PM Modi: Cabinet approves Model Tenancy Act for circulation
PM Modi: Cabinet approves Model Tenancy Act for circulation
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the Model Tenancy Act for circulation to all States / Union Territories for adaptation by way of enacting fresh legislation or amending existing rental laws suitably.
It will help overhaul the legal framework with respect to rental housing across the country, which would help spur its overall growth.
Mr Hardeep Puri- Minister for Housing and Urban Affairs said, ” 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.
Dr. Niranjan Hiranandani, National President, NAREDCO said, “The Model Tenancy Act will facilitate unlocking of vacant houses for rental housing purposes. 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 will enable institutionalisation of rental housing by gradually shifting it towards the formal market.”
“Industry bodies like NAREDCO have been requesting authorities for a Model Tenancy Act which would create a vibrant, sustainable and inclusive rental housing market in the country. This Model Tenancy Act will ensure creation of new rental housing stock for all the income groups, addressing the challenge being faced by home seekers,” he said.
