Rental Agreement In Mumbai, Pune And The Rest Of Maharashtra
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Mumbai is to India what New York is to the U.S. What happens within the heart of Mumbai is reverberated to the entire country in a fashion, where its never-fading glimmer promises scores of people, stuff to dream of. With its massive influx of people from all over India and varied age groups, Mumbai has took to meeting demands by growing vertically rather than expanding by land. Apartments have thus been one of the major contributors to the many number of skyscrapers we now see in Mumbai.
If you’ve just landed in this city or anywhere in Maharashtra looking for a place to reside and are googling over the procedure to create a Rental Agreement, you’ve arrived at the right place for we are here to assist in customizing yours.
Procedure To Create A Rental Agreement In Maharashtra
Mutual oral consent is to be arrived at between the Landlord and Tenant with a brief specification of each other’s demands.
Print the said Rental Agreement and have the Tenant and Landlord sign the Agreement in the presence of two witnesses. Most Rental Agreements today are printed on ordinary papers but the Stamp Duty is nonetheless paid. Through us, you can have the required Rental Agreement delivered to your home while we carry out all the services from drafting your agreement to paying the Stamp Duty.
We will pay the Stamp Duty, register the document and deliver it to your doorstep.
Stamp Duty Requirements
Though Maharashtra now has digitized the whole process by providing the service to create Leave and License Agreement in most of the major cities in Maharashtra like, Mumbai, Mumbai Sub-urban district, Nagpur, Nanded, Pune, Nashik, Aurangabad, Latur, Raigad, and Thane, in many other cities and the ones mentioned here, people still choose to make Rental Agreements or Lease Agreements. Since this process is not yet digitized, one has to print the Rental Agreement and pay the required Stamp Duty through challan.
Points To Remember Before Drafting Rent Agreement
All the issues concerning properties, including rent, lease or mortgage are part of the State List in our Constitution. And hence, the laws governing issues surrounding Rental Agreements will differ from State to State. In Maharashtra, the law Governing Rental Agreements is The Maharashtra Rent Control Act, 1999.
There are some exceptions or property dealings that are not covered in this Act and Rental Agreements to these properties are considered null and void. They include-
Premises belonging to the Government, a local authority, through licence issued by the government or any other relationship created by a grant given by the Government.
Premises let to banks or any Public Sector Undertakings (PSUs) or any Corporation established under any Central or State Act, or foreign missions, international agencies, multinational companies, private limited companies and public limited companies.
Premises used for Public purposes of a charitable nature.
Premises held by a Public Trust for a religious or charitable purpose and let at a nominal or concessional rent.
Some of the Rights and obligations to be followed by the Tenant and Landlord as specified by this Act are-
Landlord shouldn’t neglect to make any repairs, within a reasonable time after a notice of fifteen days is served upon him. Or if the Tenant or group of Tenants should decide to make the repairs themselves they can deduct the same from the monthly rent.
On the direction from the controller, the Tenant can be evicted for making certain repairs and rebuilding. The Tenant is entitled to reoccupy the building after the repairs.
Revision in rent and other charges: An increase of 4% per annum is permitted. Also, increase is allowed when there is an improvement in the premises at the Landlord’s expense and after the written approval. Decrease may also be done if the quality of the premises deteriorates.
Commercial Lease is mostly partnered with businesses/firms, involving huge properties, and multiple parties and because of this reason, it is compulsory to Register the signed Rental Agreement. And once it is out in the public domain and within the purview of the Sub-Registrar Office, it can hold sway in the event of a legal dispute.
In short, the Registration of your Rental Agreement when facing a legal dispute can make or break you!
Make Rental Agreement Online
Rental Agreements may be less prevalent in urban parts of Maharashtra but it still holds dominion in many parts of the State. Now, with our help, the entire process of creating your Rental Agreement is digitized for you can start customizing yours right away by clicking ‘Create Rental Agreement’ below this paragraph. We dearly wish you have a trouble-free customization of your Rental Agreement and hope for you to come back any time you need assistance with creating other legal documents and deeds.