From a horde of MNCs to ancient temples, Chennai has it all. It is therefore not surprising that a large number of educated people relocate to cities such as Chennai and Coimbatore mainly for jobs, which has increased the demand for rental properties. Which brings us to the point of this article, how do you make a lease in the cities of Tamil Nadu? It is very important that a lease be concluded, since the Tamil Nadu government made it mandatory as of February 22, 2019. The new laws stipulate that the competent authorities must register the lease within 90 days. The old Rent Control Act allowed for a derogating from the registration of the tenancy agreement with the public authorities when the duration of the tenancy was less than 11 months or when the monthly rent was less than fifty thousand rupees. However, under the new laws, all rental contracts, regardless of the length of stay and the amount of monthly rent, must be registered. Caution and amount of chips: The contract must clearly state the deposit and what happens to it when you leave the premises. It should also mention the symbolic amount that the owner received from you. In some countries where electronic stamping is available for leases, you don`t need to physically purchase stamp paper. You can register on the website of the Holding Company of India (SHCIL) and verify that the state in which you reside offers this establishment.
Currently, Assam, Gujarat, Himachal Pradesh, Karnataka, Maharashtra, NCR Delhi, Tamil Nadu, Uttarakhand and Uttar Pradesh allow electronic signing of leases. Typically, for leases for less than 11 months, twenty rupees of stamp papers are used. Over 11 months, it depends on the amount of the annual rent plus the deposit. 1% of the total amount is stamp duty. Under the new law, anyone can apply for registration of the lease. The owner of the land, the tenant or even the administrator of the land. This ensures that at least some of the three people are held responsible if no registration has been requested. In order to facilitate the registration of a rental contract, the Tamil Nadu government has opened a new web portal allowing the submission of rental contracts for registration.
Any extension of the lease is also treated as a new application and must be registered on the online portal. A rental agreement protects the lender and the owner. It is observed that in many places, the landlord would ask the tenant to evacuate within a week or less for no good reason. In the event of a lease agreement, both parties are required to notify in advance the evacuation of the premises. Number of occupants: The agreement must indicate what happens if your family members come to see you in the future. The bill also stipulates that tenants staying in a rental unit, as mentioned in the agreement, will be required to pay double the rent for the first two months and four times the rent in the following months. This may seem like a big problem, but you can now use online rental services.