Noida came into administrative existence on 17 April 1976 and celebrates 17 April as “Noida Day“. It set up as part of an urbanization thrust during the controversial Emergency period (1975–1977). The city had 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 was 642,381.
Today, we will discuss the Rental Agreement in Noida, the consequences of the Rent Agreement In Noida, and how to draft it Legally.
What is 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 Rental Agreement?
Creating a rental agreement is so easy, you just have to follow the below-outlined steps and your rental agreement will be ready. The steps are –
Step 1 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.
Step 2 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 an e-Stamp paper started by Uttar Pradesh Government in the year 2013.
Step 3 Signatures of Owner and Tenant.
Both the Owner and Tenant have to Sign all the Pages of the Rental Agreement along with the stamp paper and also provide two Witnesses.
So, it’s always recommended to paste the Photographs of Both the Owner and Tenant on the Stamp paper.
Step 4 Attach the Agreement with Notary Public OR Make it Registered in Local Sub-Registrar.
After, you make your agreement attached by Notary Public or make it Registered by a Local Sub-Registrar.
Note: It’s the choice of both the parties that mutually whether they want the Agreement attested from the Notary Public or want to register it in the Sub-Registrar Office. If you are going to make the Rent Agreement for more than 1 year then it’s recommended to make it register 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.
Why eDrafter for Rental Agreement Online Noida, Uttar Pradesh?
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 online Rent Agreement Uttar Pradesh along with the prescribed e-stamp paper and deliver it to you at your place.
Stamp Duty and its registration process
As per the provisions of the Registration Act, 1908 it’s important to get the Noida Rental Agreement Registered if you are making it for more than 1 year. The Noida Sub Registrar Office had located in Sector 33.
- If the lease is up to 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 years, then the Stamp Duty will be 2% of the Total Rent for the First 3 years.
Documents required for the registration process
- One Original Identity Proof of Owner and Tenant.
- Two Passport Size Photographs of Owner and Tenant.
- Two Witnesses with their Original Identity Proof.