Commercial Lease Agreement
Can anyone please direct me which act supports/talks about the commercial lease agreement in Pakistan???
2) Can the rent be increased by 10% at a commercial place every year or it should be after every 3 years????
3) for how many years should the lease agreement be signed for?
Kindly help me out with the following as ill be highly obliged..
1 Answer from Attorneys
Re: Commercial Lease Agreement
Rent Law is Provincial subject in Pakistan. Agreement is either commercial or residential, only law available in Pakistan deals it. In Punjab the Punjab Rented Premises Ordinance, 2007, is in operation to deal the matter concerning with rent. Following is link:---
In the former and repealed law, there was provision to increase the 25% rent after every three years automatically, but now under the above cited law, no such type provision is available but everything is subject to Agreement. Any lease agreement beyond the one year is compulsorily register-able.
Feel free if you need more assistance.