If youβre looking to rent an apartment, this article is crucial for you.
Many prime locations such as Andheri West, Juhu, Bandra, Khar, and other parts of Mumbai are undergoing redevelopment. This means that if you rent a flat in such a building, you may have to relocate within 1-2 yearsβor even soonerβif redevelopment moves forward.
While there is no certainty that a building will undergo redevelopment, the process typically takes around 1 to 1.5 years before tenants are required to vacate. However, some projects may move faster depending on approvals and agreements among residents.
Precautions Before Renting a Flat
Before finalizing a rental agreement, take the following precautions:
1. Check with the Society & Owner: Ask the flat owner and the housing society about any ongoing discussions or plans for redevelopment.
2. Look for Official Notices: Check if the society has issued any notices or signed agreements with developers.
3. Ask for a Minimum Lease Term: If you plan to stay long-term, ensure the lease agreement guarantees a minimum stay.
4. Check for Structural Conditions: Buildings in poor condition are more likely to be shortlisted for redevelopment.
5. Consult a Real Estate Expert: A local real estate agent or lawyer can help verify the buildingβs redevelopment status.
By taking these precautions, you can avoid unexpected relocations and ensure a hassle-free rental experience.
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