Do you know that a registered rent agreement is mandatory in Maharashtra? What is the registered rent agreement cost in Maharashtra? What documents do you need for the registered rent agreement? If you are concerned about all this, then Housewise has answers to all your questions.
Let us first understand the rent agreement. A rent agreement is a legal document between the two parties- the owner and the tenant. It defines all the terms and conditions that the tenant must follow. This serves as legal proof in case any dispute arises during the validity of the document.
The registered rent agreement process involves submitting the KYC documents of both parties. Both parties also submit the property proof to the registrar’s office. But, to avoid the time-consuming process, the Government of Maharashtra came up with the introduction of an online registered rent agreement. In this, the whole process is at the convenience of your home. The data entry, biometric verification, everything is done without stepping out of the door.
The following documents are required for the registered rent agreement:
a) Property proof while entering the property details
b) Property tax receipt
c) When we enter the party details, we also need the ID proof and address proof of both the parties
d) Photograph of both the tenant and the landlord
Registered rent agreement cost in Maharashtra
The registered rent agreement cost in Maharashtra is sum of –
- 0.25% of the consideration value**.
- The registration charges. The registration charges are Rs. 1000 for urban areas and Rs. 500 for rural areas.
- Vendor service charge for the visiting the owner and tenant to obtain aadhaar biometric
**We calculate the consideration value as follows:
0.25% of [(Monthly rent x license period) + (10% of refundable deposit amount) + (non refundable deposit amount)]. Monthly rent, license period and deposit amounts are all given in the rent agreement.
NOTE: The registration charges remain the same depending upon the area.
Housewise also offers a facility of rent payment by credit card. If you want to avail this service, contact Housewise.in now!