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Rent increase for a sitting tenant: RERA guidelines or free market rate?
Dear Sir/Madam,
I recently purchased a property with a sitting tenant who has a tenancy contract expiring on 20/08/2023. The current rent is 35,000 AED per annum.
If I wish to increase the rent, can I give the tenant a 90-day notice and increase the rent to (a) the free market rate, (b) the RERA index range, or (c) just the RERA prescribed percentage (5%, 10%, 15%, or 20%), based on the difference between the current rent and RERA index?
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