There are several places in the capital city Delhi where commercial space is available more than the demands. In such a scenario, small and big scale companies have plenty of cheaper options to choose from. This has created a tough situation for the property owners because they do not want to lose their present tenants. Today, it has become very difficult to search for a good and honest tenant. And as the tenants know how valuable they are for property owners, they want to take as much advantage of the scenario as they can.
Good Times for Tenants
As per the realty market experts, tenants have become the lords today. They easily get the rent reduced by 10% to 15% on their desired property. This trend is heavily practised in NCR. Tenants have plenty of options in the market. If they spend several years in the same property, they try to buy it from the original owner at heavily bargained price!
Especially the companies or business units that have least problem from their present office / business space, try to hold the property conditions over the original owner. Nehru Place is one such place where mostly companies are running their businesses from rented places. Over a period of time, they try to buy or grab that particular property from the hands of the owner at their desired prices.
Drop the Idea of Changing the Location
Tenants, having a wide array of rented properties available in the market, bargain with the owner on basic rent price. They do not want to change their location frequently. And if they can get the rent price reduced easily, they do not consider shifting from one place to another a wise decision.
Condition of the Owners
Property owners do not want their property vacant even for a single month. By the time they search for a good and reliable tenant, expanses like maintenance charge, electricity charge & water bill become a burden to them. Therefore, they want a continuous flow of earning from their rented property.
This is the reason why they have to agree with all the conditions of their tenants. However, during the agreement, they sign over a clause of lock-in period. It is the time period during which neither the tenant can leave the property nor the owner can ask him to leave it. The situation is witnessed in residential as well as the commercial sector. Even the posh localities of Delhi / NCR are facing this scenario.
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