Query regarding renting industrial land
Situation : Hello,
I have vacant industrial land. I want to rent out a section of that vacant industrial land for making factory or warehouse/godown etc. I currently don't have the means to construct any building on that section of land and then rent it out for the above mentioned purposes. So for whoever will take the land as rent and make a building suitable for their purposes, I would take 3 months’ rent in advance as security money and then make a rent agreement for 3 years. During the course of them constructing the building, I would deduct a certain fixed portion of the rent till the time the building is completed and then the original rent is resumed. So my queries are as follows:
1) If I follow the method of deducting a portion of the rent till building is complete, will the building and all its facilities (constructed by the tenant for his purpose) be owned by the tenant or will the ownership at all stages remain with me (since it is my rented land he is using to construct the building) ?
2) It is very common for tenants to default on rent for months, is it possible to ensure that the tenant always pays on time (except late penalty fee) and doesn't make excuses or delays
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