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CHENNAI.....Good investment opportunities in all the segment of the city. Commercial rentals is on fast trek. Residential segment also having very good demand from rural areas. Outskirts of the city is now more costly then CBD residential areas.   AHMEDABAD..... ..... Huge NRI funds were recently invested in residential segment of the city. Commercial too is feeling the heat. Residential rates are marginally up by 20% since last quarter. The trend is likely to continue.   BANGALORE...... ...IT and ITES are again in the buying spree. Residential complexes are getting good demand. NRIs investments are up again. Service apartment concept is catching up in the city. Commercial lease rentals are rising.   PUNE.... ... Pune is poised as IT centre by the developers. In fact many leading IT brands are in the city. It has enhanced the residential rates. Outskirts like Viman Nagar, Pimpari and Chinchwad also now having great demand. Good time ahead.   DELHI .... ...The market is slow for residential units. Noida and Gurgaon also have touched historic level. New zones are in the competition. Faridabad and Merut along with Rohtak are busy catering for demand in Delhi and NCR    MUMBAI.. ..... ..Realty Fund and investors of large real estate holdings are still maintaining the price level. Developing zones are feeling heat. Small pocket developers are also panic in the market. Residential prices stagnated as of now.

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West Bengal Premises Tenancy Bill

The state Assembly has passed on 26th November 1997 the West Bengal Premises  Tenancy Bill , 1996, after its modification by the Select Committee , making contracts  legally binding  on tenants beyond certain  rent cut-offs.

As the new legislation develops out of  the Bill , it will apply  to residential  and commercial tenants  in equal measure .

The Provision  giving  legal teeth  to contracts will be triggered at a monthly  rent  of Rs. 3,000 (commercial ) and Rs. 2,000(residential ) in Calcutta  and Howrah and Rs. 1,500 and Rs. 1,000 elsewhere in the state.

Tenants at such rent  cut-offs will be  bound by contracts drawn  up under the Transfer of Property Act of 1984. A house  owner  can reclaim  the area  rented  out after  serving a notice  on the tenant .

The large  section of tenants  paying rents below these  levels will be untouched by  the contract provision . For  such  tenants, the Bill provides :-

(1) Those  occupying  rented premises  for rover 20 years  will have  to shell  out four  times  the rent he was  paying  on the  date he took possession ; (2) Occupants for  more than 10 but less  than 20 years will  pay double ;(3) Every three  years, the rent will  automatically rise  5 per cent ; and (4)  Ten  per cent  of the rent will have to paid for maintenance . (5) Inheritance  of tenancy rights  will no longer be automatic for such tenants. The Bill  gives  the houseowner the option  to either enter into a contract with a tenants’ heir  after  five  years  from the original  tenant’s  death or take in a new  tenant .

The  will not, however , apply  where the wife  is the heir .The  bill vests  her with the right to stay on as  a non-contract  tenant till  death , provided she  honours  all the newly-evolved  norms.

The Bill makes it easier for the houseowner  to evict  a tenant when he needs  the premises for his own use if he does not have suitable accommodation in the same area .

Other than this, however , eviction remains as difficult as before  for landlords whose tenants are not on contract .

CHARTER OF RENT

EVICTION :

1.   When the contract expires and is not renewed , tenants should  vacate within a month .

2.   If  a tenant  dies, his direct legal  heirs  living  with  him or  dependent  on him  can stay on only  for five years .

3.   Landlord  can  evict  tenant for his own accommodation . Landlord  can claim immediate possession if he is a retired  government  employee of an ex-serviceman .

4.   A tenant can be  evicted  if he fails to pay  rent for three  months  in a year.

5.   Subletting  or immoral use of premises  will invite  eviction .

CHARGES :

·     Tenants should pay maintenance and amenities charges at the rate 10 percent of the rent .

·     Landlord cannot demand amounts  exceeding  a month’s rent without the permission of the rent controller .

·     If landlord cuts off any  essential  supply or service , he may have to pay damages of Rs. 5,000 to the tenant.