I'm afraid that you are probably complicating the issue without real benefit. I will draw your attention to the following issues to be resolved in your proposed strategy:
1) There will be service tax component. Company 1 will have to collect service tax from company 2 and you will also have to pay service tax on your lease rental income. On the other hand, company 2 may or may not be able to collect service tax from the tenants.
2) There will be TDS on lease rentals. Company 2 will have to deduct tax at source in respect of lease rentals payable to Company 1. Likewise, Company 1 will have to deduct tax at source in respect of payment of lease rents to you. Thus you may have cash flow issues.
3) Company 2 will get rental income from the tenants and pass on substantial portion to company 1, as this will be the ultimate requirement to get rental income to you. Company 2 will have only marginal income and pay taxes thereon. Likewise Company 1 also will pass on substantial lease rental income to you and will have only marginal income on which it will pay taxes. It may not have sufficient money to buy new plots, unless you only credit the lease rental income and do not draw it in entirety.
Finally you will have substantially reduced lease rental income in your hands after filtering the rents collected from the tenants through the layers of the companies.
4 ) All these are related party transactions and subject to close scrutiny by the Income Tax Department.
After doing all this, are you really protected from the tenants who would like to sue you? They may not have direct contact with you but you may still get into the suits as the director and as equity holder of Companies 1 and 2.
In my view you are really adding up transaction costs without commensurate benefits. Further, how serious are the threats of suing by your tenants, who will be only interested in paying rent and getting amenities as may be mutually agreed upon. In fact, it is you, who may have to sue tenants for non payment of rent. Take a pragmatic view of your risks, costs and ultimate benefit. If necessary you may take proper insurance to mitigate the risk of suits by the tenants.