Rental Agreement Mumbai Cost

To register the contract, you will need some basic documents from the tenant, landlord and witnesses, such as a passport-sized photo. B, a photocopy of proof of identity (for example. B PAN card) and the electricity bill or real estate document such as index II or receipt of taxes from the property that is rented. Speaking of development, Omprakash Deshmukh, Comptroller General of Registration, “For the registration of leave and the licensing agreement, citizens must visit the under-registration office or go to another approved provider. To save citizens time and money in this process, we have taken the new initiative.¬†Each year, four to five Lakh leases are registered in the state. But as a general rule, citizens tend to avoid the time-saving registration process and save money. As a result, the state government has to bear revenue losses. To avoid this, the financial service submitted the mobile filing of a contract proposal. The basic framework for stamp duty is defined in the Indian Stamp Act of 1899, which allows states to change the same rules according to their needs.

As a result, the Maharashtra government passed the Bombay Stamp Act in 1958. The payment of stamp duty on leave and licensing agreements are covered by Section 36A of the Bombay Stamp Act of 1958. Currently, the tenant or landlord must pay a stamp duty of 0.25 per cent and a registration fee of Rs 1000 for a property in an urban area. The cost for rural space, Rs 500 is the cost. Apart from these fees, the tenant or landlord does not need to pay any other fees for the process of submitting the agreement. Section 52 of The Indian Easements Act, 1882, defines vacation and licensing agreements. This section states: “If a person grants another person or a number of other persons the right to do or continue to do, on or on the land of the funder, something that, in the absence of such a right, would be unlawful and such a right does not constitute relief or interest in the property.” The stamp duty rate for holiday and licensing contracts is the same for residential buildings and commercial premises. The leave and licence contract can be executed for up to 60 months.

Under Section 17 of the Indian Registration Act, which applies to all of India, any real estate lease agreement must be registered from year to year or for a period of more than one year.