However, if a tenancy agreement is 11 months or less, a tenant is not required to register the document. Indeed, a tenancy agreement of a minimum amount of 12 months is subject to the laws on rent control, a lease is not 11 months. In such cases, however, the tenant would have to buy stamp papers worth 2% of the annual rent – which would amount to 2,200 billion euros if we consider that the monthly rent is 10 trillion. The Registration Act 1908 makes registration mandatory within four months of the date of its execution. The Clerk may, at his sole discretion, issue an extension of an additional four months by imposing a penalty equal to ten times the registration fee, since this is not available in the first four months. Leases can be registered after the tenant arrives, but they should not be deferred. The agreement can be registered either online or physically safe from Gujarat. To create a lease with LegalDesk, enter your data into our customizable and legal prefabricated rental agreement, which you can access by clicking on the button below. Enter the details of all the participants and the details of the rental property. Check and print the Softcopy prepared on the buffer paper, or you can allow us to print the document on stamp paper and deliver it to you.
If a property is rented for 24 months with a monthly rent of Rs20,000 for the first 12 months and 22,000 Rs. per month for the next 12 months. The registration fee of this agreement would be: 2% of the average rent for 12 months: Rs5.040, (average monthly rent is Rs21,000, average annual rent is 21000 – 12 and 2% is Rs5,040). legaldesk.com/documents/rental-agreement/up-noida. In addition to the mandatory requirement that a lease be registered, it is also an important aspect in an owner-tenant relationship. Not only does it facilitate relations between the parties, but it also preserves their interests. The landlord and tenant must never compromise on an oral contract, since it is not protected by law, and must therefore always rely on the application of a written agreement. Residents` charities welcomed the move, but said the one-month deadline was too short.
“This is a good step for the administration, but the registration period for the stamp section should be increased to at least three months. There are a lot of people who have given their properties for rent, but who live in other cities, so it may be a while before people sign up.