- A lease of immovable property for any term exceeding one year, and reserving a yearly rent, exceeding rupees fifty can be made only by a registered instrument.All other leases of immoveable property may be made either by a registered instrument or by oral agreement accompanied by delivery of possession :Provided that [Government] [In section 107 word 'Government' substituted 'for His Highness' ibid.] may, from time to time, by notification in the Jammu and Kashmir Government Gazette, direct that leases of immoveable property, other than leases for any term exceeding one year, and reserving a yearly rent, exceeding rupees fifty or any class of such leases, may be made by unregistered instrument or by oral agreement without delivery of possession.
