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In the short word- If you are going for a lease period less than 12 months notarized could work just fine otherwise make sure to sign the registered rent agreement. Remember notarized rental deed isn’t a replacement for a registered deed. It is advisable to get the agreement registered to be entitled to a legal remedy in case of any dispute. Registration creates a legally enforceable right.
A rent agreement is a legal contract signed between the property owner and tenant, this mentions all the details about the property like dimension, address, etc as well as details of owner and tenant. It includes terms like rent amount, maintenance, the period of the agreement, annual increase, electricity and water charges, the penalty for delays in rent, etc.
Accordingly section 17 of registration act 1908
in a layman’s term if the owner has leased the property for more than 12 months or has collected rent including security deposits for 12 months must be registered otherwise any lease agreement(Unregistered) wont be valid as evidence in court.
Process for Rental Agreement:
Period | Stamp Duty |
---|---|
Less than 5 years | 2% of 12 month avg. rent (A security deposit of Rs 100 will also need to be paid.) |
5-10 years | 3% of 12 month avg. rent |
10-20 years | 6% of 12 month avg. rent |
Besides the above stamp duty costs, Rs 1,100 also need to be paid towards registration charges.
Stamp Duty Calculator: https://eval.delhigovt.nic.in/
Related links: https://doris.delhigovt.nic.in/menu.aspx
The landlord is required to present the following documents for registration:
The tenant, on the other hand, is needed to present the following documents:
Delhi has moved from conventional stamp papers to an e-stamping system operated by Stock Holding Corporation of India Limited (SHCIL). The e-stamped agreement papers can be procured from the e-stamping vendors and the draft can then be printed on these papers.
Once it is done, you can visit the Sub-registrar office respective to your district and register the deed paying the registration fee through demand draft. You can locate the address below-
ref: makaan.com