should be fair to both the Lessor (landlord) and the Lessee (tenant). It should mention the parties to the deed, the description of the property being transferred, the duration of the lease, the monthly rent payable, the date of payment of the monthly rent; the clause for enhancement of rent on renewal of the lease period. The amount of interest-free refundable security deposit, penalty clauses in case of rent default, liability of the Lessee for damages to the property and the fixtures and fittings, notice period in case of early termination of lease; the date of commencement of lease and the date of expiry of lease; the notice period and manner in which the notice will have to be served must also be mentioned.

Obligations of the Lessor

The first and foremost duty of the lessor is to abide by the terms of the  lease agreement in letter and spirit and  to ensure that the  lessee is allowed to enjoy the leased premises without any interference from any unlawful person.  He shall have to  ensure that all the basic and civic amenities  are provided to the leased premises.  It is the responsibility of the lessor to carry out major  repairs to the leased property to make it habitable and pay  municipal and other taxes due on the property. 
 
The Lessor should ensure that the leased premises is not used for any immoral or unlawful purposes nor allow storing of any hazardous and inflammable materials like explosives etc. Lessor shall issue receipts for the earnest money deposit and the rents received by him in respect of the leased property. The lessor shall refund the security deposit received from the Lessee when once the lease has come to end.  He shall not unfairly make deductions while refunding the security deposit on ground of  repair to the damages caused by the lessee. Lessor is bound to disclose to the lessee any material defect in property, with reference to its intended use, of which the former is and latter is not aware, and which the latter could not with ordinary care discover. Lessor is also bound on the Lessee’s request to put him in possession of the property.

Obligations of the Lessee

During subsistence of the lease, the Lessee has a right to enjoy the leased premises without any interference from the Lessor or by any person on his behalf. The Lessee shall pay to the Lessor the monthly rent for the leased premises on the agreed date.  He shall also pay the electricity and water bills on or before due dates to the concerned authorities and furnish a copy of the receipt received by him from such authorities to the Lessor for his records. The Lessee shall always keep Lessor informed about the additions or alterations that the leased premises may require to enable the Lessor to attend to such work. The lessee shall not make any structural alterations to the premises or cause damages to fixtures and fittings during the subsistence of the lease.  

The lessee is under a legal obligation not to use the leased premises for immoral or illegal purposes nor for storing the hazardous and inflammable materials like explosives, etc. The lessee is under obligation to use the leased premises for self use and not to sub-let the same unless the lease agreement has a provision for sub-letting. He shall not cause any nuisance to the co-tenants, maintain the premises in a habitable condition, and on completion of the lease period, hand over the premises to the landlord without creating any nuisance, upon receipt of the earnest money deposit from the Lessor. If the Lessor neglects to make any repairs, within reasonable time after notice, the lessee may make the same himself and deduct the expense of such repairs with interest from the rent, or otherwise recover it from the Lessor. If the Lessee becomes aware of any proceeding to recover the property or any encroachment or any interference with the Lessor’s right concerning such property, he is bound to give, with reasonable diligence, notice thereof to the Lessor.
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