Property_Manu - Final - The New India Assurance Co. Ltd.

The New India Assurance Co.Ltd.STEP -7“EXECUTION OF LEASE DEED & SURRENDER OFOLD PREMISES”.i. On receipt of the approval for hiring of new premises from Head Office, RO should advisethe concerned office to execute & register the standard lease deed as per Company’sFormat without any delay & to shift immediately to the New Premises (A copy of theStandard Lease Deed forms part of the manual).ii.iii.iv.RO should examine the draft lease deed to ascertain as to whether all the terms andconditions are correctly reflected in the deed.If the Owner does not agree with the Company’s standard lease deed, the same wouldhave to be referred immediately to Head Office specifically mentioning the nature ofmodification/ alteration/ inclusion etc. proposed in detail.To avoid future complications, it is suggested that all formalities including execution &registration of Lease Deed be completed before shifting to the new premises.v. In any case Rent / Advance should not be released without execution of the lease deed.vi.At the time of surrendering of old premises, RO should ensure that all the outstandingdues/ advances have been properly adjusted/ refunded & acknowledgment obtained inwriting from the landlord of having taken possession of the premises.STEP – 8“REGISTRATION OF SALE DEED IN CASE OFPURCHASE OF PROPERTY”On receipt of approval for purchase of any immovable property such asapartment / flat / commercial space, sale / conveyance deed to be registered inconsultation with a Competent Advocate & care is to be taken to include rights ofpassage / use of common amenities / parking / taxes / other outgoings etc.Utmost transparency should be maintained in the selection process.HHHHH18 MANUAL ON PROPERTY