I and my wife are retired medical practitioners. I own a commercial property (few shops in a row) in Chennai rented out for the past 16 yrs.
We had rented out the shops based on the agreement that the rent would be increased by a certain percentage once in 11 months which we did only for one year. Before we could increase the rent for the second time based on the agreement, the tenants formed a group and collectively along with the local trade union leader protested asking us to revise the agreement with an increment of ONLY Rs.100 once in two years failing which they refused to pay rent. Because of this the rent of our shops is very low as compared to the others in the same area causing enormous loss for us for the past 15 yrs.
One of my tenants is also defaulting the rent for the past 22 months and I have files a RCOP case for wilful default against him.
As we both are senior citizens, we also have sort eviction of two shops for OWNERS USE (clinic) in the court.
I have been advised by some of my friends to file for FAIR RENT. Please guide me on this.
- Whom should contact in this regard?
- On what basis is this calculated?
- What are the formalities to be followed?
- Assuming that the rent is revised after this, will we be able to increase the rent periodically (say once in 3yrs)?
- Can I file for Fair Rent now, as there are two cases for Owners Use as such pending in the court?
Any help from the forum members will be highly valuable as I am totally in the dark.
Thanks in advance.