Lease Deed Registration in Delhi
A Lease Deed or a Lease Agreement may be simply said to be a contract whereby the lessee (tenant) agrees to pay to the lessor (landlord) a periodic rent for use of his immoveable property.
According to Section 105 of the Transfer of Property Act, 1872, a lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.
The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent.
A lease of an immovable property for a term of more than one year has to be compulsorily registered in the Sub-Registrar office.
A lease deed has to be executed by both the lessor and the lessee and witnessed by at least two witnesses.
Important points to note in relation to registration of Lease Agreement / Lease Deed in Delhi are :
1. Stamp duty is payable @ 2% of the average annual rent in the case of lease agreements for a term upto 5 years and @ 3% of the average annual rent in case of lease agreements for a term greater than 5 years, but upto 10 years.
2. Registration fee is payable @ Rs.1,100/- through a Bank Pay order.
3. Both the Lessor / Landlord(s) and Lessee / Tenant(s) have to present themselves before the Sub Registrar for the execution and registration of the Lease Agreement alongwith their two passport size photographs and identification documents i.e. Aadhar Card .
4. The Presence of two witnesses alongwith identification documents i.e. Aadhar Card is also required in the Sub Registrar Office for the Registration of Lease Deed / Lease Agreement.
We provide services for Drafting & registration of Lease Deed / Lease Agreement all over Delhi.
To get your Lease agreement registered, you may contact us at +91-8800418408.