ISSUE:
Whether an option granted to a lessee to renew a lease, initially for a period of 10 years, after every 10 years is void as being hit by the rule of perpetuity?
RULE:
The rule against perpetuity, codified under Section 14 of the Transfer of Property Act, 1882, does not apply to an option for renewal in a lease agreement, as these rights do not create an interest in the property.