Finding a house is a difficult task. People often indulge in contacting themselves with brokers and agents, which costs them expensive because of their brokerage charges and also time taking since you are not always satisfied with the property shown to you. During the last five years, Noida has developed as one of the most developed townships and a city with several amenities of the modern lifestyle. Noida has several International and Domestic companies, which makes it a popular city that provides job opportunities and youngsters migrating to these cities. The companies include - Adobe Systems, Agreeya Solutions, HCL, Interra, TCS, and many more. These are just to mention a few. Not just a home to various corporate and MNCs offices, with the establishment of Noida Film City in the Sector 16A Noida, Has also several offices of Major media companies, Studios, and other related institutes. Now that you have thought of renting a house in Noida, you must be aware of the Rental Agreement? If not, then below is a full-fledged detail about the Rent Agreement in Noida:
There are a lot of time when notarization might just be mingled up and create a confusion with other registration. Let us make it clear these are two different entities. This is one thing a very few people are aware of. Notarization is simply a fraud method and to prove that the document was signed by the parties discussed in the contract.
Registration is a one of the methods where a document is registered by or with an official. Here provide the following advantages below:
In UP, 2% of the rent plus the deposit charges are the registration charges. If at all, in any case, the document is not registered under any circumstances, it will not consider as primary evidence. Instead, it will be accepted as collateral evidence – one of the other necessary things that you need to know.
The security deposit in other terms are also known as Caution Deposit, is also a roundabout amount collected from the Tenants before moving in. This amount is a backup for damages. That is put up by the tenants for which he/she refuses to pay or for non-payment of rent. Should no hassles occur, the security deposit is fully refundable to the tenants at the time when they are handing back the keys. We have been vocal about the fact that every city has its procedure. So, even if you are in Noida, they will be very different from those of Delhi. So, below is yet another elaborate discussion speaking about the rent agreement registration in Noida:
Yes, there is no change in the 11-month rental agreement registration. You can, however, get a rental agreement increased once the previous one is over. However, it Completely depends on the rapport between you and the owner.
Now speaking about the first thing, the paper where you sign the rental agreement, Rather get printed On. The Stamp Duty is the tax that paid in return for making a legal document valid. In UP, since Noida falls under UP jurisdiction, the Stamp Duty charges for Noida rent agreement are 4% of annual rent plus the deposit (if the term of the lease is less than a year) Now, if for any Case the requisite Stamp Duty is not paid, and if any dispute arises, the court may sentence you to pay ten times the Original Stamp Duty as a penalty.
Coming to the direct point now, one of the major issues where people are either fooled or asked extra charges in the name of “Law”