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The term Landlord [1] with reference to the Tamil Nadu Buildings (Lease and Rent Control) Act, 1960 under Section 2(6) which runs as follows: Sec.2(6) landlord includes the person who is receiving or is entitled to receive the rent of a building, whether on his own account or on behalf of another or on behalf of himself and others or as an agent, trustee, executor, administrator, receiver or ...
For Residential building, Annual rent can be 6 to 9 per cent of total cost of the building at the time construction. For Non Residential building, Annual rent 9 to 12 per cent of total cost of the building at the time construction. Maintenance charges can be 10 per cent of the rent. Tenant need not pay the owner for property tax.
Tamil Nadu Buildings (Lease and Rent Control) Act, 1960; Tamil Nadu Cultivating Tenants (Protection) Act, 1955; Madras City Tenants Protection Act, 1921; Madras City Tenants Protection (Amendment) Act, 1994; Chennai City Police (Extension to the Chennai City Suburban Area) Act, 2008
As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental ...
Formed in 1947 as a small organisation in the name of "City Improvement Trust" in order to cater to the housing needs of Madras City, the trust has developed into a full-fledged organisation named the "Tamil Nadu Housing Board" in 1961 to cope with the increasing demand in housing sector all over the state due to urban growth leading to migration to urban areas in search of employment ...
In general, by paying the negotiated fee to the lessor, the lessee (also called a tenant) has possession and use (the rental) of the leased property to the exclusion of the lessor and all others except with the invitation of the tenant. The most common form of real property lease is a residential rental agreement between landlord and tenant. [7]