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. In the city of Hyderabad, the rental period is usually 11 months and can be extended later at the end of the 11th month. The tenant must pay the rent and additional costs such as the electricity bill, the water bill depending on the use or as agreed by the tenant and landlord at the time of check-in. In recent years, especially with the IT boom, many MNCs have stood out in the city of Hyderabad and paved the way for new careers, leading countless people to flee to Hyderabad in search of jobs and better opportunities. And this eventually led to a huge demand for rental properties in exchange for leases. The first step in preparing a lease is to discuss the clauses necessary for inclusion. Landlords and tenants can negotiate clauses and decide what goes into the contract.
Once the terms are concluded, an act will be drawn up and verified by both parties. Remember that there are some important clauses like monthly rent, deposit, prohibition period, maintenance fees and some others that just shouldn`t be omitted. Repairs: The agreement must mention who bears the costs associated with wear and tear. In order to reduce costs, tenants and landlords sometimes agree orally on the lease and avoid the execution of a tenancy agreement. At one point, they also document the agreement and set the terms of the lease, but decide not to register the document. This is due to the fact that both parties must pay a registration fee when a lease is entered into and registered. The lessor is also required to declare his rental income as soon as the lease is final. However, entering into a non-registration lease is illegal and could be a risky transaction for both parties, particularly in the event of future litigation. You must pay a stamp duty while you register the rental agreement 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. NotaryKart facilitates the documentation of leases by providing customizable templates and arranging the registration and delivery of the document at your front door.