Rent agreement in Lucknow

[ecis2016.org] If you are planning to rent out your property or get a home on rent in Lucknow, you must get your rent agreement in Lucknow prepared once the deal is finalised. Here is how to do it

Lucknow is a multi-cultural, heritage city of north India and the capital city of Uttar Pradesh. It is famous for its art and Mughlai cuisine. There are several manufacturing industries present in Lucknow and it is also witnessing growth in the IT, education and research and development sectors. A large number of dwellers move to Lucknow every year, in search of jobs and income. This consistently creates demand for rental housing in Lucknow. The residential rental market in Lucknow is quite mature and witnessing consistent growth. However, rental disputes are still prevalent like in any other place in the country. One of the key reasons for rental conflicts, is the lack of agreement papers. In most cases, people get into a rental dispute when there is no agreement between the landlord and the tenant. Wrong or faulty rent agreement in Lucknow can also give rise to dispute and so, you should be aware of the exact process for creating a contract.

You are reading: Rent agreement in Lucknow

[ecis2016.org] Know all about rent receipt

What is a rent agreement?

Rent agreement is a document that contains the terms and conditions that apply to the landlord and the tenant, during the period of occupancy of the property. The rent agreement rules may vary from state to state. So, it is crucial to understand the process before finalising the rental deal.

[ecis2016.org] All about HRA calculation & HRA exemption  

What is the process of making a rent agreement in Lucknow?

There are two ways to create the rent agreement, namely, online and offline. The steps for creating a rent agreement in Lucknow are as mentioned below:

• Both the parties, i.e., the landlord and the tenant, should discuss the terms and conditions and mutually agree to it.
• The agreement should contain points, such as the rent amount, maintenance charges, security deposit, notice period, occupancy period, etc.
• Print the agreed terms and conditions on an agreement paper with adequate stamp duty.
• Both the parties should read the printed agreement paper again to avoid mistakes and errors.
• If both the parties are satisfied after verification, they should sign the agreement in the presence of two witnesses.
• It is advisable to get the agreement registered at the local sub-registrar’s office (SRO).

[ecis2016.org] Know about Section 80GG

Is rent agreement mandatory in Lucknow?

Rent agreement can play an essential role in resolving conflicts between the landlord and the tenant. In Lucknow, usually, people make a rent agreement for a period of up to 11 months. It is mandatory to register a rent agreement, if the period of the agreement exceeds 12 months. People often prefer a rent agreement for 11 months to avoid paying stamp duty and registration charges. If required and agreed upon by both parties, the 11-month agreement can be renewed at the end of the tenure.

You can use the rent agreement creation facility available on ecis2016.org, to complete the steps mentioned above. Making a rent agreement online in Lucknow is quick and hassle-free.

Read also : Raj Nagar Extension Real Estate: An Overview

[ecis2016.org] Know process to pay Lucknow house tax

Is it mandatory to register a rent agreement?

Once the agreement gets registered, its content cannot be altered and the parties to the agreement cannot deny it. A registered rent agreement protects the interests of both, the landlord and the tenant, against all kinds of wrongdoings and legal complications.

A registered rent agreement can be produced before the court as a legal document in a dispute.

It is not mandatory to register the rent agreement where the tenure of the agreement is less than 12 months. However, to ensure a legally enforceable right, you should prefer to register the rent agreement.

The Uttar Pradesh Regulation of Urban Premises Tenancy (Second) Ordinance (UPRUPT Ordinance), 2021, stipulates that within two months of start of the lease, the rent agreement should be disclosed to the rent authority. Under the same law, it would be mandatory to register all rental contracts.

How to register a rent agreement in UP?

The process to register the rent agreement in Lucknow is as mentioned below:

• Get the written/printed agreement paper ready.
• Visit the local SRO to get the agreement registered.
• Do not forget to take the essential documents like ID proof, address proof, etc., of both the parties.
• Two witnesses are required at the time of registration of the agreement.
• If either or both the parties are not present at the time of registration, their power of attorney-holder can execute the registration.

[ecis2016.org] Rent agreement in Noida

Documents required for registration of rent agreement in Lucknow

The documents that you may require for registration of rent agreement in Lucknow are:

• Original/copy of deed as ownership proof.
• Copy of passport, Aadhaar, driving license, etc.
• Tax receipt or Index II.
• Two passport-size photographs of both the parties.
• Copy of PAN card or Aadhaar card.
• Rent agreement printed on a stamp paper of adequate value.

Benefits of making an online rent agreement in Lucknow

The offline rent agreement process is time consuming. Traffic congestion is a frequent problem in Lucknow city. So, it may take you a whole day, if you opt for an offline creation of a rent agreement. On the other hand, using the rent agreement online in Lucknow service, you can save time and complete the entire process while sitting at home.

What is the cost of rent agreement registration in Lucknow?

Normally, rent agreement in Lucknow cost includes the stamp duty charges, registration fee and the payment towards legal advisory.

Read also : SC asks Waqf Board to show signed documents of Shah Jahan on Taj Mahal

In Lucknow, you have to pay the stamp duty and get the e-stamped paper. Once you get the e-stamp paper, then, print the agreement’s terms and conditions on it. You can pay the e-stamp duty through the nearest designated branch of Stock Holding Corporation of India Limited (SHCIL) or the designated banks. The stamp duty applicable on the rent agreement in Lucknow is as mentioned below:

• For rent agreement of less than 12 months: 2% of the total annual rent.
• For rent agreement of over one year and up to five years: 2% of the total rent in the first three years.

The registration fee in Uttar Pradesh is 2% of the average annual rent.

If you have hired a legal expert for making the rent agreement in Lucknow, you have to pay legal fees additional to the above-mentioned charges.

Online rent agreement facility by ecis2016.org

ecis2016.org provides a platform for making rent agreements online in Lucknow. After completing the process, the rent agreement online in Lucknow is prepared and mailed to both, the landlord and the tenant. You do not need to go out of your home and you can complete the entire process yourself from home. ecis2016.org provides a contact-less, convenient and low-cost service to prepare rent agreements online in Lucknow. ecis2016.org is currently offering this facility to 250+ cities in India.

Points to keep in mind when making a rent agreement

If you make any mistake in the rent agreement, it may no longer be helpful to you. So, here are some more points that you should keep in mind, while making a rent agreement:

• UPRUPT Ordinance 2021 has proposed a ceiling on the rise in rent by 5% every year.
• The landlord can include a point in agreement that allows them to increase the rent every year, legally.
• Tenants are entitled to receive rent receipts for payment of rents.
• The landlord and tenant both, should ensure that the notice period is mentioned in the agreement
• Details of all the fittings and fixtures provided by the landlord in the property should be mentioned in the agreement.

Rent agreement in Lucknow important factors

Ṃentioned are important points that you should not miss out on while creating a rent agreement in Lucknow :

• Sometimes, while the landlord allows the occupancy of the home, he may not provide a parking space. If you need a parking space along with the apartment, it should be explicitly mentioned in the agreement to avoid a dispute in the future.
• The landlord may not permit you to keep a pet in the apartment. If you want to keep a pet, discuss it in advance with the landlord and include this point in the agreement.
• Include the points related to renovations, if you want to make some changes in the apartment.

The wordings of the rent agreement in Lucknow should be carefully drafted, to avoid ambiguity and confusion. It should mention the responsibilities and duties of both parties.

Check out properties for rent in Lucknow

FAQs

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle