Rent agreement in Noida

[ecis2016.org] Here is the detailed process to draft an online rent agreement in Noida

New Okhla Industrial Development Area (Noida) is one of the well-planned and fastest-growing cities in the state of Uttar Pradesh. It is also a green city, with a large number of IT companies, high-rise buildings, flyovers, wide expressways and proximity to Delhi, making Noida a great region for residents. In comparison to Delhi, the realty market in Noida is less expensive, across segments. You can get properties that range from affordable to ultra-luxury.

You are reading: Rent agreement in Noida

If you are looking for a residential property on rent in Noida, selecting an attractive home might not be enough. You also need to be completely aware of the rent agreement process. Often, tenancy disputes occur due to a lack of knowledge about the rent agreement process.

What is a rent agreement?

A rent agreement lays down the terms and conditions agreed upon by the tenant and the landlord. The rent agreement process may change, depending on the rules applicable in a particular city or state. So, it becomes crucial to understand the principles associated with the rent agreement, as per the city and state where you propose to rent a property.

What is the process of making a rent agreement?

A rent agreement can be created both, offline and online. Here are the key steps to make a rent agreement in Noida:

• The initial step towards preparing a rent agreement, is to get ‘mutual consent’. Both parties should agree to the terms and conditions.
• The terms and conditions should cover points like security deposits, rent amount, maintenance charges, notice period, rent tenure, etc.
• Print the mutually agreed terms on a stamp paper of due value and read all the points once more, to avoid any discrepancy.
• If all the points are correct and agreed by both the parties, they should sign the agreement in the presence of a minimum of two witnesses.
• Get the deed registered at the local sub-registrar’s office.

Is rent agreement mandatory in Noida?

In line with the Registration Act, 1908, it is obligatory to register the lease agreement when the tenure of the contract is for more than 12 months. The general practice, in Noida, is to make a rent agreement for up to 11 months, to avoid registration. After the lapse of the 11-month term, both parties may decide to renew the agreement.

You can also avail of the facility provided by ecis2016.org for completing the steps mentioned above and make an online agreement that is quick and hassle-free.

Is it mandatory to register a rent agreement?

Read also : 11 facts about stamp duty levied on property purchase

Registration of the rent agreement is not mandatory in Noida, if the rental agreement is for 11 months or lesser tenure. However, it is still prudent to have it registered, to create a legally enforceable right. In a legal dispute, the registered rent agreement can be produced before the court as a legal document.

It would be important to note here that according to Uttar Pradesh Regulation of Urban Premises Tenancy (Second) Ordinance (UPRUPT Ordinance), 2021, the rent agreement should be disclosed to the rent authority within two months of beginning of the lease. Under the same law, it would be mandatory to register all rent agreements. If you want to register the agreement, you have to get it in writing, because oral agreements are not permitted for registration.

[ecis2016.org] Laws related to registration of property transactions in India

How to register rent agreement in Noida?

It is the landlord’s responsibility to get the rent agreement registered as per the Registration Act. Lease agreements can be registered at the local sub-registrar’s office. During the registration process, the landlord and the tenant need to visit the sub-registrar office, along with two witnesses. If either, the owner or the tenant, or both are unable to be present, they can send their power of attorney-holders for signing the agreement at the time of registration.

Documents required for registration of rent agreement in Noida

Here is the list of documents required for rent agreement registration in Noida:

• Ownership proof: You can use the original/copy of the sale/purchase deed.
• Tax receipt: Tax receipt or Index II is required, at the time of registration.
• Address proof of the landlord and tenant: For example, copy of passport, Aadhaar, driving licence, etc.
• Photographs: Two passport-size photos of the landlord and tenant, each.
• Identity proof: Copy of PAN card or Aadhaar card.
• Agreement on paper: Rent agreement printed on stamp paper.

Benefits of online registration of rent agreement in Noida

Offline rent agreement registration is usually a time-consuming process. People living in Noida can now easily access the benefit of online registration on various platforms. The whole process of online registration is quite transparent and easy to understand. It can save both, time and money. There are some well-known companies offering hassle-free online rent agreement services to their customers. You can use their platforms, for services from finding a home on a rent to getting the rent agreement registered.

What is the cost of rent agreement registration in Noida?

The cost of rent agreement registration in Noida includes stamp duty, registration fee, the legal advisory fee (if you hire a legal advisor), etc. In Noida, you have to get the e-stamped agreement paper and print the rental conditions on it. The stamp duty applicable on the rent agreement is as mentioned below:

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

Read also : 10 cities in Maharashtra to be developed on the lines of smart cities

You may need to pay extra charges if you hire a legal expert for creating a rent agreement and for registering it.

Online rent agreement facility by ecis2016.org

ecis2016.org provides a platform to tenants and landlords, for creating online rent agreements. Once the rent agreement is prepared, it is mailed to both parties. The registration process is entirely online. The agreement can be created from home and there is no need to step out of your house. The method is contact-less, hassle-free, convenient and quite cost-effective. Currently, ecis2016.org provides the facility to make online rent agreements in 250+ cities of India.

Points to keep in mind when making a rent agreement

• The landlord is allowed to incorporate a clause in the agreement that stipulates a rise in rent every year. The UPRUPT Ordinance 2021, has proposed a cap on annual increase in rent by 5%.
• The tenant is entitled to receive rent receipts for payment of rents.
• The notice period by both, the landlord and the tenant, should be mentioned in the agreement.
• Details of the fittings and fixtures in the property should be mentioned in the rent agreement.

When creating a rent agreement in Noida, try to cover some more points as mentioned below:

• Provision for parking and provisions related to pets.
• Permission for structural changes, etc.
• Payment mode, i.e., through cheque, online transfer, etc.

Focus on ensuring that the wordings in the agreement are correct and avoid mistakes when making a rent agreement, as it can result in disputes and drag you into a long legal case. Getting into a legal battle can be a long and painful process. So, try to include as many points as possible, in the agreement.

Check out properties for rent in Noida

FAQs

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

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