Amendment status not verified — confirm the current text below against the official source.
Determination of fair rent.-(1) The Controller shall, on application by the tenant or the landlord of a building or rented land, and after holding such enquiry as he may think fit, fix the fair rent for such a building or rented land. (2) The fair rent under sub-section (1) shall be. (a) in respect of the building, the construction whereof was completed on or before the 25th day of January, 1971 or in respect of land let out before the said date, the rent prevailing in the locality for similar building or rented land let out to a new tenant during the year 1971 ; and (b) in respect of the building, the construction whereof is completed after the 25th day of January, 1971 or in respect of land let out after the said date, the rent agreed upon between the landlord and the tenant preceding the date of the application, or where no rent has been agreed upon, the rent shall be determined on the basis of the rent prevailing in the locality for similar building or rented land on the date of application. (3) Notwithstanding that the fair rent for building or rented land has been fixed under the East Punjab Urban Rent Restriction Act, 1949 (3 of 1949) or under the Himachal Pradesh Urban Rent Control Act, 1971, (23 of 1971), a landlord or tenant of such a building or rented land shall be entitled to get its fair rent fixed under this section. (4) Notwithstanding anything contained in this Act, the Controller may fix the fair rent on the basis of the compromise arrived at between the parties to the proceedings and such rent shall be binding only on the parties and their heirs. (5) The fair rent fixed under this section shall be operative from the date on which the application is filed under this section.