As far as I know, the cost of rental agreement is completely based on the lease duration and other factors. In Tamil Nadu (including Chennai), the stamp duty on rental agreements is calculated as 1% of the total of rent plus deposit, regardless of the lease term.
What are the Rent Agreement Charges in TN?
If your rent is Rs 10,000 per month and you pay a deposit of Rs 50,000, then for an 11-month lease (often considered a one-year term), the total amount is Rs 1,10,000 (rent) + Rs 50,000 (deposit) = Rs 1,60,000. Thus, the stamp duty comes to Rs 1,600 at the 1% rate.
In addition to stamp duty, the registration charges in Tamil Nadu are typically around Rs 10,000. Therefore, the minimum cost for a typical 11-month rent agreement in Chennai would include:
Stamp Duty: 1% of (rent + deposit) → e.g., Rs1,600
Registration Charges: Rs 10,000
Total Minimum Cost: approximately Rs 11,600
This estimate excludes optional fees such as notarization (if chosen) or drafting fees (if using professional assistance). To get the exact rent agreement online charges, you can click the link below.
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You must be fully informed of the rent agreement procedure if you intend to rent a residential property in Chennai. Any error in the lease agreement could result in expensive tenancy disputes. A rent agreement outlines the terms and conditions that the tenant/renter and the property owner have mutually agreed upon (landlord). As my sister recently rented a house in Chennai, I am aware of the rental agreement cost in Chennai.
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Depending on the city and state, different laws and procedures may apply to the lease. Thus, depending on the city and state the rental property is placed in, you should comprehend the rent agreement requirements accordingly.
What is the minimum cost for making a rent agreement in Chennai?Stamp duty, registration fees, legal advising fees (if you engage a legal advisor), and other fees are all included in the price of registering a rent agreement in Chennai. You can print the leasing agreement on the e-stamped agreement paper in Chennai.
During a period of up to 30 years, Tamil Nadu's rent agreements were subject to a stamp tax of 1% of the rent plus the deposit.
In Chennai, registration fees are roughly 1%, with a cap of Rs 20,000, in addition to stamp duty. It can cost you more money to employ a legal professional to draft the lease and register it.
You can check out NoBroker rental agreement service as they made the process totally online, and hassle-free.
I’d like to conclude here about the rental agreement cost in Chennai. I hope this helps:)
Read More:
What Is The Cost Rental Agreement In Pune?
What is Lock in Period in Rent Agreement? What happens when there is no rental agreement?
What is the Minimum Cost for Making a Rent Agreement in Chennai?
Sahil
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2023-04-08T06:51:11+00:00 2023-04-08T07:00:40+00:00Comment
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