Things to Know Before Converting Your Space into a PG

“You sentimentalize property, you can kiss profits goodbye.” – Marty Byrde

 

Humans have sentiments attached to many dimensions and property is one among them. Not only in India but worldwide this affinity is eminent. However, renting a property has become one of the popular business models for the last decade.

 

Strict rules and regulations in first world countries have not only reserved the rights of a lessee/tenant but also of the lessor/landlord. In India, the scenario is quite different. Though laws to save the rights of a lessee and a lessor exist, barely we adhere to them, especially with student accommodation.

 

Renting a property is a risky entity owning to the history the  lessor and lessee have shared. Hence, student accommodation is considered much safer and hassle-free than renting to a family.

 

Also, thriving professional opportunities in metropolitan cities and booming education have led to an increase in demand for Paying Guests’ accommodation (PG).

 

But before you refurbish your property into a PG accommodation, here are few rules and regulations you should know as an owner:

 

No More a Residential Entity

The moment you convert your house/property into a PG accommodation, it will no more enjoy the benefits of a residential property. The bills and taxes need to be payable at the commercial rates.

 

Proper Licensing from Authorities

Before you make a profit out of the PG accommodations, as a responsible taxpayer, it is your duty/legal obligation to take necessary approvals and licenses from the concerned local and state authorities.

 

Police Verification of the Lessee

It is mandatory to conduct the police and background verification of the tenants/occupants alongside all the required documentation. Make sure the proper validation of the lease/rent agreement by the lessee.

 

 

Proper Written Agreement

It is better to have a written agreement in any eventuality between a lessor and a lessee which discusses all their rights and duties and also safeguards the interests of both, tenant and landlord.

Properties rented under an oral agreement are risky for both the parties.Further, it is mandatory to get a lease/rent agreement registered if the same is applicable for more than 11 months. The owner/lessor may keep the original signed copy of the agreement with the duplicates distributed among the occupants of the PG.

 

 

Damage to Property

Maintaining the original condition of the rented room in a PG is the responsibility of the student/occupant, except for the normal wear and tear agreed upon in the rent agreement. In case of damage to the property, the tenant should immediately bring it into the notice of the landlord.

 

Permission to Enter the Premises

As a landlord/landlady you cannot enter the PG premises without seeking the prior permission of the occupants or the time agreed upon in the agreement. Students/occupants have their personal space, which you cannot breach on the grounds of being a lessor/owner of the property.

As per the Model Tenancy Act, the timings for regular checks and visits with prior notice are from 7 am to 8 pm.

 

Security

Installation of security cameras and assigning a guard or a caretaker is important when you are planning to run a PG accommodation, especially in the case where you are renting out to females only.

 

POC

For the smooth functioning of your business, there should be one point of contact (POC) for all the occupants of the PG with whom they can share their suggestions, grievances and queries.

 

Basic Amenities

When a student shifts from his/her city to pursue advanced studies, professional courses et al., he/she always looks for PG accommodations laden with basic amenities such as a refrigerator, AC, laundry services, household help, Wi-Fi availability, beddings etc. Make sure you have made all the arrangements to make the stay of your tenant comfortable and safe.

 

Evacuation of the Property

The lessor/owner may ask the tenant to vacate the premises if he/she does not pay the rent for two consecutive months or as agreed upon in the rent agreement.

Also, if the owner wants the tenant to evacuate a property for certain reasons listed in the agreement or if the lease term is ending, the lessor should give the lessee a notice period of 15 days or the time mentioned in the rent/lease agreement.

 

Security Deposit

As per the Draft Model Tenancy Act, the lessor cannot charge the lessee a security deposit of over three times the monthly/weekly/yearly rent agreed upon. When the tenant/occupant evacuates the property, the lessor must return the security deposit within 1 month of the evacuation of the property.

However, the lessor may deduct the liable amount for the wear and tear of the property from the security deposit as agreed upon in the agreement.

Luxury Concierge Services on Boom in India

Who doesn’t want his commands to be followed promptly? But, does every wildest desire in your heart get fructified (in terms of luxury)? If the answer to these questions is in the affirmative, then smile for this is well within the realm of possibilities.

