I have a commercial property which is given for rent for supermarket. We have mada a registered agreement with tanent. This agreement is going to finish by 1-11-2012. Monthly rent that he is paying is Rs.20,000 per month.
We are planning to start our own business after 1-11-2012 (after end of lease agreement). We informed the same to tanent . My tanent rejected our request. He told not willing to vacate the property.
If he needs to vacate the property , we need to pay him 50lakhs of rupees as a ''goodwill''. Because he is running the supermarket since from 9 years and become the land mark for that area. As he needs to vacate the property he needs compensation as a 'Goodwill'' .
Is it is really possible as per Law or he just wants to threatening us ?
Please clarify our dubt.
Thanks in advance.