The registered agreement can be concluded for a period of 60 months. It is therefore advantageous, in terms of costs and time, for parties to choose a longer term. To understand this, we need to divide costs into three parts, for example. B government stamp duty, government registration fees and fees for service providers. If the parties choose a longer period, there will be an increase in the purely public stamp duty. For example, suppose that if an agreement is reached for 11 months and the state stamp duty is equal to Rs. 300 government registration fees are rs. 1000 – the service providers` fee is Rs. 1500, the total cost is 2800. Now, the same agreement can be made for 22 months and the total cost of the Rs. 3100 Ideally, the following licensing conditions should never be omitted from your contract – Mumbai seen by many as the city of dreams, is a place that perfectly connects history and contemporary time.
Every year, millions of people flock to this beautiful city in search of opportunities and, as a result, the demand for rental properties is booming. Despite the increased demand for rental space, the city has managed to welcome migrants thanks to the boom in the real estate market. If you are like everyone who has moved to Mumbai and are considering moving into a rented house, know here what you need to know about renting in Mumbai and nearby cities. Many licensees mistakenly believe that signing a leave and licensing contract is sufficient to give them legal protection. Some others receive the agreement attested by a notary. From a legal point of view, that is not enough. It is imperative to register a leave and licence contract (section 17 of the Registration Act, 1908). The contract must be registered with the Sub-Repertory Office.
The signatures of two witnesses are required for the registration of the agreement. It is the licensee`s responsibility to register the holiday and licensing contract with the government; In addition to the risk of pushing the premises into litigation, the non-registration of a leave and licence contract also makes the licensee liable for a fine or imprisonment. The registration fee to be paid in case of leave and licensing agreement is Rs.