Filing fair rent suit before expiry of aggrement

Dear Siva,

You can file an application for revision of your rent rate based on fair market value and prevalent market rate unless your property is covered under rent control act.  Let's see what other say about it.

I don't think so because the agreement is on till 2016. Suppose the fair market has come down and less than the agreed rent then can you accept for the request from the bank hence the agreement need to continue.

Let us wait for our experts' views. - kamesh 

@Tripti -- upon enquiry i was told that my building will be covered under The Tamil Nadu Buildings (Lease and Rent Control) Act, but I am not sure how it is ascertained in this act. Assuming that my property is covered under the act, are you saying that I cannot file a suit for revision,please clarify

@kameswarao, certainly if their is a drop in market rate the tenant will negotiate for a lower rent, else he will move to a space which would cost less. I have seen such cases happening even now at some localities in Chennai.

Dear Siva,

If your building is covered under The Tamil Nadu Buildings (Lease and Rent Control) Act, and you have sublet your place to bank, in this case bank becomes sub-tenant under The Tamil Nadu Buildings (Lease and Rent Control) Act, and as you can not revise rent with your owner, the same way you can not revise rent with your sub-tenant because first you are tenant.

Tripti, I am the owner of the property and have made an aggrement with the Bank who is the tenant...