Section 8. Rent Payable.

(1) In case of tenancies entered into on or after the commencement of the Act, rent payable of a rental unit shall be the rent agreed between the landlord and the tenant at the commencement of tenancy. (2) In case of existing tenancies, at the end of twenty four months from the commencement of the Act, rent payable shall be as per sub-section (1) and–– (a) the landlord shall intimate the tenant two months prior to the expiry of twenty four months from the commencement of the Act about the revision in rent ; (b) in the absence of an agreement between the landlord and the tenant on the rent payable as per sub-section (1), the landlord will have the option to terminate the tenancy as per section 21 of the Act.