Leasing a property for 9 plus 3 Years
11-Sep-2023 (In Property Law)
Hi, I had a Roofed property of 4000 sqft at a rural belt (Not under Municipality/ NAC ). One of Shopping Mall company is asking a single lease of my 4000 sqft roofed property for 9+3 Years. Should I lease them directly for 9+3 Years in a single Lease agreement? And how can I protect my rights? Please let me know the dos & don't while finalizing the lease agreement. So that I can protect my self in the future without any rights issue in the said property.
While leasing out properties for longer duration, some of the key points to be kept in mind are: (i) Lessor should have the right to, inter alia, terminate the lease by written notice; (ii) A sizable deposit should be taken from the Lessee which can be appropriated if the Lessee does not pay rent in time / delays in vacating the property; (iii) the lease agreement should be registered with the relevant sub-registrar; and(iv) the Lessee should be required to vacate the property in a time bound manner after expiration / termination of the lease, failing which he would be liable to pay penalty. It is advisable that you get your lease agreement thoroughly vetted by a lawyer before executing the same.
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