Improvement in rental housing: Approval of draft of Model Tenancy Act, know what will be the benefit
The government has approved a draft to improve the rental housing sector in India. Further, the provisions given in this can be implemented by making this draft a law or by amending the existing law to bring many changes in this area. On Wednesday, the Union Cabinet approved the draft Model Tenacny Act to be adopted by the States/Union Territories.
The draft of the Model Tenancy Act will now be sent to the states and union territories. States can adopt this draft, make it a new law, or implement it by making necessary amendments to the existing tenant law. The proposal to the said effect was approved in the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi.
Let us tell you that despite the huge demand for rented accommodation in the urban areas of the country, it is not able to compensate that much. Or due to lack of a comprehensive law, many difficulties remain. The special thing is that while there is a shortage of rental housing on one hand, lakhs of houses are lying vacant. In such a situation, there has been talk of improvement in this area for a long time.
what will be the benefit
After the decision of the cabinet meeting, a statement has been issued in this regard, in which it has been told that after the new changes, the rental laws can be improved. This will help in revamping the legal framework with regard to renting out houses across the country, thereby paving the way for further development of the sector. It states that the objective of the Model Tenancy Act is to create a diverse, sustainable and inclusive rental housing market in the country.
With these changes, a stock of residential units for rent in sufficient quantity will be created for people of every income group in the country, due to which the problem of homelessness will be solved. At the same time, vacant houses can be made available on rent.
The government hopes that through this, private participation in developing the tenancy market as a business will increase, so that the acute shortage of residential houses can be met. The Model Tenancy Act will help in institutionalizing the residential rental system.
(with input from language)