[ecis2016.org] Here is all you need to know about rent agreement drafting in Ghaziabad
Those who have shifted to Ghaziabad for occupational or academic purposes, would find the NCR city quite easy on their pockets. They will also have a large number of rental housing options to pick from, across ticket-sizes. Since drafting and execution of the rent agreement is a crucial part of tenancy initiation, we will discuss at length the rent agreement process in Ghaziabad.
You are reading: Rent agreement in Ghaziabad
What is a rent agreement?
A rent agreement is a legal document that sets the terms and conditions of the tenancy between the renter and the landlord. It also clearly defines the identity, residential addresses and roles and responsibilities of each party. Since there are monetary repercussions to tenancy, the rent agreement clearly states the amount that the tenant will be liable to pay to the landlord every month (it can also mention the number as an annual aggregate). Since tenancy also involves a deposit of security on the part of the tenant, the rent agreement would mention it, too.
[ecis2016.org] Know all about rent receipt
Stamp duty on rent agreement in Ghaziabad
Those registering the rent agreement in Ghaziabad have to pay a certain percentage of the annual rent as the stamp duty, depending on the tenancy period. If the tenancy period is less than 12 months, it will attract 2% of the annual rent as the stamp duty. If the tenancy period exceeds 12 months and is up to five years, the rent agreement in Ghaziabad will attract a stamp duty of 2% of the total rent in the first three years. The stamp duty amount increases along with the tenancy period.
| Less than 1 year | 2% of the annual rent |
| 1-5 years | 2% of three times the average annual rent |
| 5-10 years | 2% of four times the average annual rent |
| 10-20 years | 2% of five times the average annual rent |
Registration charges on rent agreement in Ghaziabad, UP
Along with the stamp duty, one also has to pay 2% of the average annual rent as the registration charge, for registering rent agreements in Ghaziabad.
[ecis2016.org] Deduction on rent paid under Section 80GG
Online rent agreements in Ghaziabad
Read also : InvITs may help unlock USD 5-7 billion
Landlords and tenants do not have to visit any notaries or stamp vendors, to draft rent agreements in Ghaziabad. Various online portals currently offer facilities using which an online rent agreement can be drafted in Ghaziabad. You can also procure e-stamps to register your rent agreement in Ghaziabad from authorized collection centres approved by the Stock Holding Corporation of India Limited (SHCIL).
Once this is done, the tenant and the landlord have to visit the sub-registrar’s office, along with two witnesses, to register the rent agreement in Ghaziabad.
[ecis2016.org] Know all about tax on rental income
Who has to pay stamp duty and registration charges on rent agreement in Ghaziabad?
In case you have to register the lease/rent deed in Ghaziabad, the responsibility to pay the charges would fall on the lessee, i.e., the tenant.
Online rent agreement facility by ecis2016.org
India’s leading real estate company, ecis2016.org provides tenants and landlords with the option to draft an online rent agreement in Ghaziabad, a facility that not only ends all need for human contact or physical visits to any place but also makes the process hassle-free. ecis2016.org’s contact-less, hassle-free and cost-effective rent agreement facility is available in more than 250 cities of India.
Benefits of online registration of rent agreement in Ghaziabad
There are several benefits of drafting a rent agreement online in Ghaziabad.
- Online rent agreements totally end the requirement to physically draft rent agreements. This saves human effort and the need to hire a legal expert.
- Online rent agreements also provide the tenant and the landlord with a standard rent agreement sample format. They are, however, free to insert as many additional terms and conditions as they like.
- A paperless way to execute rent agreements, online drafting is also hassle-free, apart from being affordable – portals like ecis2016.org charge only a nominal fee for drafting rent agreements and providing online rent facilities.
Read also : Railways green-lights Rs 492.87-crore project, to ease traffic congestion in Bengaluru
[ecis2016.org] All about HRA calculation & HRA exemption
Documents required to register rent agreement in Ghaziabad
The landlord and the tenant will have to submit the following documents, along with the rent agreement draft, to get it registered in Ghaziabad:
- Original and copies of the identity proof of the tenant and the landlord.
- Original and copies of the address proof of the tenant and the landlord (Aadhaar card, voter ID card, driving licence and passport can act as ID card, as well as address proof).
- Demand draft towards registration charges.
- Two passport-size photographs of the landlord and the tenant.
[ecis2016.org] Rent agreement in Noida
- DICDL invites domestic, global firms to set up business in Dholera
- Government approves 30,000 houses on private land under PMAY
- Rental home is the best option for the career starters
- Parliamentary panel questions RBI on failure to take preemptive action against bad loans
- How will GST impact the various segments of Indian real estate?
Important clauses in rent agreements
The rent agreement must be carefully drafted by tenants and landlords, specifying all aspects of the tenancy. This is why rent agreements must cover the following points, to offer clarity to each party about their roles and responsibilities:
- Roles and responsibilities of the tenant and the landlord
- Tenancy period
- Maintenance
- Rent amount
- Security deposit
- Rent revision
- Eviction
- Payment of bills and other charges
- Termination clause
- Renewal criteria
- List of fittings, fixtures
- Registration of agreement
- Restrictions
Is registering a rent agreement mandatory in Ghaziabad?
Registration of tenancy documents has been made mandatory by the Registration Act, 1908, if the tenancy period exceeds 11 months. If the rent agreement is only created for a period of 11 months, the landlord and the tenant are not obliged to get it registered in Ghaziabad. However, it is in their best interest that they get the rent agreement registered at the sub-registrar’s office, irrespective of the tenancy period.
Why is registering rent agreements a wise move?
Unless a document is registered after paying the due charges, it has no legal sanction. This means that if the tenant or the landlord have an issue with each other in future, they will not be able to cite the provisions of an unregistered rent agreement in the court of law. This puts them both in a precarious position.
Check out properties for rent in Ghaziabad
FAQs
Why are rent agreements for 11 months?
Since tenancy that does not exceed 11 months is not required to be registered under the provisions of the Registration Act of 1908, most people draft rent agreements for 11 months, in order to save effort and money. This is a very common practice in the residential rental market in India.
How much security deposit do I have to pay in Ghaziabad?
In most housing markets in the National Capital Region, of which Ghaziabad is a part, landlords ask for one or two months’ rent, as the security deposit. They are, however, liable to return this deposit to the tenant at the end of the tenancy period. Note that they have the right to deduct money from the security deposit to fix any damage to the property.
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Lifestyle
