Infact i like your questions becuase they are so clear and specific
Whom should contact in this regard?
You should file a petition under rent control act at the rent control court, for this you may seek help of a civil lawyer there
On what basis is this calculated?
the criteria for determining fair rent is stipulated in Edger ferus v. Abraham ittycheria (a Kerala case which is ultimatly approved by the Suprme Court of India
The criteria are 1) Inflation and resultant reduction in the purchasing power.
2) Variation in the cost of living index inthe area since the commencement of the lease
3) Demand for accomodation and availability of building in the locality
4) Cost of construction of the building/ whether ground floor or upstairs/ amenities such as access to public places like bus stand hotels hospitals etc.
5) Prevailing rent in the locality
6) Whether residential or non residential
7) Annual rental value determined by the local authority
8) Building tax fixed by the loclal authority (The hike in the tax)
What are the formalities to be followed?
You have to file a petiion under the rent act to the rent controler. You may read on www.reboker.com
Assuming that the rent is revised after this, will we be able to increase the rent periodically (say once in 3yrs)?
The decision says that it can be revised by every 5 years
Can I file for Fair Rent now, as there are two cases for Owners Use as such pending in the court?
In my opinion you can file. I have filed 2 cases like this in kerala.