Renting out


There are innumerable residential houses, commercial spaces, office space and industrial sheds are available on RENT in every nook and corner.

Commercial establishments, offices spaces and industrial units are not permitted to run in residential zones – legally, but many are leasing or renting it out.  In the event, such a situation arise that there is a dispute between the landlord and the tenant, both of them, prefer to approach the court for the redressal of their grievance, will be rapped by the court.

If the duration or the rent period is beyond 11 months, the rent agreement has to be registered in the office of the sub-registrar, but 99% of the landlords and the tenants does not execute the proper rent agreement and register the same in the jurisdictional sub-registrar office to evade stamp duty and registration fee and in the event of any dispute, they land up in trouble.

It is very important to verify the ownership before entering into the rent agreement.  In many cases, the tenants enter into agreements with agents and persons who are not the owners.

It must be noted that, these days, 90% of the properties are bought on LOANS, in the event of default by the borrower, the financial institution will attach and take over the possession of the property, the ignorant tenant will be at the receiving end, when he is forced to vacate.

It is also very important to know very well that there are no irregularities or illegalities in the construction of the building and must have been approved by the appropriate planning authorities, but none of the tenants are bothered about it, they realise their mistake, when there are legal and other issues of demolition or eviction or possession taken over by others.

Please check thoroughly regarding the ownership, taxes paid and compliance to the plan before the payment of advance.

ARE YOU A TENANT?


IF YOU ARE A TENANT, THEN YOU MUST CHECK THE FOLLOWING DETAILS.

1). WHO IS THE OWNER?

2). ID AND ADDRESS PROOF OF THE OWNER?

3). TITLE DOCUMENTS OF THE PROPERTY whether IT STANDS IN THE NAME OF THE PERSON WITH WHOM YOU HAVE ENTERED INTO THE RENT OR LEASE AGREEMENT?

4). UP TO DATE ENCUMBRANCE CERTIFICATE.

5). UP TO DATE TAX PAID RECEIPT.

6). KATHA CERTIFICATE.

7). KATHA EXTRACT.

8). WHETHER THE LAND LORD OR THE OWNER AVAILED ANY LOAN ON THE SCHEDULE PROPERTY? AND IF SO, HAS HE BEEN REPAYING IT?

9). WHETHER THE LANDLORD OR THE OWNER HAS PAN CARD OR PAN NUMBER OR IS HE AN INCOME TAX PAYEE.

The all new – The land Acquisition, Rehabilitation and Resettlement Bill 2011


The Land Acquisition, Rehabilitation and Resettlement Bill 2011, seeks to strengthen the rights of landowners during acquisition of land for development and ensure proper rehabilitation and compensation for those being displaced. It also seeks to address problems of industry when land is acquired for setting up projects.

The Land Acquisition Bill will finally be tabled in Parliament in the second half of the Budget Session beginning on Monday. In an all party meeting, there was a consensus among them and have agreed to keep the land mafia out and have agreed to veto the bill in the forthcoming session with modifications.

1). The bill allows the states to enact/amend their own law to suit the state`s needs.

2). 50% of the compensation must be paid to the original land owner.

3). Land can be leased to the industrialists/developers on long term basis, thus retaining the ownership with the original land owners or farmers, so that they will get the regular income.

4). The compensation must be based on the market price and is payable to the farmer.

5). 80% of the people, whose lands are proposed to be acquired for a project must accept and give up their land.

The bill has had a roller-coaster journey already and looks very different now from what had been sent by Parliament to a standing committee last year. Ministries insisted on changes to provisions which were perceived as hurdles to investment and industry, which has said that the terms of compensation and rehabilitation that the bill provides for are very steep.