Hyderabad is the joint capital city of newly formed states of Telangana and Andhra Pradesh. Hyderabad is one the fast emerging and developing cities in India surrounded by the most beautiful architectural structures that reflect the glorious bygone era of the Moghuls, enriched by its rich culture and heritage.
In the recent years, especially with the boom in the IT industry, many MNCs have come up in Hyderabad city paving way for new career opportunities, leading to tons of people migrating to Hyderabad in search of jobs and better opportunities. And this ultimately led to huge demand for rental properties in turn for rental agreements.
The rental agreement is nothing but a mutual contract between the tenant and the landlord, where the property owner gives proper rights to the tenant to occupy residential premises for a specific period of time. The rental agreement can be either in verbal or written form. However, since the rental agreement plays important role in maintaining a good relationship between the landlord and tenant it is highly recommended to be in written format. The important advantage of the written rental agreement is, it defines all the terms and conditions of before and after accommodation of the tenant agreed by both the tenant and the owner. Once the tenant and the landlord agrees and signs the contract, it cannot be changed again unless both landlord and tenant agree.
In Telangana and Andhra Pradesh, Govt. recommended Stamp Duty is as follows:
Things to remember before making a rent agreement
Before you start to prepare a rental agreement in Hyderabad, it is highly advised to discuss necessary clauses that should be included both by the landlord and tenant. Once the clauses are finalized, a deed is drafted and reviewed by both parties. Remember to mention some vital clauses like monthly rent, caution deposit, lock-in period, maintenance charges and several others which just should not be left out.
Buy the stamp paper of recommended value and print the prepared draft on it. The tenant and landlord must then place their signatures at designated places in the contract in the presence of two witnesses, who also sign the deed. The contract is then registered at the local Sub-Registrar office.
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Registering a document means backing up the contract’s content with an authorized official/ office. This is a fraud deterrent method and ensures that the contract was indeed signed by the parties involved in the contract.
Registration charges for rental agreements in the dual states of Telangana and Andhra Pradesh are 5%.
Before registration of the rental agreement, both tenant and landlord may have to produce the flowing documents
The rental agreement is done easily through online in Bangalore; you can easily do it without the help of any broker or any service providers. You need to enter the following information in our portal:
In the city of Hyderabad, the period of the rental agreement is usually 11 months and later it can be renewed at the end of the 11th month. The tenant must pay the rent and additional charges such as the electricity bill, water bill according to the usage or as agreed by both the tenant and the landlord at the time of registration.
This is one of the popular methods of renting in Hyderabad. In this agreement, the tenant will pay the lump sum amount to the landlord as the one-time deposit for certain period of time for example 2 or 3 years. In this case, the tenant or lessee need not required to pay any monthly rent for the landlord, they must pay only extra charges such as the electricity and water charges every month as earlier agreed at the time of leasing. At the end of the lease period, the landlord must return the deposited money without interest.
The flat rental agreement is used when someone wishes to rent out a single unit in an apartment complex, not the whole property. Such rental agreements have to be drafted with care, with clauses for access rights to common amenities and the rules of the residents association. Ideally, draft the agreement a few weeks before you move in. That would give both the landlord and the tenant to make changes should they feel so.
A house rental agreement, a well-drafted one at that, should be in place before any house rental commence. If you are a landlord who is planning to give your house on rent, you will need to sign a house rental agreement. And vice versa. In short, every rental transaction should begin with the drafting of a house rental agreement.
Any individual, business owner or company wishing to take up a property to use as an office can make use of a commercial office lease. So if you are the owner of a property apt for office use or if you are an individual who wants to lease a property for office use, commercial office lease is what you need.
Room agreement too is pretty much like the conventional rental agreement, but it has slight differences as some facts are different as the landlord only rents a room in the property.
When you wish to open a store/ shop of some kind in a shopping complex, you will need to prepare a commercial shop agreement. The agreement will be signed between the owner of the business and the landlord.
A rental agreement is a legal document that binds the owner of a property and tenant while safeguarding the interest of both the parties. The landlord cited in the agreement should either be the owner of the property or a person having the power of attorney from the owner.
There are two types of tenancy agreements in India; Lease Agreements that are covered by rent control laws and Leave and License Agreement that is not.
NotaryKart facilitates users to enter into Rent and Lease Agreements online in a hassle-free manner.
NotaryKart facilitates easier documentation of Rent agreements by providing customizable templates and arranging for the registration and the delivery of the document to your doorstep.
You can order Rent agreement on NotaryKart through the following modes:
