By Anuj Puri, Chairman – ANAROCK Property Consultants
At long last, The Union Cabinet has approved the long-pending Model Tenancy Act. India’s States and Union Territories can now accordingly adapt and enact new laws or amend their current rental laws to dovetail with the Act.
The Model Tenancy Act will help bridge the trust deficit between tenants and landlords by clearly delineating their obligations and will eventually help unlock vacant houses across the country. To ensure speedy redressal of disputes, the Act also proposes to establish separate Rent Court and Rent Tribunal in every state/UTs to hear appeals for matters connected to rental housing.
This Act can fuel the rental housing supply pipeline by attracting more investors, and more rental housing stock will help students, working professionals and migrant populations to find urban accommodation (especially in COVID-19-like exigencies). Once implemented in all fairness across states, it will go a long way in formalising and stabilising the rental market. It would also revive the fortunes of not just the rental market but the housing sector at large.
However, even while the Model Tenancy Act is a step in the right direction (providing a clear roadmap for states to follow) it will remain to be seen to what extent the states will toe the central government’s line.
Corporate Comm India (CCI Newswire)
Brigade REAP Incubates 76 Proptech Startups, Leading India's Largest Proptech Ecosystem with ₹200 Cr Earth…
New Delhi, November 22, 2024: Dr. Gautam Kanodia has emerged as a visionary leader, redefining…
New Delhi, November 21, 2024: Over the years, Delhi-NCR has emerged as a hotspot for…
~ The Company strengthens the product portfolio with the launch of innovative & ‘Made in…
- NAREDCO Maharashtra and 1 Finance Unveils Comprehensive Study on Mumbai's Real Estate Landscape -…
The announcement marks a major step in offering Flexible Grade-A Office Solutions for Modern Businesses…