LEASE, including under-lease or sub-lease and any agreement to let or sub-let or any renewal of lease

Where such lease purports to be—

1. (i) for a period not exceeding five years; The same duty as is leviable on a conveyance under clause (a),

1. (b) or (c), as the case may be, of Article 22, on ten per cent. of the market value of the property.
   • (ii) for a period exceeding five years but not exceeding ten years, with a renewal clause contingent or otherwise; The same duty as is leviable on a conveyance under clause (a),
2. (b) or (c), as the case may be, of Article 22, on twenty-five per cent. of the market value of the property.
   • (iii) for a period exceeding ten years but not exceeding twenty-nine years with a renewal clause contingent or otherwise; The same duty as is leviable on a conveyance under clause (a),
3. (b) or (c), as the case may be, of Article 22, on fifty per cent. of the market value of the property.
   • (iv) for a period exceeding twenty-nine years or in perpetuity, or does not purport for any definite period, or for lease for a period exceeding twenty-nine years, with a renewal clause contingent or otherwise; The same duty as is leviable on a conveyance under clause (a),
4. (b) or (c), as the case may be, of Article 22, on ninety per cent. of the market value of the property.
   • (v) Public-Private Partnership projects, including ports, airports, tourism and infrastructure. 0.10% of the total estimated concession fee/lease rent/revenue share over the entire concession period, subject to minimum five thousand rupees and maximum twenty-five lakh rupees. Explanation I.—Any consideration in the form of premium or money advanced or to be advanced or security deposit by whatever name called shall, for the purpose of market value, be treated as consideration passed on. Explanation II.—The renewal period, if specifically mentioned, shall be treated as part of the present lease. Explanation III.—For the purpose of “PPP/Concession Agreement” includes agreements where possession, development rights, or revenue rights over Government land or asset are transferred for a specified period under a contractual framework, irrespective of nomenclature.