A house rent agreement can simply be defined as a legal contract between the landlord and tenant for a fixed period. It is a set of terms and conditions, which have to be adhered to by both parties. The rent agreement is renewable every 11 months or more, or as per the timeframe mentioned in the contract.
Any rental agreement for more than 12 months needs to be registered for both tenants and landlords. An amount of INR 1100 is charged for rent agreement registration in addition to the applicable stamp duty. Stamp duty usually varies across states. For example, in Delhi, stamp duty charges for a property rented out for up to 5 years are approximately 2%, and 3% if the property is rented out for more than 5 but less than 10 years.
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