To register a rental agreement in Chennai, you must purchase the stamp of the desired value according to the prices above. Gone are the days when you had to buy traditional stamp papers from the notary. Now you can buy stamped papers with any value from some suppliers. Typically, 20 rupees of stamps are used for leases less than 11 months old. Over 11 months, it depends on the amount of the annual rent plus the deposit. 1% of the total amount is stamp duty. Number of inmates: The agreement must indicate what will happen if your family members visit them in the future. Late payment penalty – In most cases, landlords can penalize late rents. The details of these sanctions must be clearly explained.
Click here to check the format of a rental agreement in English. The registration of a lease in Chennai is very important to be more secure, as unregistered rental projects cannot be used as evidence in court. No, it is not mandatory to certify a lease in Chennai that is too notarized. Although you can use stamp papers after six months of purchase, it is best to return unused documents to the collector within six months and refund. The use of old stamp papers is not a good idea. Leases of one year or more must be registered. For contracts of less than one year, only stamp duty applies, while registration is not mandatory. Under the provisions of the 2019 Standard Rent Bill, landlords cannot apply a pre-fixed rent increase for the entire period for which a tenancy agreement was signed. For example, when the lease expires after 11 months, the lessor cannot increase the monthly rent during that period. It is only at the expiry of this period and the date of registration of the new lease that the lessor is legally entitled to proceed with an increase in the rate that does not generally exceed 10% of the existing amount. In addition, the landlord must give the tenant three months` notice before increasing the rent under the bill.
Stamp duty is the levy of the state on various real estate transactions.