Our representative will verify the identity of the landlord and tenant with Aadhaar`s number with 2 witnesses. Once the audit is complete, you will receive your registered contract within 3 business days. In Maharashtra, holiday and licensing contracts must be stamped with a flat rate of 0.25 per cent of the total rent for this period. If a non-refundable bond is also paid to the lessor, stamp duty will be levied at the same rate on these non-refundable bonds. States could soon begin enforcing the provisions of the 2019 Model Rent Act, as the center aims to give the policy a more restrictive meaning by transposing it into law. The project was made available to the public and policy proposals were submitted by October 31, 2020. After this period, the model policy could be the vision document on which states will submit their own rent laws. If this happens, Maharashtra`s rental market will also undergo significant changes. The move will unlock a large number of units in the rental segment.
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. However, for Maharashtra, the law has been strengthened and, in accordance with section 55 of the Maharashtra Rent Control Act 1999, any lease or leave and licence agreement must be written and the same must be registered in a mandatory manner, regardless of the length of the lease. 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. Therefore, unless otherwise required by national law, any leave and licence contract must be registered for a period of 12 months or more. 10% x Refund Caution x Number of Contract Years – C It is the landlord`s responsibility to register the lease, otherwise the lessor may have to pay a fine of 5,000 people and expect a prison sentence of up to three months. If the leave and licence contract is not registered and there is a dispute between the lessor and the tenant, the contractual terms invoked by the tenant are considered to be the actual and correct conditions under which the property was granted to the tenancy, unless there is evidence to the contrary. If you. B enter into a leave and licence contract for 24 months, with a monthly rent of Rs 25,000 and a refundable deposit of five Lakhs, you must pay a stamp duty of Rs 1,750 (with 0.25% on the rental of Rs six Lakhs for two years and Rs a Lakh for two years).