you can enter into leave and licence agreement for period of 33 months with renewal clause
2) agreement should be duly stamped and registered . take security deposit from licencee . also penal clause for failure to vacate premises on expiry of agreement
3)obtain a trade license for carrying on the business of the hostel,
a No-objection certificate from the local municipal corporation, the municipality, or the local panchayat, as the appropriate body may be.
The local police station must also be informed of the hostel being brought up, and its location as well.