 

There are several highly rated multinational companies whose main focus is to help you realize your most extravagant dream in lieu of money! They provide luxury concierge services to the elite class with sophisticated tastes and needs.

 

These companies have transformed the concierge services to a completely new level that earlier were limited to the pick and drop of your luggage to the hotel room/lobby or reserving a seat for you in the restaurants.

 

You can compare the luxury concierge service to having your personal Djinn who is at your beck and call 24X7, 365 days a year.

 

Therefore, if you want to buy a ticket to an exclusive event, or have a cozy lunch with the film star of your dreams or want to buy an exotic fruit/flower or satisfy any other extravagant whim, and pronto! It will be done. This kind of highly personalized service requires a highly professional team with a mind-boggling network to make impossible rhyme – I AM POSSIBLE.

 

Earlier these kinds of services were limited to first world countries and the Arab states where for the select few, money was not a concern. However, now these companies have pitched their tents in India as well.

 

The reason for this is not very far to see. India is currently the sixth-largest economy and is trying to get to the fifth position very soon. Not surprisingly, India is also one of the few countries with the fastest growth in the number of billionaires(here, you can put the link of the article “Defining Luxury Living”) in the world. These charmed group of people do not have the time or inclination to do things on their own. They want the same to be done for them (for a price of course!).

 

The lure of the big fat Indian market and its massive potential is attracting a host of international players to offer luxury management services for their discerning clients. These companies offer services for both persons of the high-income group or even the high-flying corporate honchos. The motto that drives these companies engaged in providing luxury concierge services is that any demand which is legal and morally right must be met.

 

The clients’ portfolios of such companies generally belong to big business families where the age ranges from 32 years to 50 years. The biggest clients of such highly personalized concierge services are from Delhi, closely followed by Mumbai. Slowly but surely, this niche market for the elite group of well-heeled people is expanding to other metros and even in the tier 2 cities.

 

The business model of these highly reputed international companies providing luxury concierge services is either commission-based or based on exclusive membership.

 

There are different slabs of such dedicated concierge services:

• Clients who have taken membership in lower price band programs have to call a dedicated call centre or use a specialized app to put in their demands.
• On the other hand, clients who have subscribed to the high-end membership price band are provided with a dedicated concierge to assist them 365 days a year.

 

Most of the clients who subscribe to these luxury personalized services are looking for getting their seats booked in an exclusive restaurant or a night club, travel to an exotic location, accessing any exclusive event or acquiring something rare.

 

Subscription to such elite luxury concierge services will cost you heaven! On average, the membership fees range from Rs. 3,00,000 to Rs. 10,00,000 per annum. The catch here is that the aforementioned prices are just for the membership! You have to pay for the actual cost incurred in fulfilling the requests you have placed!

 

Even in this select group, some of the specialized service membership is open only by invitation from the existing members solely. Customers who are willing to pay such a huge amount of money to take the exclusive services, want to experience things that are otherwise inaccessible or complex.

Living Luxury Life with the Art of Fine Living

“Luxury is not about buying expensive things;

it’s about living in the way where you appreciate things.” – Oscar de la Renta

 

What is Luxury?

The meaning of Luxury changes from person to person as per their growing tastes and perceptions about life.In simple words,luxury can be defined as living an extravagant lifestyle in the state of extreme comfort. Any non-essential, desirable, expensive yet comfortable and elegant things fall under the category of luxury living.

When the internet was not universal, email was considered as one of the luxurious services that could be availed by churning out a good amount of money. And yes, it was the thing for the elite in that era.

Luxury has evolved over time and so does its requirement and demand in the market. With 106 billionaires and nearly 3.43 lakh millionaires (according to Forbes), India is one of the top 5 countries to have such impressive figures.

Such figures leave no doubt for the consistent demand for luxurious residential units. But what falls under the checklist for a luxury home? Let’s check out some non-essential yet prominent features that play a vital role in making the difference.

 

Technology Laden

When it comes to building luxury homes, technology has no bounds. You name it and you have it in the market. Right from switching on a fan with a remote to an electric gas stove, everything is automated now. Smart toilets, smart and energy-efficient lighting, soundproof and climate control rooms are some other bonus features.

Every real estate developer keeps such minute details in mind while constructing a luxury home for its elite customers. The more advanced technology to make your living luxurious and comfortable, the more will be the price of the property.

