It is important to have an understanding of the various rules and regulations when renting out your property in India, and we aim to highlight some basic do's and dont's.

If you are renting your property:

• To begin with, you should check credibility of the proposed tenant by asking him to furnish references from previous landlords.
• If you are an unit holder in the premises, seek veto right to protect own interests as against decisions by developer/majority unit holders who may be directly dealing with the tenant.
• As a person renting out his property, it is desirable for you to have the agreement with a strong seek lock-in period. Within this period, the tenant will not have the right to terminate the lease. If he does so, then he will be legally obliged to pay lease rent for such period.
• Tenant to pay applicable stamp duty on lease.
• As the owner of the property, you must retain ability to sell/transfer/mortgage lease property without involving tenant in this decision.
• You must ensure that the agreement provides you the right to terminate the lease for breach of lease terms.
• Register the lease within four months of execution.