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Know your real estate: Rent Act (s) / Rent Free Period / Rentable Area

When you are looking for an ideal home to live and you go to a real estate agent or a broker or even a builder, they might use jargons which you might not know.

But we give you a solution!!

Read this space every Tuesday & Wednesday for Real Estate Jargons.

Rent Act (s)

  • Legislation promulgated by various states in India, which regulates the terms and conditions of the rental market with a view to curb profiteering and hoarding.
  • Though its restrictive nature has not allowed owners to enjoy economic returns from same categories of property, thereby allowing market inefficiencies.

Rent Free Period

An agreed period, usually for several weeks or months, during which a lessee is allowed to occupy the subject premises without payment of rent:

  1. In consideration for the tenant incurring expenditure on such matters as fitting out premises or carrying out repairs or improvements.
  2. To reflect market conditions which favour tenant e.g. where the space available for letting exceeds the total tenant demand in that area or
  3. By virtue of both 1 and 2.

Rentable Area

  • The area of floor space for which rent is calculated even though other areas, within or outside the premise, are lawfully used by the tenant.
  • For example, in an office building it is customary to exclude from the direct calculation of rent the space used for corridors, atrium and stairways.

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