For example, the Rent Control Act in Delhi allows landlords to increase rent by 10% every three years, while the common practice is to increase rent by 10% per year. If they reconstitute the unit with the prior permission of the tenants, the owners can increase the rental amount by a maximum of 15 percent of the cost of the supplements made in the property. In order to avoid such high fees, tenants and landlords mutually agree that the contract will not be registered. Therefore, most leases are signed for a period of 11 months. Establishing an 11-month lease agreement also gives the lessor flexibility in defining rent as the dominant market scenario. One of the best and best methods to make money is the rent of a property. If the property is empty, the landlord can rent it to someone. But the most important thing in renting a property is the lease. In this article, we will look at why the lease only applies to 11 months and not to 12 months or more. Let`s start by understanding what the lease is? The lease is also called a rental agreement. It is a written document or contract between the owner of a property (owner) and the tenant who rents it out. It defines the conditions on the basis of which the property is rented, such as the address, type and size, i.e. the description of the property, the monthly rent, the deposit, the purpose of the use of the property, whether commercial or residential and duration.
In the event of a dispute over the property between the owner and the tenant, the lease acts as proof. The general conditions can be negotiated, but after signing and also for the owner and tenant. It also mentions the conditions for termination of the contract. Why is the lease only valid for 11 months? We are here to help you establish a valid lease. All you need to do is register on our site, search for leases and fill in the necessary details. There you go! You have a lease. In addition, our services also extend to offer you a plethora of legal documents tailored to your needs. . .