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Developmental Issues

The Union Cabinet on Wednesday approved the Model Tenancy Act to be sent to the States and Union Territories to enact legislation or amend laws on rental properties. The meeting was chaired by Prime Minister Narendra Modi.

“It will help overhaul the legal framework with respect to rental housing across the country, which would help spur its overall growth…It will enable creation of adequate rental housing stock for all the income groups thereby addressing the issue of homelessness,” a government statement said.

The model Act, if passed by the States and UTs, would prescribe the norms for lease agreements, deposits, dispute handling and other aspects of rental properties. “It will enable institutionalisation of rental housing by gradually shifting it towards the formal market and facilitate unlocking of vacant houses for rental housing purposes,” the government said.

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