 

Construction Material

While building a luxury apartment, building, mansion, penthouse, etc., quality raw materials such as hardwood or crystal ceiling, Italian marble, luxe appliances et al are all de rigueur in modern homes.

 

Privacy

The most important aspect of building a luxury property is privacy. For such elite class privacy in the most personal privilege and can be maintained by building personal gardens with plentiful greenery, well-guarded entrance and many more such goodies.

 

Prime Location

Some wise men said that while choosing any property, location is the first element you must consider. The luxury of a location can be defined and determined by who is buying the property. For one, luxury for me could be buying a place closer to my work place which might / might not be in the best area of the city. Yet, location is like the cherry on the pie, the more coveted the area, the higher will be the statement of ownership and pride. However, there are two sides of the coin which would define luxury in terms of location.

1) Owning a big traditional house in the countryside is not a luxury.

2) Even though the project is constructed in a prime location, it is not luxury if I do not have access to all the amenities and facilities which are necessary for me to lead a comfortable lifestyle.

 

Amenities

Facilities such as gym, spa, rooftop pool, party area, business centre etc. add more luxe statement to a property or project. Many real estate developers are offering a personal gym in your apartment itself as well.

It comprises of all the advanced equipment and machines with surround sound arrangement alongside a large screen television set to make your gym a style statement.

 

Space

The very basic thing in building a luxury apartment, bungalow or project is the space. Spacious properties make room for all the cutting-edge technologies and amenities that add to the luxury statement.

Buying such a property in metropolitan cities with an area of around 3000 sq. ft. might easily cost somewhere in between ₹10 to ₹40 crore or above.

 

Surrounding

While narrowing down a location for luxury properties, luxury home developers should focus on the neighbourhood as well. People buying luxury homes would like to have an elite and limited neighbourhood to avoid any disturbance.

This is the reason why most of the luxury property developers are constructing a single unit per floor to maintain the privacy quotient.

 

Trailblazer

Right from decorating the home, loading the kitchen with automated and state-of-the-art machines to fully loaded entertainment zones and top-class amenities, being a trendsetter and a first mover always pays well.

It’s not that the regular projects are barred of such amenities the difference lies in the quality and price. A pool in a mid-ranged project and one in a luxury property will never be the same. The charm of a luxury project will never fade out.

 

Master Bedroom

Another attraction of a luxe unit is its master bedroom that speaks nothing but luxury and comfort. King-size bed, Automated gadgets, expensive and exclusive wardrobes for designer clothes, well-lit closets for accessories and footwear, seating area in abundance, an attached balcony with a picturesque view, king-size bathroom with Italian flooring and jacuzzi bath and ceiling to floor mirrors are some of the attractions of a luxe master bedroom.

The Amaryllis – 40 Acres of Luxury Living in Central Delhi. Being developed in various phases, with the first phase to be delivered in 2020, The Amaryllis would be the most iconic address and the most sought after location in Delhi.

The Amaryllis is located in Central Delhi and is only 3.9 km from Connaught Place, 4.9 Kms from Rashtrapati Bhawan and 5.9 Kms from India Gate. With mesmerizing views of entire Delhi including Central and Lutyen’s Delhi, The Amaryllis promises to give Delhites an experience like never before. It promises to present to Delhi the concept of Community Living within a Gated Complex with a Lifestyle yet to be experienced by Delhites in the Heart of Delhi.

The Emperius Club at The Amaryllis, coming in approximately around 1 Lakh Sq Ft would be one of the best places for all age groups starting from a toddler to a senior citizen. With facilities and amenities ranging from a Multi-Cuisine Restaurant, Banquet Hall, State-of-the-art Gymnasium, Aerobic Studio, Bakery, Indoor Games including Billiards / Snooker, Table Tennis, Home Theatre, Temperature Controlled Swimming Pool, Olympic Sized Outdoor Swimming Pool, Basket Ball, Squash, Badminton, Lawn Tennis, Yoga Studio, Kid’s Play Areas, Spa, Salon, Library, Coffee Shop, Rock Climbing Wall and many more activities for all the Residents at The Amaryllis.

