(1)Notwithstanding anything contained in any agreement, where the premises have been let out before the commencement of this Act, the rent thereof shall be liable to be revised according to the formula indicated below :-(a)where the premises have been let out prior to 1st January, 1950, it shall he deemed to have been let out on 1st January, 1950 and the rent payable at that time shall he liable to be increased at the rate of [5%] [Substituted for 7.5% by Act No. 1 of 2006 (w.e.f. 22.02.2006.)] per annum and the amount of increase of rent shall be merged in such rent alter ten years. The amount of rent so arrived at shall again be liable to he increased at the rate of 5% per annum in similar manner upto the year of commencement of this Act;(b)where the premises have been let out on or after 1st January, 1951, the rent payable at the time of commencement of the tenancy shall be liable to he increased at the rate of [5%] [Substituted for 7.5% by Act No. 1 of 2006 (w.e.f. 22.02.2006.)] per annum and the amount of increase of rent shall be merged in such rent after ten years. The amount of rent so arrived at shall again be liable to be increased at the rate of [5%] [Substituted for 7.5% by Act No. 1 of 2006 (w.e.f. 22.02.2006.)] per annum in similar manner upto the year of commencement of this Act.[x x x] [Omitted by Act No. 1 of 2006 (w.e.f. 22.02.2006.)]
