The Union Ministry on Wednesday approved the Model Tenancy Acts. It will help to overhaul the legal frame work with respect to rental housing across the country.
The Act will enable institutionalisation of rental housing by gradually shifting it towards the formal market, the government said.
Discussed details of the landmark Model Tenancy Act with members of the media fraternity during an interaction. The Act has been approved by Union Cabinet under guidance of PM @narendramodi Ji & will be circulated to all states/UTs for adaptation. Says Hardeep Singh Puri.
MTA will balance the interests & rights of both the owner & tenant in an accountable & transparent manner. Rental housing is a preferred option for different segments including migrant workers, professionals & students & will encourage growth of rental housing.
Minister Hardeep Singh Puri said that model Tenancy Act was approved. Model Tenancy Act will aim for adoption & enactment by States & UTs to promote rental housing in the country. Making the 1.1 Crore vacant houses available on rent will compliment PM’s vision of ‘Housing for All’ by 2022.
The Act will facilitate unlocking of vacant houses for rental housing purposes, it said, adding that it is expected to give a fillip to private participation in rental housing as a business model for addressing the huge housing shortage.
The Act also adds that the 2 months rent will be received in advance. Whereas now in metropolitan cities the landlord demands nearly 10 months of rent in advance.
There will be rent authority, rent court & rent tribunal to fast track resolution of disputes within 60 days. Security deposits for residential premises will be 2 months rent and for commercial it will be 6 months rent: Union Min Hardeep Singh Puri reported the Ani. Subscribe to our email to stay ahead