Agreement for Building Lease

This Packet Includes:

1. Description and Instructions

2. Agreement For Building Lease

Description and Instructions

Agreement for Building Lease

An Agreement for Building Lease is a contract laying out the terms and conditions for the ‘Lease’ of a vacant plot of land to be used solely for the purpose of erecting a building by the lessee. A lease for such a purpose is granted for a long tenure, such as 99 years. Only after the title is clear and the documents thereof are produced, can the lessee start construction.

This lease deed is only entered upon after the building is constructed with the satisfaction of the lessor and the lessee produces and obtains, upon successful completion of construction, a completion certificate from the Municipal Corporation. Until such a time, the lessee is deemed to have been granted a licence to occupy the plot of land.

During this long tenure, the lessee is required to pay an annual rent and all the national, city, council, state and municipal taxes for the land and the building to be constructed. However to use and occupy the building construction, the lessee shall pay the lessor a one-time-payment before the execution of the lease deed.

The lessor has an option to cancel this agreement if the building is not constructed within the agreed time period or if the lessee breaches its obligations.

Note: Please seek independent legal and financial advice when signing an Agreement to Lease a Building and ensure all copies of the documents including the Agreement are properly read and understood.

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