Lease And Licence

Lease and License Agreement is an agreement recording a license between a licensee and licencor. This kind of agreement is specific to Mumbai where companies would mostly enter into a Lease & License Agreement instead of a Lease Agreement. This is done to save on the Stamp duty and registration charges.
A leave and license agreement is an instrument/agreement wherein the licencor allows the licensee to temporarily occupy and use one portion of immovable property for carrying on his business for residential purposes. The licencor grants the leave and license to the licensee for a minimum period of 11 months and for this, the licensee shall pay to the licencor a fixed amount of license fee/rent money. This agreement has to be mandatory registered before the sub registrar of assurances at the place of jurisdiction where the property is located.