 

 

Residents at The Amaryllis would enjoy the best of both worlds including one of the best Concierge Service Providers in India – Club Concierge. The concept of concierge, which still seems nascent would be a great advantage to the residents. They would be able to experience and get these concierge services anywhere, anytime and for anything. They can go on to book or plan their vacations, book train/flight tickets or even book hard-to-get event tickets. The residents at The Amaryllis would be able to create and conduct exclusive personalized experiences for themselves and their families.

The Amaryllis would also be having a One Kilometer Skywalk coming on the 20th Floor which would have mesmerizing views of Delhi including Connaught Place, Red Fort, Rashtrapati Bhawan, and the entire Central and Lutyen’s Delhi. Also, the skywalk would be having multiple facilities including Jogging Track, Splash Pools, Gymnasiums, Aerobic Studios, Kids Playing Areas, Skating Rinks, Viewing Galleries, etc.

The Amaryllis has been registered for the IGBC Green Home LEED Certification Program and is being constructed keeping Gold Rating in its perspective. Keeping the future in mind, Unity Group has designed The Amaryllis in a manner that will give a host of facilities to its residents including a Double Height Drop Off Porch, Double Height Entrance Lobbies in every tower, Multi-tier Security System, Optional Locker Facilities in the Basement, Automatic Car Wash, Business Centre, Laundromat and just about all the modern amenities which would make our lives simpler and easier.

 

 

The Apartments at The Amaryllis are being constructed using Post-Tensioned Slabs. PT Slabs offer the thinnest slab type, as concrete is worked to its strengths, mostly being kept in compression. Post-tensioned slabs are high-strength tensioned steel strands to compress the slabs, keeping the majority of the concrete compression. By using this technology, Unity Group has been able to create and construct apartments which do not have any pillars/columns in their span and have the maximum coverage as well as flexibility in designing. Thus, giving the residents a choice of innumerable options for making their dream homes. The Apartments at The Amaryllis are bespoke and give its residents an option for designing their dream homes in the manner desirable to them. Also, a host of independent interior designers are signed up for providing multiple options to its residents and these designers would be offering these options according to the client’s budgets.

Being built as per Seismic Zone 5 Standards, The Amaryllis would be one of the safest buildings in Delhi in terms of Earthquake Resistance.

The Amaryllis also has an iconic twin tower wherein the Interiors are being done by World Leaders in Home Interiors Versace Home and would be housing some of the most influential people of Delhi. This iconic tower is a G+47 Storey Building and is currently one of the highest approved buildings of Delhi.

The Amaryllis has been designed by World-Class Architects which include Benoy from United Kingdom, who have done the Masterplanning of the entire project, GPMA from New Delhi who are the Principal Architects of the Project, UHA from United Kingdom who are working on the facade, clubhouse as well as the Iconic Tower in the project, eConstruct from Dubai who are working on the Structural Aspects of the project, M. Paul Friedberg from USA and Sanju Bose from New Delhi for Landscaping, LDP from Australia for Lighting Design, MahaVastu for Vastu Consultancy, Renu Robin Design from Delhi, Faquih & Associates from Mumbai and Seetu Kohli Homes from Delhi for Interior Designing.

The Apartments at The Amaryllis come in 2, 3, 4 & 5 BHK Options and are being sold at a very reasonable costing from 1.85 Crs to around 9.05 Crs.

The Amaryllis is being developed by Unity Group.
Unity Group started in 1996 with a vision of creating transparency in Real Estate. In the process, Unity Group has been changing the skyline of Delhi. Now, with more than 10 Million Sq Ft of Commercial, Retail, Hospitality and Institutional Spaces delivered to satisfied customers, Unity Group has moved in the Residential Spaces with The Amaryllis being developed in Central Delhi.

Unity Group believes in transparent dealings, timely deliveries and epitomizing customer delight. Unity Group is a Zero Litigation Company and believes in delivering whatever they have promised and ensuring customer satisfaction to the optimum.
Presently, Unity Group is working on more than 20 Million Sq Ft of Real Estate in Delhi including The Amaryllis in Central Delhi; Vegas Mall in Dwarka and Unity Medical Research Institute in Pitampura. Also, Unity Group has recently delivered two multi-level car parking with retail development projects in collaboration with DMRC – Unity One, Janakpuri & Unity One, Rohini.