@sohail103 : No regulatory body required. Is there any regulatory body to increase the rent ? It is the demand so they increased. I still see the big real estate company advertised 8k on February , No Tenant. On march they reduced to 7.5K ,received 3 tenant out of 48 flat , until now only 9 tenants they received. Imagine if they had offered 6.5 k initially , it would have been filled. Now its a great loss for them as no tenant for 3 months but still they are not ready to reduce the rent.
@sohail103 : No regulatory body required. Is there any regulatory body to increase the rent ? It is the demand so they increased. I still see the big real estate company advertised 8k on February , No Tenant. On march they reduced to 7.5K ,received 3 tenant out of 48 flat , until now only 9 tenants they received. Imagine if they had offered 6.5 k initially , it would have been filled. Now its a great loss for them as no tenant for 3 months but still they are not ready to reduce the rent.