Landlord want other Tenant, just to hike the rent.

Dear Sir, We moved to this newly constructed house 2 years back, successfully completed two lease terms comprising of 11 months each. Now its time to enter into the third term. The total property consists of two units having 3 BHK size of arnd 1100 sq.ft space along with open garden etc and two tenants, we being one of them. Now our landlord has an intention to give this property to one single tenant after the expiry of this new agreement which he has verbally brought to our attention. Now the ground realities & assumptions are as follows: Realities: 1. The Landlords are well to do background having only one married son established in other city in India and earning a very modest annual package. 2. The landlords are in 60's couple & lady being the house wive and husband working with some private company after retiring from govt job and lives in society complex having there own or their son 3BHK flat. 3. The couple is very money mined people and never ask for repair work etc on courtesy basis and they see arbitrage opportunity to hike the rent. 4. And as common risk they wish that tenant do not overstay in their property so keep on moving the tenants after 3 year time. 5. So far, there is never a single month delay in any rent paid so far. Always paid through electronic transfer. Our Reasoning: 1. Before coming to this house, i suffered some of the major setbacks, financial losses in new business and came on road and even sold my flat and lost money in business activities over a period of 3-4 years. 2. I was looking for a little bit a new area away from sound pollution where i can concentrate to restart my life again. We thought we will get a good time to stay as frankly speaking we can not afford physically and financially to move to other place. Although the rent is arnd 50k which is been shared between 2 tenants. 3. Although we have given them option to give us complete house on rent, but little bit apprehensive if they may not agree to give us as their one of the fear in their mind of overstay of tenants in property. 4. Although,this time , i will enter into agreement of 11 months with notice period only given at the time of expiry for atleast 2 month time. 5. I really cannot afford to move other place and to settle which generally takes on 4 -5 months completely right from searching the property. 6. I have read that landlord until he requires this for his own use or rent is not paid can be the factors to make the tenants vacate the premises. 7. Moreover, i see that to bring in new tenant only for money reason, it is not a legal right of the owner to get the property vacated by the earlier tenant who is giving you the prompt rent and willing to take complete house on rent as per fair market rate. 8. The other family will move out as they are salaried class. Kindly guide me what are my legal rights as tenant in this case and obligations along with the precautions to be taken as per the lease agreement is concerned. I shall be highly thankful and obliged to your advice to us. if i have the remedy, i will fight for it. Kavita