(1) No contract of lease
concluded in relation to the following goods shall remain valid for
more than the following period:
(a) Thirty-five years in the case of housing land
leased for the construction of a building or
housing land in use after construction of a
building therein,
(b) Thirty-five years in the case of the land leased for
the purpose of servitude,
(c) Forty years in the case of the land leased for the
purpose of construction, development and
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operation of the infrastructures such as industrial
structure, roads, canals, electricity generation,
(d) Twenty years in the case of land for farming;
(e) Nineteen years in the case of house and land
leased for the purposes other than that referred to
in clause (a), (b), (c) or (d),
(f) Fifteen years in the case of a motor vehicle,
(g) Fifteen years in the case of machinery equipment
other than a motor vehicle,
(h) Fifteen years in the case of machinery equipment
other than that referred to in clause (f) or (g),
(i) Ten years in the case of a domestic animal,
(j) Ten years in the case of goods other than that set
forth in this Section having regard to their life and
nature.
(2) Notwithstanding anything contained in sub-section (1),
the parties may extend the validity period of the contract of lease,
subject to the validity period of the contract, before expiry of the
period referred to in such a sub-section.
(3) Notwithstanding anything contained in sub-section (2),
the parties to a contract of lease may decide whether to extend the
period of the contract of lease having regard to the place where the
leased house and land are situated and the nature of the goods.