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The Model Tenancy Act, 2019 is a proposed tenancy law by the Government of India, designed to overhaul the tenancy market in India. [1] [2] [3]In 2019, finance minister Nirmala Sitharaman, spoke about creating the Model Tenancy Act to replace the archaic rental laws of the country, stating that "they do not address the relationship between the lessor and the lessee realistically and fairly". [4]
The company has an asset-light business model under which it engages in long-term lease agreements with property owners/developers, who convert their assets into shared living residences as per company guidelines. These assets are subsequently operated by Stanza Living.
A rental agreement or lease may include a "rent review" clause which makes provision for the rental amount to be increased, the process for the landlord to provide notice of a rent increase and the options available to the tenant regarding acceptance or rejection of the proposed increase. [3]
The tenancy agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels. In India, the rental income on property is taxed under the head "income from house property". A deduction of 30% is allowed from total rent which is charged to tax.
The landlord-tenant relationship is defined by existence of a leasehold estate. [4] Traditionally, the only obligation of the landlord in the United States was to grant the estate to the tenant, [5] although in England and Wales, it has been clear since 1829 that a Landlord must put a tenant into possession. [6]
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Other forms of contracts between public and private entities, namely lease contract and management contract (in the water sector often called by the French term affermage), are closely related but differ from a concession in the rights of the operator and its remuneration. A lease gives a company the right to operate and maintain a public ...