A lease term of more than 11 months should be required to be registered in order to make it enforceable under the India Registration Act. In order to avoid these formalities, agreements are concluded for a period of 11 months and are renewed in accordance with the mutual consensus of the parties concerned. The notarized lease is concluded under the direction of a „public official“ or a „notary“ who authenticates the document. For a property, a notarized lease is entered into by the tenant or landlord. Online registered rental contract – In the case of an online registered agreement, you will find the document number at the bottom of the pages and also on the receipt. Look at the image below, it is mentioned that „registered as document no.4272/2017 at Joint S.R. Haveli 25 on 16/04/2017,“ so the rental contract is the registration number „HVL25/4272/2017“ (office name/document number/year of registration). No no. In India, it is not mandatory to certify an overly notarized lease. The lease form related to notarized certification is non-binding and is usually made for mutual understanding. They can be easily printed on stamp paper and shown to the official, he only has to check and confirm. In India, the deposit or advance is also paid by the tenant to the landlord who must be reimbursed at the time of termination of the contract. As a general rule, it is charged anywhere from 2 or 3 months to 10 months of rent.
The security deposits are made at the time of signing the contract. But all of these conditions should be mentioned in the agreement. The tenancy agreement should include the name and address of the landlord and tenant, the terms of the tenancy, the duration of the lease, the rent and the amount of the deposit, the restrictions imposed on both parties, the terms of termination of the contract, the terms of renewal and the indication of other costs, such as maintenance costs, repairs, etc. 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. The notarized lease format generally has 12 clauses that are established by the Maharashtra government under the Maharashtra Rent Control Act in 1999. The terms of the lease must be properly documented. The lease or lease agreement must be established in a certain format, in accordance with certain conventions and laws. Rather, it is an agreement followed by landowners to seal leases for only 11 months, in order to avoid the registration of the agreement with the relevant local authorities.
The rental or rental agreement is written on a stamp paper. There are 2 types of rentals in India, one is a lease that lasts at least 12 months. This is governed by the rent control laws enacted by the state government. The other type is a rental and licensing agreement of up to 11 months, which is not covered by rent control laws. 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.