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Rent Agreement in Greater Noida

Finding a home many times end up people with lots of dissatisfaction and disappointment. Lack of right guidance leads them to fake intention people life brokers and fraud agents; which not only cost them expensive but put them in terrific situations with lots of efforts and time go wasted. During the last some years greater Noida has put itself in front of many cities with proving the best most developed townships and the city with lots of amenities and various modern lifestyle. Greater Noida has grounded many domestic and international companies also giving decent shelter to many immigrants moving in search of jobs. Greater Noida is full of many job opportunities also a hub for many businesses. These top companies include - Agreeya Solutions, TCS, Adobe Systems, Interra, HCL, and more.
Now you could be one thinking to move on in Greater Noida, in such case you must be aware of Rent Agreement. If not, we are mentioning each and every detail about the Rent Agreement in Greater Noida:

The procedure you need to follow to make a Rent Agreement in Greater Noida

  • First of all, you need to outline a rental agreement and print the same on stamp paper or the applied value - as it depends on the particular city
  • You need to draw the signatures of the parties including landlord and tenants at designated places
  • Along you need to get the signature of witnesses - that is mandatory
  • Register deed at the local Sub-Registrar office
Before applying anything you are required to incorporate a full-fledged make of Rental Agreement in Greater Noida

Registration of rent agreement in Greater Noida, meaning, importance:

Registration of rental agreement ensures a smooth flow of staying conditions, a document that is registered by or with an official by fulfilling all legal formalities. Here provide the following benefits below:

  • It saves the tenants and owner from any kind of fraud to happen
  • It serves as great proof. The document clearly mentions that it is prepared and signed by both parties
  • It provides transparency, clarity, and security
  • Any kind of liabilities, debts, and Feuds in the property name is revealed
In UP, 2% of the deposit charges plus rent are the registration charges. If in any case the document is not registered under any circumstances, it will not be taken as primary evidence. Even it will be considered and accepted as collateral evidence.

The important thing about the Security Deposit

The security deposit is also called a Caution Deposit, which is also a roundabout amount collected from the Tenants before moving in. The is a backup amount kept for damages. Also, that is put by the tenant for which he/she may refuse to pay the amount or non-payment of rent. For avoiding the wasteful hassle, the security amount is actually is fully refundable to the tenants at the time of returning the key.
This is the fact to take care of that every city has a different procedure. So, even if you are in Greater Noida these procedures will differ from Delhi. Let us discuss more the Rent Agreement in Greater Noida.

All you need to know about the 11-month rent agreement:

If it is about charges, there is not any in the 11-month rental agreement registration. You can increase even the rent agreement once the previous over. However, it Completely depends on the agreement between the tenant and the owner.

What is the Stamp Duty all about? How important is it?

The stamp duty is the tax, In UP, since Greater Noida falls under UP jurisdiction, the Stamp Duty charges for Greater Noida rent agreement are 4% of deposit plus annual rent. Now if any case if stamp duty is not paid and any other kind of dispute arises the court may sentence the tenant to pay ten times the Original Stamp Duty as a punishment.

The Stamp duty charges, what you need to pay, and what not:

The most common issue that people face is getting charged more or asked extra charges in the name of “Law”
  • • The rent agreement is for less than one year, stamp duty charges are 12% of the annual rent.
  • • Similarly, when the rent agreement is made for a time period between 1 year to 1.5 years, then stamp duty charges are charged % of the three-time of the annual rent.
  • • If we talk about a rental agreement between 6-10 years, stamp duty charges for the registration are 2% of four times the average annual rental.
  • • Now, speaking the rental agreement between 11-20 years the charges are 2% of the five times the yearly rent.
  • • And the last rental agreement period that may go up to the time of 20 years, the stamp duty charges tally up to 2% of six times the annual rent.

The complete Procedure; Step by Step guide:

First, you will need a rent agreement service provider in Greater Noida with the clauses that are preferred by you that mention the crucial details. These details are the security amount, rent amount, the term of the stay, and the other essential ones. The next step is to get the stamp paper printed, of the corresponding value. Now, both tenants and landlords need to sign it off including the two witnesses. When both the parties have duly signed it off the agreement and the witnesses, you are demanded to visit the sub-registrar office located in the Noida Sector 33. Now, the sooner you pay the stamp duty the sooner the registration will be completed.

All about the important Documents:

  • You need the document of ownership that proves ownership of the property - the original copy is accepted
  • Two passport size Photographs of both landlord and tenants
  • Along with that, you will need Adhar card photocopied and original of the parties
  • ID proof is the most important thing while filling rent agreement in Greater Noida. These include voter ID, driving license, and Adhar card
  • If the tenant is a registered company, you will need an authorized letter from a company to fill rent agreement that states the person's right to get the rent agreement in his name

     Sample Rent Agreement PDF

     Sample Rent Agreement Draft