Renewal of our lease Agreement
2 months ago
We are a pvt ltd company and initially we took our office on rent/lease for 5 years from the landlord (pls note we registered the agreement) now agreement has expired, both the parties need to renew the agreement, Can we do 11 months agreement and renew it after 11 months?
Our main contention is we have deposited a huge amount OF ONE CRORE (APPROX.) further monthly rent is 14 lakhs?
Is it possible with this consideration to just have a 11 months lease agreement in Bangalore, Karnataka or shall we register the renewal agreement?
A.Dear Client,
A lease for a period of 12 months or longer would be considered void if it is not registered, in contrast to an 11-month agreement that is still legally binding even without registration. In Karnataka, the lock-in period for the agreement is 11 months, which includes pet policy, water and electricity bill, maintenance and repair, occupancy limit etc. As per requirements of section 17 of the Registration Act, 1908, a lease agreement for a term not exceeding one year is not compulsorily registrable. This means that rent agreements for less than 12 months duration can be made without registration. It allows the parties to save stamp duty and registration costs. So, on the expiry of your earlier agreement. you may consider an 11-month lease agreement afresh with revised terms and conditions mutually agreed between both parties.
A lease for a period of 12 months or longer would be considered void if it is not registered, in contrast to an 11-month agreement that is still legally binding even without registration. In Karnataka, the lock-in period for the agreement is 11 months, which includes pet policy, water and electricity bill, maintenance and repair, occupancy limit etc. As per requirements of section 17 of the Registration Act, 1908, a lease agreement for a term not exceeding one year is not compulsorily registrable. This means that rent agreements for less than 12 months duration can be made without registration. It allows the parties to save stamp duty and registration costs. So, on the expiry of your earlier agreement. you may consider an 11-month lease agreement afresh with revised terms and conditions mutually agreed between both parties.
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