Major boost to realty; UP to have Rent Authority as tenancy laws get formalized
New Delhi: In major boost to the real estate industry in the state, The UP government has decided that it will set up a ‘Rent Authority’ and all the duties property owner and rental increment on lease renewal will be properly laid down in the rent agreement.
The state has cleared the much awaited Uttar Pradesh Regulation of Urban Premises Tenancy Ordinance, 2021. The ordinance aims to safeguard rights of the landlord as well as the tenant.
Now rent agreement will be must for any property that is rented. The rent agreement will have to be registered with the Rent Authority which is to be set up. The authority will also issue a unique ID for each rent agreement. Within 7 days of registering an agreement, it will publish all the details of tenant on its website. However, the particulars of the tenant need not be shared with the Rent Authority if the duration of the agreement is less than twelve months.
The rental increment has to be decided by the landlord and the tenant before hand and mention it in the agreement. The things mentioned in rent agreement will be applicable on the successor of the landlord as well as the tenant in the case of death.