Online Rent Agreement in Mumbai
Mumbai – the city that has fulfilled dreams a lot of people. The city that never sleeps, the city that has a charisma of its own. There are several names given to this city. The people in the city are always on the run. However, fast their life might be, whether you are living in Mumbai or have migrated each one needs a house to stay. This is a fact that is not going to change irrespective of the city you live in.
We all are well-aware of the house and land prices of Mumbai. You either need to have an ancestral property. When it comes to the infrastructure, Mumbai is no less. It is what New York is to US. There are malls and the monuments, Mumbai also provides some of the famous street markets where you can shop and divulge a happy weekend. Well, as they say for Mumbai, if you can stay in Mumbai and live there, you can live anywhere in the world!
Procedure to Create an Online Rental Agreement in Mumbai
- Firstly, there needs to be a mutual consent between both the parties – that is the owner (landlord) and the tenant. This consent should involve a brief detail on what both parties demand/require.
- There are online portals available where you can get yourself a rent agreement registration in Mumbai or you can also consult a professional for the same
- You need to get the rent agreement printed in the presence of two witness which is a mandate. However, there are places where the rent agreement is printed on normal papers, but the Stamp duty is a paid thing.
Basic Procedure to Make Mumbai Rental Agreement
- You need to discuss clauses with your landlord/tenant and decide on a rough rental agreement in mumbai
- Second, you need to print the final reviewed draft on stamp paper of recommended value
- Get signatures of landlord and tenant at designated places along with the signatures of two witnesses, this is mandatory
- Lastly, like in every state, in Mumbai too, you need to register the deed at Sub-Registrar office.
Process of Registration of Rent Agreement in Mumbai and Details:
Mumbai has only one kind of rent agreement process and that is through registration. There is no notarized agreement category or process available. There are of course certain details you need to know regarding the rent process. The usual process that is followed and things kept in mind are:
- The most common rent agreement period is 11 months, however, there are people who get their flat registered for 3 to 5 years as well.
- There are at times that the registration fees required is divided between both the parties, however, it all depends on the mutual discussion.
- The additional cost, if any apart from the deposit and rent must be paid, should be decided beforehand.
Rent Agreement Mumbai Registration Charges and Requirements:
Just like any other city, there are specific calculation method the rent agreement charges are calculated. To avoid any confusion below is the method:
- - The amount of rent * number of months the rent agreement is made for + security deposit (Suppose your rent agreement is Rs. 15,000 for 24 months, + 50,000 (security deposit)).
Thereafter, the 0.25% of the total value results in the stamp charge
- There is an additional charge of Rs. 1000 for urban and Rs 500 is for rural, which is the government registration charges.
- Then, there is a Rs. 1000 charge, which is a government fixed amount for biometric verification
Stamp Duty Requirements
Now, we all know that digitalization has taken a toll to another level. There is nothing new in the aspect of rent agreement or requirements becoming digitalized too. And Maharashtra has a complete process with regards to the rent agreement online in mumbai on a digital platform. These includes services to create Leave and License Agreement. The cities included are – Mumbai, Pune, Nanded, Nagpur, Mumbai sub-urban, Thane, Latus, Aurangabad, and others. However, it is a mandate – whether you chose digitalization process or the traditional paper one. But you will at the end have to get a printed rental agreement on a stamp paper and submit it along with a challan.
The Types of Lease Agreement Available
- Leave and License Agreement (most preferred)
- Commercial Lease, which is mostly partnered with businesses/firms. These mostly involve huge properties, and multiple parties. One of the reasons for such involvement leads it to be compulsory to Register the signed Rental Agreement.
- 11-Month Tenancy Agreement
- Commercial Lease
- Long Term Lease