Tenant’s rights over a lease agreement
I want to lease the ground floor of the commercial 3-storey building that I have in a town of Kerala.The two other storeys are occupied by banks.
The local company that is asking the ground floor has a reputation of accquiring the buildings that they rent in the past.They are giving me good rent and deposit and I would like to give them the Ground Floor.Their condition is that they need the premises for ten years.They are ok with registering the agreement.Is this safe or should I make 11 month agreements for the 10 years?
Is it safe to rent the premises for such a long period?I heard that the agreement has no much value when it comes to issues with the tenant and that the Rental Act is what the decision is based on?Is this true?How could I safeguard my building?Please advise.My agreement is really strong as I have consulted an attorney for preparing it but I am still worried as people say that the tenant ends up accquiring the building eventually.
Thanks for your time.