Zero rentals for residential flat is fast gaining popularity in the extended suburbs of Vasai-Virar. But there’s a catch. Pay a heavy deposit, which is returned when the leave-and-licence agreement comes to an end, provided the house is returned to the owner in its original condition.
Owners are encouraging zero rentals in return for “heavy deposits” to the tune of Rs 2 to Rs 5 lakh so that they get back their flats in proper condition when the tenants leave.
A proper leave-and-licence agreement is drawn up and both the owner and the tenant do not need to contact each other until the agreement ends.
People looking for accommodation are increasingly getting attracted to the zero rent scheme. Especially newly-weds and those with transferable jobs are opting for the zero rent schemes.
Real estate agents say that while tenants find the zero rental scheme attractive, they also take good care of the flats to avoid deductions in the deposit amount. Flat owners also find it more lucrative to reinvest the lump sum deposit than collect a monthly rent, which is usually spent immediately.