Lease of Immoveable Property

A lease is a transfer of a right to enjoy property for certain time against a price or rent.

It operates as a conveyance in the eyes of law meaning thereby a lessee has the rights over the property in respect of which lease is issued, however, such rights are subject to the terms and conditions of a lease.

There is no difference in the legal character of a lease and a sub-lease. A lease is generally granted by the relevant authorities for an open plot of land for residential, commercial, industrial or other purpose and on the other hand a sub-lease is generally granted in respect of premises situated in a building/complex having multiple premises and each holder of a premises gets a sub-lease to the extent of premises held by him/her. 

There is no prescribed period under the law for which a lease or a sub-lease is to be granted and each and every lease or sub-lease as the case may be can be for such duration as stipulated under each of the said lease or sub-lease.

It is advisable and strongly recommended that any person acquiring rights in a property by virtue of either lease or sub-lease shall ensure that such the same is duly registered under the Registration Act, 1908. It is a mandatory requirement of the Registration Act, 1908, that any lease for a period of more than one year needs to be compulsorily registered.