Number of occupants: The agreement must indicate what happens if your family members come to see you in the future. The bill also stipulates that tenants staying in a rental unit, as mentioned in the agreement, will be required to pay double the rent for the first two months and four times the rent in the following months. See also: The main clauses of any lease You must pay a stamp duty while registering the lease which will vary depending on the city in which it is registered. This amount will be paid using the stamp paper you owe the government. In Delhi, stamp duty must be paid for 2% of the average annual rent and for leases of up to five years. In Noida, you have to pay 2% of the annual rent as a stamp duty, for leases of up to 11 months. Caution and amount of chips: The contract must clearly state the deposit and what happens to it when you leave the premises. It should also mention the symbolic amount that the owner received from you. From a horde of MNCs to ancient temples, Chennai has it all. It is therefore not surprising that a large number of educated people relocate to cities such as Chennai and Coimbatore mainly for jobs, which has increased the demand for rental properties.
Which brings us to the point of this article, how do you make a lease in the cities of Tamil Nadu? Repairs: The agreement must mention who bears the costs associated with wear and tear. Note here that notarized certified rentals are not identical to registered documents. In the event of a dispute between the landlord and the tenant, the court will not accept a notarized agreement as proof. It is therefore important to register the rental agreement correctly. Typically, for leases for less than 11 months, twenty rupees of stamp papers are used. Over 11 months, it depends on the amount of the annual rent plus the deposit. 1% of the total amount is stamp duty. Maintenance: The contract must clearly state who must pay the monthly maintenance fee. Visitors: The agreement must contain a clause on who can visit you and when. Until a lease is registered at the shelter, it has no validity.
It is in favour of both parties to draw up an agreement with certain conditions and to register it. After the lease is written, the owner should print it on stamp paper. As soon as the tenant and landlord sign the documents in the presence of two witnesses, they must report them to the sub-registry service after payment of the necessary fees.