Fair rent is the rent that is decided by a rent officer and is fixed. While deciding fair rent, it is made sure that the property for which the fair rent is being defined is useful, good in condition and is fair to the person accommodating in there. It does not depend on the scarcity value. It is called fair rent if the person accommodating gets the same price for the property as defined to a similar property in that area. Therefore it is the fairness of a property on the basis of which the fair rent is decided considering all the taxes that will be levied and included in that property.
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What is fair rent?
