Rent Tribunal to determine fair rent

Determination of fair rent

Rent Tribunal to determine fair rent.—

1. (1) The Rent Tribunal shall, on application by the landlord or the tenant of a building, fix the fair rent payable per annum for such building after holding such inquiry as may be prescribed.
2. (2) The fair rent payable per annum shall consist of—
   • (a) "twelve per cent" of the market value of the building (including the land on which the building is constructed) as on ".." the date of the completion of the building, "..."and " Provided that the fair rent once fixed shall automatically stand increased by 2% per annum".
   • (b) fifty per cent. of the taxes or cesses levied by the local authority and payable per annum by the landlord in respect of the building including the land on which the building is constructed.