A Lease Deed / Rent agreement is a contract wherein the lessee (tenant) agrees to pay a periodic sum of money (rent) to the lessor for the use of an immovable property. A lease deed is generally written whenever an owner gives his property to a tenant on rent for a certain period of time. A lease agreement may be made in respect of a Shop, Office, Flat, Apartment, Builder Floor, Bungalow, Unit in a Commercial Tower or Mall, Industrial Site, farm houses, agricultural lands etc.

According to Section 105 of the Transfer of Property Act, 1872, a lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent

A lease of an immovable property from year to year, or for any term exceeding one year or reserving a yearly rent, can be made only by a registered instrument. Therefore, it is compulsory to get a lease / rent deed registered in the sub registrar office if the lease is for a term of 1 year or more. All other lease of immovable property may be made either by a registered instrument or by oral agreement accompanied by delivery of possession.Where a lease of immovable property is made by a registered instrument, such instrument shall be executed by both the lessor and the lessee.

As per latest notification of the Govt. of India, it is now compulsory for the Embassies, High Commissions, Ambassadors, Consulates, Foreign Citizens and Foreign Nationals staying in properties in Delhi to get the Lease Agreement / Rent Deed registered as soon as possible. .