The transfer of a right to ENJOY immovable property for a certain time or in perpetuity, in consideration of a price paid or a rent promised, under Section 105 of the Transfer of Property Act, 1882 is a:

Section 105 of the Transfer of Property Act defines a LEASE of immovable property as a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered by the transferee to the transferor. This distinguishes a lease (which transfers a right and confers possession) from a LICENCE (Section 52), which merely permits the licensee to do something on the property without transferring any interest in it (also relevant to the lease-vs-licence test applied in cases such as Associated Hotels). Rent reserved is the hallmark of a lease.