Gurgaon has become a leading financial and industrial hub with the third highest per capita income in India. It has local offices for more than 250 fortune and 500 other companies.
With such a heavy Industrial hub its but obvious that the need of Rental Agreement in Gurgaon is very high as the properties kept on Rent in Gurgaon almost on Regular basis.
Today, we will discuss about the Rental Agreement, consequences of Rental Agreement and how to draft it Legally.
What is a Rental Agreement?
A rental agreement is an agreement in which two parties Owner and Tenant mutually agree on the rental of property under the given rules and regulations prescribed by the Government of India. It is very important for both the Tenant and the Owner of the Property.
- The tenant gets the Legal Assurance for the Rented Property after Drafting the Rental Agreement.
- The owner also gets the benefit of the Rental Agreement as it secures his/her property from any kind of illegal activity.
How to make Online Rent Agreement for Gurgaon?
01. Draft the Agreement
Make the Rental Agreement by stating the details as per the requirement. Details may include details of both parties- Tenant (Details of all the Mature Tenant(s) and the Owner, details of the Monthly rent and Security amount of the said property, Date of agreement,lock-in period, allowance of pets and other terms.
02. Get the Relevant Non-Judicial e-Stamp Paper.
Purchase the Non Judicial e-Stamp Paper of the prescribed duty for the Rental Agreement. Also, Now the Haryana Government has Started e-stamp by replacing the prevailing system of Stamp paper.
03. Owner and Tenant both Have to Sign it.
Both the Owner and Tenant have to Sign at all the Pages of the Rental Agreement along with the stamp paper and also provide two Witnesses.
Also, it is always recommended to paste the Photographs of Both the Owner and Tenant on the Stamp paper.
04. Attest the Agreement with Notary Public OR Make it Registered in Local Sub-Registrar.
Then after that make your agreement attested from Notary Public or Make it Registered from Local Sub-Registrar.
Note: It’s the choice of both the parties that mutually whether they want the Agreement attested from Notary Public or want to register it in Sub-Registrar Office. If you are going to make the Rent Agreement for more than 1 year than it’s recommended to make it registered in Sub-Registrar Office with stamp duty as the validity for Notarial Stamp in case of Agreement is for 1 year.
Why eDrafter for Online Rent Agreement Online For Gurgaon/Gurugram?
We provide the fully drafted rental agreement including the important terms and conditions. And service at the doorstep in which simply what you have to do is provide us your details by filling up the form(designed securely to capture your data), place the order and we will quickly draft your Rental Agreement along with prescribed e-stamp paper and deliver it to you at your place.
Wait! Its not the End we also want to discuss with you about The Stamp Duty in Haryana and its Registration Process. Kindly Have a Look-
Stamp Duty & Registration Process of Haryana
The Stamp Duty is calculated on the basis of the Annual Rent of a property. The Stamp Duty for Haryana is as follows:-
- If the lease is of below 5 years, then the Stamp Duty will be 1.5% of the Annual Rent.
- If the lease is for 5-10 years, then the Stamp Duty will be 3% of the Annual Rent.
So, if you are going to Register your Rental Agreement then apart from the Stamp Duty Charges, extra Registration Charges also needs to be paid. The Registration Charges is as follows as per the Transaction Value-
- 1 to 50,000 – Rs. 100/-
- 50,001 to 1,00,000 – Rs. 500/-
- 1,00,001 to 5,00,000 – Rs. 1,000/-
- 5,00,001 to 10,00,000 – Rs. 5,000/-
- 10,00,001 to 20,00,000 – Rs. 10,000/-
- 20,00,001 to 25,00,000 – Rs. 12,500/-
- Above 25 lacs – Rs. 15,000/-
So, this is the Chart of Registration Fee which you can check before planning to Register your Rental Agreement.
Documents required for Registration process
- One Original Identity Proof of Owner and Tenant.
- Two Passport Size Photograph of each-Owner and Tenant.
- Two Witnesses with their Original Identity Proof.
Thank You!