RERA Tenancy Agreement: Everything You Need to Know
If you are a tenant or a landlord in India, you should be familiar with the Real Estate (Regulation and Development) Act, 2016 (RERA). Under this act, tenants and landlords are required to sign a RERA tenancy agreement, which protects both parties and helps to ensure that they are treated fairly and justly.
What is a RERA Tenancy Agreement?
A RERA tenancy agreement is a legal document that outlines the terms and conditions of a tenancy between a landlord and a tenant. This agreement is registered under RERA and it follows all the guidelines and rules set by the act.
Under the RERA act, the tenant and landlord must agree on several key points before signing the tenancy agreement. These include the rent amount, the security deposit amount, the terms of the lease, and any other conditions that the tenant and landlord may have agreed upon.
Why is a RERA Tenancy Agreement Important?
A RERA tenancy agreement is important for both landlords and tenants because it helps to ensure that both parties are protected. By signing a RERA tenancy agreement, the tenant and landlord have a legal document that outlines their rights and responsibilities. This document can be used in case of any disputes or conflicts that may arise between the two parties.
Moreover, having a RERA tenancy agreement can also give tenants a sense of security and peace of mind, knowing that their rights are protected by the law. On the other hand, it gives landlords a legally binding document to enforce their rights and obligations. A RERA tenancy agreement can also be used as evidence in court if a dispute arises between the landlord and tenant.
How to Create a RERA Tenancy Agreement
Creating a RERA tenancy agreement is a simple process. You can either hire a lawyer or use an online template to create the agreement. It is important to ensure that all the key points, such as the rent amount, security deposit amount, and terms of the lease, are included in the agreement.
After the agreement is created, it should be registered with the RERA authority in the respective state. Once registered, a copy of the agreement should be given to the tenant and landlord.
Overall, a RERA tenancy agreement is an important legal document that protects both the landlord and tenant. It helps to ensure that both parties are treated fairly and justly and it can also be used as evidence in court if a dispute arises.
If you are a tenant or a landlord, it is advisable to create a RERA tenancy agreement to protect your rights and obligations. By following the guidelines set by the RERA act, you can create an agreement that is fair and enforceable.