Earlier agreement should be terminated 

fresh lease agreement has to be entered into 

it is better to pay stamp duty and registration charges 

since duly registered rent agreement is already in existence hence there is no need for another rent agreement which is otherwise not legally permitted and involves legal implications. you should opt for attornment in respect of existing tenant and rent agreement which has same effect and is cost effective also. 

Buyer of a Rented Property becomes Landlord to Tenant in Occupation automatically.  Read Karnataka HC Judgment:

Second Appeal No. 650 of 2011 (RES) decided on 23 May 2023.

If the owner is changed the agreement needs to be changed as a fresh agreement with new owner will have to be executed 

As you have become the new owner, a fresh rental agreement has to be executed between you and the tenant. The existing agreement cannot be modified legally.

Execute a fresh rental agreement between the new owner and tenant to ensure legal validity. Since the existing registered agreement cannot be simply modified, a new agreement will formalize the ownership change.

- Since, you have purchased that property , then you should send a notice to the tenant for attorn you as the landlord of the tenanted premises. 

- If you will serve a notice to the said tenant , then there is not requirement for entering into a fresh rent agreement with the said tenant if that agreement is not expired. 

- However, you can enter into a fresh agreement with the tenant after the termination of the existing agreement , and you can register the same after paying stamp duty , and the said stamp cannot be adjusted herein. 

When the ownership of a property changes during a rental agreement, the tenant's status depends on the terms of the agreement and whether the tenant needs to sign a new agreement with the new owner:

If the agreement allows for termination when the landlord transfers the tenancy, the tenant may not need to sign a new agreement.

f the agreement doesn't allow for termination, the tenant may need to sign a new agreement with the new owner. The new agreement should state that the new owner will agree to the same terms and conditions as the original agreement. 

If the tenant has a valid lease agreement in place, the new owner is generally obligated to honor the terms and conditions specified in the agreement until its expiration. Tenant's rights as a tenant, including the right to occupy the property, remain protected during the lease period.

Dear Client,

In the Present Scenario, you have purchased an industrial property in UP, and there is a tenant who is running his industry for about an year. You want to renew the existing rent agreement for the remaining period at all the existing terms and conditions. Further, you want a proper and duly registered agreement. Though the present agreement is also properly registered, with payment of stamp duty of substantial amount, since the stamp duty has already been paid, you want to save the same on renewal and registration of the agreement. Herein, firstly, you may execute a renewal, referencing on the present terms and conditions, that incurs less stamp duty if there are no changes on the rent period. However, this must be properly executed and registered for ensuring authorization and validity, and thus, save the stamp duty costs, in comparison to drafting a new agreement.

Hope you find this answer beneficial for resolving the dispute.

The terms of the existing rent agreement needs to be perused in order to give you advice, whether a fresh agreement is required or not.

if you wish to continue with the tenant on the same terms and conditions as in the existing agreement and if there is balance period remaining under the present agreement then there is no need to do a new agreement merely on change of ownership 

you simply step into the shoes of the former owner 

you only have to inform the tenant about the change of ownership and that he has to henceforth pay the license fee to you