Mumbai, the commercial capital of India, is a booming economic hub of the world. With all international companies having their branches in this city and people visiting the city for studies, tourism, job, and healthcare, Mumbai is fast emerging as the must visit place in every traveler’s bucket list.
One of the latest trend observed in the real estate scenario of this region is the emergence of short term rental facilities. This facility is usually provided by service apartments and vacation homes where businessmen, tourists, students and job seekers get to stay for a few days or weeks with all the facilities of a normal home. Lot of home owners in Mumbai are renting out their residences for short term rental as it provides numerous benefits
· It provides an extra income without any burden
· You do not have to take the responsibility of maintaining the house as it is usually done by the short-term rental agency.
· Rent collection is easier as the finance is managed by the rental agency.
· All formalities with respect to renting out is taken care of by the rental agency thereby reducing your burden.
Since short term rental business in Mumbai is still in its nascent stage, there is no hard and fast regulation governing the same. Just like long term rental, the property owner must obtain permission from the respective society where the house belongs.
Apart from an NOC, the property owner needs to register for the C Form. For Mumbai and some other cities in India, C Form must be updated online on check in and check out of each foreign guest. The registration form for the C Form User Id/Password activation is available online, once the form is duly filled it should be submitted at your nearest Foreigners Regional Registration Office (FRRO) along with necessary documents. Once the User ID and Password for C Form is activated, procedure for updating the form is online.
The activation of the User ID and Password must be done by the property owner or their relative as per the FRRO rules, but help is at hand as all the above legal formalities are taken care of by the short term rental company.
If you are looking for ways to supplement your income and gain new experience in life, then short term rental in Mumbai is the right choice.