Online Lease Agreement in Pune

Security Deposits in Pune

The security deposit, also referred to as advance in many cases, is an amount submitted to the owner at the start of the tenancy. The reason behind this is to protect the owner from any damages caused to the property by the tenant within the terms of the agreement. Every lease agreement format Pune sheds light on this detail. The legal cap on security deposits states that it must not exceed 2-3 months of the rental amount. 

The security deposit clauses also mention that the landlord must promptly return the advance to the tenant upon term completion. However, owners have the right to deduct the cost of damages caused to the property by the tenant. Some agreements also have adjustment clauses that see the rents of the last few months being adjusted with the security deposit.

The inspection for damages is carried out by the landlord in the tenant’s presence to avoid disagreements. 

What is Lease Duration and Renewal?

Every lease agreement in Maharashtra and lease agreement format for a house in Pune mentions the duration within which the agreement is legally valid. Typically, this duration is between one and ten years. It is important to know that neither party may alter the clauses within the agreement in an ongoing term. 

Owners and tenants also sometimes opt to extend the tenancy relationship beyond the agreement term. Such scenarios call for the renewal of the document. This also allows the landlord to change, remove, or add new clauses to the agreement. However, each and every change must be unanimously agreed upon by both parties. 

Maharashtra Rent Control Act 

The Maharashtra Rent Control Act was first introduced in 1999 and it replaced the Bombay Rents, Hotel, and Lodging House Rates Control 1947 in 2020. The rules and regulations mentioned in the act do not apply to Public Service Undertakings or premises that belong to the government or local authority. This law has certain provisions which law out valuable information. 

• Landlords may increase the rent at the rate of 4% annually. They can also raise it by 15% (needs tenants to give it in writing) if they conduct renovations. Similarly, structural repairs can account for a 25% increase if the repairs are undertaken by the Maharashtra Housing and Area Development Authority (MHADA). However, if landlords charge rents over the standard mentioned within the act, they may be penalised. 
• Owners can evict tenants if they erect a permanent structure within the premises without prior permission. The same can be done if the tenant or any other person related to them causes a nuisance in the area.
• Landlords may not cut the supply or vital needs like water, light, lift, electricity, etc,
• Registering every lease agreement in Pune is mandated by law.
• The issuing of rent receipts is mandatory.
• The landlord also has the right to inspect the property at any time but with prior notice.

E-Stamping and Stamp Duty for Lease Agreements in Pune

The taxes charged on lease agreements allowing them to be legalised is called Stamp Duty. 

This duty, along with the registration charges, is to be paid in full by both parties to stay within the lines of the law. To do so, both parties, along with two witnesses must visit a notary public. Once there, they must all sign the agreement and get it attested by the notary public to make it legally binding. 

However, with NoBroker you can do this all from the comfort of your home/office. You can draft your agreement, digitally sign it, and also get it stamped and registered online. This removes all the middlemen and the travelling involved. Here are the charges set on lease agreements in Pune:

• The flat stamp duty for residential and commercial leases is the same as long as the period is within 5 years. It is calculated as 0.25% of the total rent (monthly rent x total duration)+ 10% of the security deposit+10% of the advance rent (non-refundable deposit). 
• The registration charges are fixed at INR 1000 for urban areas and INR 500 for rural areas.

Documents Needed to Draft a Lease Agreement in Pune

The making of every legal document needs some identity and address proofs for verification. The house lease agreement format Pune also sees the same rules being applied. Both parties must share copies of the following:

• • Aadhar Card
• Driver’s Licence
• Passport
• Voter’s ID

Additionally, the owner must also share the ownership deed of the space and tax receipts about the same. 

How Can NoBroker Help?

By using the services provided by NoBroker, either party can make a legally sound lease agreement in Pune while sitting at home/office. Thanks to digital signatures being accepted by the apex court, the parties do not even need to take a printout. All this convenience has eliminated middlemen from the picture which helps save money and time. You can also browse through many lease agreement formats while on our portal. Our experienced legal team will also cross-check your application to see if it upholds the law. So log onto the website today to save on time and money while accessing value-added features like tenant verification and aadhar e-sign.