HOMESTAY / GUEST HOUSE LEASE DEED
This Lease Deed (this "Deed") is made at Kullu on 1 April 2026.
BETWEEN
Anita Verma, an individual, of Chaya Cottage, Village Goshal, P.O. Naggar, Tehsil Kullu, District Kullu, Himachal Pradesh 175130, PAN AKVPS4521R, acting through X, X (the "Lessor");
AND
Highland Retreats Private Limited, an individual, of SCO 14, Sector 8, Chandigarh 160009, PAN AAFCH2345M (the "Lessee").
The Lessor and the Lessee are each a "Party" and together the "Parties".
RECITALS
A. The premises described in Schedule I are referred to as the "Premises". The Premises are situated at Mauza Goshal, Tehsil Kullu, District Kullu. The Lessor is the absolute owner of the premises.
B. The Land on which the Premises stand is recorded in the revenue record as Non-agricultural (Gair Mumkin) land, as recorded in the jamabandi, being the site of the constructed building described above.
C. The Lessee is an agriculturist within the meaning of that Act.
D. The Lessee has requested a lease of the Premises to run a homestay, guest house or bed-and-breakfast establishment there, and the Lessor has agreed to grant one on the terms set out below.
E. The Parties intend this Deed to create a lease within the meaning of s.105 of the Transfer of Property Act, 1882, transferring to the Lessee the right to exclusive possession of the Premises for the Term, and not a licence.
NOW THIS DEED WITNESSES as follows.
- GRANT AND TERM
1.1 The Lessor grants to the Lessee, and the Lessee takes, a lease of the Premises for a term of 3 years commencing on 2 April 2026 and expiring on 3 April 2026 (the "Term"), with the right to exclusive possession of the Premises for the Term, subject to this Deed.
1.2 The Lessor shall deliver possession of the Premises to the Lessee on the Commencement Date with the rooms, fixtures and furnishings described in Schedule II, and with sanctioned electricity and water connections available.
- RENT
2.1 The Lessee shall pay the Lessor a monthly rent of ₹45,000 (Rupees Forty Five Thousand only) for the Premises, in advance, on or before the seventh day of each calendar month.
2.2 The Rent shall increase by 10% of the then-current Rent at the end of every 12 months. Any escalation is calculated on the Rent payable immediately before the increase and takes effect from the first day of the month following completion of the relevant period.
2.3 If Rent is not paid within seven days of its due date, the Lessee shall pay interest at 18% per annum on the overdue amount from the due date until payment.
- SECURITY DEPOSIT
3.1 The Lessee shall pay the Lessor, on or before the Commencement Date, ₹1,35,000 (Rupees One Lakh Thirty Five Thousand only) as an interest-free refundable security deposit.
3.2 The Lessor may deduct from it only unpaid Rent or other charges, the reasonable documented cost of damage beyond fair wear and tear, and any amount payable on early termination under clause 8.
3.3 The Lessor shall refund the Security Deposit, less permitted deductions supported by a written statement, within 15 days of handover of vacant possession.
- USE, LICENSING AND COMPLIANCE