New Delhi: The Union Cabinet on Wednesday (May 26) approved the `Model Tenancy Act` in a bid to assist overhaul the authorized framework with respect to rental housing throughout the nation. The cupboard assembly was chaired by Prime Minister Narendra Modi.
The determination has been circulated to all states and Union Territories for adoption. They can have to enact recent laws or amending present rental legal guidelines suitably. “It (the model act) will help overhaul the legal framework with respect to rental housing across the country, which would help spur its overall growth,” an official assertion stated.
The Model Tenancy Act goals at making a vibrant, sustainable and inclusive rental housing market within the nation, and to allow the creation of sufficient rental housing inventory for all of the earnings teams, thereby addressing the problem of homelessness.
It is meant to allow the institutionalisation of rental housing by regularly shifting it in direction of the formal market.
“The Model Tenancy Act will facilitate the 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 assertion stated.
– With inputs from ANI.
#mute
