HYDERABAD: The real estate sector is not always about business and money as a lot of decisions are based on an individual’s personal choice, beliefs and customs. A decision to move into a new house or an apartment is a major one, and people take a lot of things into account which do not necessarily involve money.
While some have belief in Vastu, some are suspicious of evil spirits while some others are wary of moving into a second-hand homes where a death has taken place even in a prime location.
In rental homes, the tenant-owner relationship is crucial as many owners are very particular about the kind of people renting their premises. They want a good tenant, not just handsome rent.
“Even though I have given my flat for rent, it’s still very close to my heart since I had purchased it with my hard-earned money during the days of my struggling. So, naturally, I want honest people as my tenants even if they pay a little less than the market value,” says G Omkarnath, a businessman who has given his flat in Anand Nagar on rent.
According to realtors, around 40 per cent of the home-owners are willing to let their flats out on modest rent to good-natured tenants. “Indians are highly possessive and sentimental about their property and do not want to do business with it. Even in prime areas such as Banjara Hills, Himayatnagar, Panjagutta, Somajiguda and Begumpet, people do not mind forgoing a few thousand rupees a month just to have good tenants.
For instance, if the market rental value of an apartment is `18,000, many owners are willing to let out the premises for `15,000 if the tenant is trustworthy, says K Hari Babu, a realtor.
Tenants too prefer to maintain a healthy relationship with their house-owners. “When I lived in Nagpur, I had a very bitter relationship with my house-owner even though I paid my rent on time. He lived next door and he laid down too many restrictions, leading to a lot of arguments between us. However, after moving to Hyderabad, I have been fortunate to have got owners who have been extremely accommodating,” says Sumit Agarwal, who works at a pharmaceutical company.
“I feel the owner-tenant relationship is extremely important as it is built on trust. Today, even though I’m staying as a tenant, I feel that this is my home because of the freedom the owners have given me. We interact and meet regularly on a personal basis and both our families have got to know each other. I feel trust is more valuable than money,” Sumit adds.