(1) A lease agreement in respect of the following items shall not continue for more than the following period:-
(a) thirty-five years in case of real estate taken for building a house or real estate in occupation after construction of a house,
(b) thirty-five years in case of land acquired for the purpose of easements,
(c) Forty years if the land is taken for the construction, development and operation of infrastructure such as industrial structures or roads, canals, power generation,
(d) Twenty years if the land is cultivated (e) twenty-nine years in case of immovable property taken for purposes other than those mentioned in clauses (a), (b), (c) or (d),
(f) Fifteen years in case of vehicle,
(g) Fifteen years in case of mechanical equipment other than vehicles,
(h) Fifteen years in the case of instruments other than those mentioned in clause (f) or (g),
(i) Ten years if it is a domestic animal,
(j) If there are any other items other than those mentioned in this section, ten years considering the age and nature of such item.
(2) Notwithstanding anything written in sub-section (1), the parties subject to the renewal period of such agreement may extend the renewal period of the lease agreement before the expiry of the period mentioned in that sub-section.
(3) Notwithstanding anything written in sub-section (2), the parties to the contract may decide whether or not to extend the term of the lease contract by considering the nature of the property and the location of the house and land given in the lease contract.