You can’t always afford to live in an apartment, but with a little planning and a little money, you can buy one and rent it.
The city of New Delhi recently introduced the first phase of a new rent policy, which aims to make renting a second home affordable for many of its residents.
In a new guide, we’ve laid out the steps you need to take to rent your second home in the capital, Delhi, and beyond.
Here’s how it works.
The rules for buying a second house in Delhi are a little different from the rest of the country.
While you can rent a flat, there are rules on how much rent you need and the rent you can earn from a business.
The rent from a restaurant and a hotel can be shared, so long as you pay the same rate as if you were paying for the hotel.
The maximum amount of rent that you can pay per month is Rs. 1,000 per month.
If you are renting a flat or a mobile home, you must also pay the difference between the rent from the business and the flat.
For example, if you rent a mobile unit, you have to pay Rs. 7,000 for each month, but if you buy the flat you only have to fork out Rs. 2,000.
The monthly rent from your business is the same, but the rent earned from the flat is Rs 2,200 per month, and you must pay Rs 1,600 for the balance.
If a business owner rents an apartment for a long time, he or she may also be required to pay the business owner Rs. 50 per month per month for each unit rented out.
In addition, if the property is not used for more than 30 days in a calendar year, the landlord will have to put up the unit in an unoccupied unit for 30 days or for a maximum of three months, whichever comes first.
Renters are allowed to rent out their apartments to guests for as long as they want, but they cannot keep the apartments for longer than five years.
If the rent is below Rs. 5,000, you are not allowed to keep the property for longer.
The only exceptions are if the landlord has no land to rent, the property owner owns it outright, or if the tenant is in a cooperative housing scheme.
If this happens, you cannot rent the apartment out for more years than three years, and the landlord must pay rent every month on a monthly basis.
Rent is charged at a fixed monthly rate for a fixed term of five years, plus a 30-day grace period.
For most properties, the monthly rent is calculated by dividing the monthly amount paid by the number of days a property is occupied.
If your landlord has more than 10 tenants, he may have to provide a deposit of up to Rs. 6,000 before you can move in.
If there are any special circumstances, such as if the unit is in an overcrowded building or if you are in need of special amenities, you will have the option of buying the property outright or leasing it from the landlord.
If we can’t rent our second home, we can buy it with money.
You can rent out an apartment through the Delhi Housing Corporation (DHCC), which is run by the Delhi Municipal Corporation (DMCC), a government agency.
You are given a deposit for the purchase price, and it’s up to the landlord to pay rent on the premises.
You then move into the apartment and pay the rent, plus an additional deposit.
The landlord has to give you a receipt for the transaction and a copy of the deed of trust (DOT) that he or it has signed.
If any of the details match, the transaction is deemed to be a valid deposit.
After you move in, you may have a maximum stay of six months, but it is recommended to move in early in order to get the lease on the property signed.
Rent starts at Rs. 30,000 ($2,500), and it may be waived if you move out after the six-month period.
If an apartment is for less than a month, it may cost Rs. 10,000 to rent it outright or Rs. 15,000 if you lease it.
If rent is higher than Rs. 20,000 in any two-year period, you could lose the right to rent the unit out if you fail to keep up the rent.
A property can be rented out at any time, but you must move in before you move.
The property is subject to the conditions of the lease.
If it’s not up to you, you’ll have to buy it outright and pay rent.
If, after you move into an apartment and rent the property, you do not receive the lease, you would need to give the landlord a refund of the deposit you paid to rent.
The lease lasts for two years.
The Delhi Housing Act of 2008 allows the owner of