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. To enter into an online lease for Calcutta or the rest of West Bengal, follow these steps – in Article 35, — „a) where this rent is set and no premium is paid or delivered – (i) if the lease claims to be for a term of no more than one year; (ii) if the lease is longer than one year and does not exceed ten years; (iii) where the lease is for more than ten years and does not exceed thirty years; (iv) where the lease provides for a term of more than thirty years and an extension of the term. (b) where such a lease is awarded for a fine or bonus, advanced money or advanced security costs, and if no rent is reserved, (i) if the lease claims to have a term of no more than thirty years; (ii) where the lease is for more than thirty years and for a period of renewal or duration, or if no clause is mentioned. (c) where such a lease is awarded for a fine or bonus, for advanced money or advanced development costs „, or for advanced security costs in addition to the rent booked – (i) if the lease claims to be for a period of no more than thirty years; (ii) where the lease is for more than thirty years and for a period of renewal or duration, or if no clause is mentioned. [the term „or for advanced security costs“ in section 35, section 35, points b) and (c) refers only to security charges or non-refundable deposits.] (There are other clauses and explanations. The Registration Act of 1908 requires the registration of a lease if the tenancy period is more than 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.
In order to promote rentals in India, the government has drafted a draft directive, the Model Tenancy Act, 2020, to make the transaction advantageous to both landlords and tenants. The provisions of this model policy should be the guiding principles for the development of a lease agreement. According to the union secretary, the policy, which will likely soon replace existing rental housing laws across India, will unlock via a Crore apartment on rental markets in India.