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Noida to introduce an e rent system for lease registration

By Rishabh Chamoli | 2022-09-19

In an attempt to bring transparency and convenience in registering rental agreements, the Uttar Pradesh (UP) government is set to implement an e-rent system in the Gautam Buddha Nagar district. Tenants will be able to draw a lease deed and get the same registered online within minutes.

The Uttar Pradesh (UP) government is ready to take a digitally forward step by introducing an e rent system for leasing deals in Gautam Buddha (GB) Nagar. The system is likely to get implemented in Noida in the next few days and then be implemented in other districts. Running parallelly with the manual system, the new online process will require tenants to log on to a portal, pay the lease deed fee and register the rent agreement. The registration process is expected to take around five minutes. Both landlord and tenants will save the hassle of visiting the sub registrar office to register the lease contract.

As per Suhas LY, District Magistrate (DM), GB Nagar, In the next few days, the e-rent system will be launched in Noida first, and then in other districts. Although the necessary approvals are in place, the Stockholding Corporation is yet to receive the States go-ahead. The new process will serve two purposes make the property leasing activity simpler, and generate more income for the State.

What is the manual process of rent agreement registration?
The manual process involves visiting a deed writer to draw an agreement outlining essential rental components pertaining to the deal. The document is printed on a stamp paper of due value and then signed by the landlord, tenant and two witnesses infront of the sub registrar. Once done, the deed gets registered upon payment of necessary stamp duty.

How will the new e rent system work?
According to a State government spokesperson, a tenant must log on to an agreement portal via name and mobile number. The tenant will have to enter lease details on the portal developed by the UP government. Upon stamp duty payment, the registration of the agreement will be completed online. The registered copies will be made available online. The e rent system will have a dedicated portal www.gbnagar.nic.in to retrieve a copy of the lease deed.

Why will the online rental agreement registration be implemented?
Apart from bringing transparency and convenience for tenants and landlords, the new process is expected to bring in additional revenue for the State. According to a government official, around 1.5 lakh lease deeds are registered annually, generating around Rs 1.5 crore. As around two percent stamp duty is paid, the State hopes to earn around Rs 54 crore annually from rentals in Noida under the new system.