To register the contract, you will need some basic documents from the tenant, landlord and witnesses, such as a passport-sized photo. B, a photocopy of proof of identity (for example. B PAN card) and the electricity bill or real estate document such as index II or receipt of taxes from the property that is rented. Section 52 of The Indian Easements Act, 1882, defines vacation and licensing agreements. This section states: “If a person grants another person or a number of other persons the right to do or continue to do something on or on the land of the funder who, in the absence of such a right, would be unlawful and such a right does not constitute relief or interest in the property, the right is qualified as a licence.” Pre-rent for the period/non-refundable deposit – B In Maharashtra, leave and licensing contracts are required, with a flat rate of 0.25 per cent of the total rent for the period. If a non-refundable bond is also paid to the lessor, stamp duty will be levied at the same rate on these non-refundable bonds. 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. 10% x Refund Caution x Number of Contract Years – C It is the landlord`s responsibility to register the lease, otherwise the lessor may have to pay a fine of 5,000 people and expect a prison sentence of up to three months. If the leave and licence contract is not registered and there is a dispute between the lessor and the tenant, the contractual terms invoked by the tenant are considered to be the actual and correct conditions under which the property was granted to the tenancy, unless there is evidence to the contrary. States could soon begin enforcing the provisions of the 2019 Model Rent Act, as the center aims to give the policy a more restrictive meaning by transposing it into law.
The project was made available to the public and policy proposals were submitted by October 31, 2020. After this period, the model policy could be the vision document on which states will submit their own rent laws. If this happens, Maharashtra`s rental market will also undergo significant changes. The move will unlock a large number of units in the rental segment.