We own a commercial property with several tenants in it who have been occupying it for 20-25 years. Rents started at Rs 800 and in all these years , at a 10% enhancement every two years, we are receiving Rs.2420 per month. This is in Hyderabad, Andhra Pradesh. This is prime highway facing property in a area that has developed tremendously in the last 8-10 years.
Given the recent drastic escalation of property taxes and inflation and hike in property values, we are finding it difficult to subsist with the amount being paid to us now.
We are trying to talk to them, but they are forming groups and making it very difficult to negotiate a reasonable amount. Nobody wants to leave the premises either.
What is the detailed procedure to apply for fair rental? Whom do we approach for this? None of the rental deeds are registered.
We plan to negotiate to the best possible and execute fresh registered rental agreements and then apply for fair rental evaluation. What would be the time span to go throught his process?
Also, is a rental agreement given to one individual inheritable by his successors and legal heirs?
Would appreciate your learned advise.
Thanks.
