Owners usually keep the original copy of the lease, but you still need to keep a copy. The registration fee for a rental contract in Maharashtra, depends on the location of the rental. The registration fee is Rs 1,000 if the property is below an urban corporate area and it is 500 aff. if this is the case in a rural area. In the absence of a contrary agreement, the tenant bears the costs of stamp duty and registration. 10% x Refund Caution x Number of Contract Years – C This format also specifies what the tenant should expect and the deductions to which they should be prepared in the event of a late payment. Sinha adds: “The licensee must be careful when exchanging the empty property of the premises only in exchange for the deposit. If he hands over the goods in good faith without receiving bail, the recovery of the deposit can be a long way for him. The basic framework for stamp duty is defined in the Indian Stamp Act of 1899, which allows states to change the same rules according to their needs. As a result, the Maharashtra government passed the Bombay Stamp Act in 1958. The payment of stamp duty on leave and licensing agreements are covered by Section 36A of the Bombay Stamp Act of 1958. It is worth mentioning when and how the contract can be renewed, what the rent will be at the time of renewal, whether there are provisions for renegotiated rents and so on. Even in cities like Mumbai, in the initial agreement, real estate agents put in clauses regarding the payment of brokers at the time of renewal. Discuss this clause and find out in advance how much of the brokerage will be for the extension and who will pay for it.
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. Mriganshi This writes: “I was flat hunting and I found a place in Chandivali, Mumbai. I liked the house and I agreed to pay 16,000 as monthly rent and Rs 50,000 on bail. I had also asked the owner to provide me with a new refrigerator and to keep it ready until I moved in.