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Planning to Register your Rent Agreement?
Today in our this Blog we are going to Discuss the Steps which needs to be follow in order to Register the Rent Agreement.
Here are the Steps to follow for Registering the Rent Agreement:
STEP 1: Draft the Rental Agreement stating the details about the Rented Property.
STEP 2: Purchase the Stamp Paper accordingly to the Rent. To know how to calculate the Stamp Duty have a look at this example: We are providing the Example for the Rent Agreement of 11 months.
Now have a look at Example:-
Lets Assume that the Monthly Rent of the Property is Rs. 10,000/- than Multiply it with 12
(10,000 x 12= Rs. 1,20,000)
Now on the amount 1,20,000 there will be the Stamp Duty of 2%, Calculate 2% of 1,20,000
(2% of 1,20,2000= Rs. 2,400)
OR
If there is Security also with Monthly Rent than on Stamp Duty add Rs. 100/- and the Total will be:
(2,400 + 100= Rs. 2,500)
Now, Purchase the Stamp Paper of Value Rs. 2,500/- for the Rent Agreement up to 11 months.
STEP 3: Now another Step is take the Appointment from the e-Sub Registrar by visiting to their online portal- http://districts.delhi.gov.in/ams/default.aspx
Select your District, Sub- Registrar and Area by proceeding to the above Link, Check the Documents Required and gather the Documents accordingly if the Mentioned Documents are Ready than Click on Yes and in Next Step Enter the e- Stamp Number of your Purchased Stamp paper and Verify it, After the Verification gets Successful you will get the Appointment.
STEP 4: Purchase the e-Stamp Paper to Pay the Fees of Sub- Registrar i.e 1% of Total Rent Calculated for 11 months.
(1% of 1,20,000= 1,200)
+
Additional Pasting Fees= Rs. 100
Total= Rs. 1300/-
STEP 5: Visit to the Sub- Registrar Office with all the Relevant Documents and e- Registration Paper of amounted Rs. 1,300/-
That’s it! The Steps for the Registration is Completed.
SOME FREQUENTLY ASKED QUESTIONS
What are the Different Charges included to Registered the Rent Agreement?
- If the Lease is upto 5 years then the Stamp Duty cost is 2% of the total annual rent and if there is also security deposited then additional Rs. 100/-.
- If the Lease is from 5-9 years then the Stamp Duty cost is 3% of the total annual rent and if there is also security deposited then additional Rs. 100/-.
- If the Lease is of above 9 years then the Stamp Duty cost is double of 3% i.e 6% of the total annual rent and if there is also security deposited then additional Rs. 100/-.
Registration Fees of Sub-Registrar is Rs. 1,100/- (Rs. 1,000/- and additional pasting fees of Rs. 100/- )also needs to be paid.
What are the Documents required for Registration?
Documents required for the Registration process are:-
- One Original Identity Proof of Owner and Tenant.
- Two Passport Size Photograph of each-Owner and Tenant.
- Two Witnesses with their Original Identity Proof.
How much Time Registration Process take?
It depends upon the Appointment as well as on the Status of Application. Usually the Registration process take 2-4 Working Days.
We eDrafter also provide the Service for Registration of Documents in which we will handle all the above mentioned process on your behalf to give you full comfort, To Know more kindly proceed to our this section- Registration of Documents.
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Have a Good Day!