Noida ~ New Okhla Industrial Development Authority
Noida came into administrative existence on 17 April 1976 and celebrates 17 April as “Noida Day“. It was set up as part of an urbanisation thrust during the controversial Emergency period (1975–1977). The city was created under the UP Industrial Area Development Act by the initiatives of Sanjay Gandhi.
The city has the highest per capita income in the whole National Capital Region. The Noida Authority is among the richest civic bodies in the country. As per provisional reports of Census India, the population of Noida in 2011 is 642,381.
Today, we will discuss about the Rent Agreement in Noida, consequences of Rent Agreement in Noida and how to draft it Legally.
WHAT IS RENT AGREEMENT?
Rent Agreement is an agreement in which two parties Owner and Tenant mutually agrees for 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.
- Tenant gets the Legal Assurance for the Rented Property after Drafting the Rental Agreement.
- Owner also gets the benefit of Rental Agreement as it secures his/her property from any kind of illegal action.
HOW TO MAKE RENT AGREEMENT?
01. Draft the Agreement.
Make the Rental Agreement by stating the details as per the requirement. Details may include details of the 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. Earlier there was a Stamp paper but now there is only e-Stamp paper started by Uttar Pradesh Government in a year 2013 while considering SHCIL as their Central Record Keeping Agency in order to avoid duplicacy/fraud for Stamp Papers.
03. Signatures of Owner and Tenant.
Both the Owner and Tenant have to Sign at the all the Pages of 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, also Registered Rental Agreement hold more power in terms of evidence as compare to Notarized Rental Agreement.
Make Rental Agreement Online
We provide the fully drafted rent agreement in Noida including the important terms and conditions. We provide 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 Rent Agreement along with prescribed e-stamp paper and deliver it to you at your place.
Try it out Here – Create Rental Agreement
STAMP DUTY AND ITS REGISTRATION PROCESS
As per the provisions of the Registration Act, 1908 it is Important to get the Rental Agreement Registered if you are making it for more than 1 year. The Noida Sub Registrar Office is located in Sector 33.
- If the lease is upto 1 year then the Stamp Duty will be 2% of the Annual Rent.
- If the lease is for greater than 1 year but less than 5 year then the Stamp Duty will be 2% of the Total Rent for First 3 years.
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.
FOR MORE INFORMATION OR TO GET THE NOTARIZED RENTAL AGREEMENT YOU CAN REFER OUR THIS SECTION – CREATE RENTAL AGREEMENT