In Mumbai, India, a vacation license agreement is a legal document specifying the temporary use of a property by the licensee (tenant) from the licensee (landlord) for a specified period of time This agreement is broken so especially in Mumbai due to transient and high population demand for rental properties.
Duration of renewal and renewal: The contract specifies the length of the license, which generally ranges from 11 months to 3 years.Renewal terms may be included, allowing the licensee to extend its stay in it by mutual agreement.
Mortgage and deposit: The contract defines the rent rate, premium and deposit. In the Mumbai mortgage market, the deposit is usually equivalent to 2-3 months’ rent and at the end of the contract, deductions are made for installments, unpaid rent, or other payments