Registration Charges for Rent Agreement in Pune: All You Need to Know
If you are a tenant in Pune, you must be aware of the legal requirement of registering your rent agreement. A rent agreement is a crucial document that outlines the terms and conditions of the rental agreement between the landlord and the tenant. It is advisable to register the rent agreement with the local authorities to ensure its legal validity.
In Pune, registering a rent agreement involves paying certain charges to the government. In this article, we will discuss in detail the registration charges for rent agreement in Pune.
What are the charges for rent agreement registration in Pune?
The registration charges for rent agreement in Pune vary based on the rental amount and the duration of the agreement. The charges are calculated as follows:
– For rental agreements with a tenure of less than 5 years: The registration charges are 1% of the total annual rent, subject to a maximum of Rs. 30,000. This means that if the annual rent is Rs. 2 lakhs, the registration charges will be Rs. 2,000.
– For rental agreements with a tenure of 5 years or more: The registration charges are 2% of the total annual rent, subject to a maximum of Rs. 60,000. This means that if the annual rent is Rs. 5 lakhs, the registration charges will be Rs. 10,000.
Apart from the above charges, there is an additional stamp duty charge of 0.25% of the total rental amount that needs to be paid during the registration process.
Who pays the registration charges for rent agreement in Pune?
As per the Maharashtra Rent Control Act, the registration charges for rent agreement in Pune are usually split equally between the landlord and the tenant. However, as per the mutual agreement, either the landlord or the tenant can pay the entire registration charges.
What are the documents required for rent agreement registration in Pune?
The following documents are required for rent agreement registration in Pune:
– Original rent agreement
– Stamp paper of the requisite value
– Identity proof of both landlord and the tenant
– Address proof of both the landlord and the tenant
– Proof of ownership of the property (for the landlord)
Conclusion
Registering your rent agreement is a crucial step in ensuring the legality of your rental agreement. The charges for rent agreement registration in Pune are a small price to pay compared to the benefits of having a legally valid rent agreement. Make sure to have all the necessary documents in hand and pay the registration charges on time to avoid any legal hassles in the future.