Author: Simran Joshi, Student of Law at Amity University, Lucknow.
Co-Author: Miss Sarita Yadav, Assistant Professor at Amity University, Lucknow.
ABSTRACT
Commercial leasing is crucial to India’s business and real estate sectors because it serves as the foundation for both business and real estate transactions. This essay examines the laws that govern commercial leasing in India, as well as state-specific rent control laws such as the Indian Contract Act of 1872 and the Transfer of Property Act of 1882. It also highlights how the Specific Relief Act of 1963 supports leases.
This paper critically examines the main elements of commercial lease agreements, including crucial provisions about rent, tenure, renewal, termination, and dispute resolution procedures. It also examines judicial interpretations and seminal case laws through Supreme Court and High Court decisions, highlighting the changing rights and responsibilities.
India has a well-established legal system, but commercial leasing still confronts many obstacles, including unclear laws, frequent disputes, taxation problems, and inconsistent regulations. In addition to recent changes like the Real Estate (Regulation and Development) Act (RERA) and the effects of COVID-19 on commercial leasing dynamics, the impact of GST on lease transactions is evaluated.
Furthermore, this research illuminates recent advancements and changes, like the growing importance of smart contracts and digital leases. Comparing India’s leasing laws to those of other nations, such the US and the UK, offers valuable insights into best practices.
To improve commercial leasing processes in India, the report ends with recommendations for legislative and policy changes. A transparent commercial real estate market, investments, and business stability can all be achieved with a well-regulated leasing system. In addition to addressing important legal, financial, and administrative issues in India’s real estate market, this paper seeks to further the current discussion on commercial leasing reforms.
Keywords: Commercial Leasing, Business, Estate, Rent, Financial.
