te CABINET DECISION: Model Tenancy Act - APPROVED! Know what it says for tenants and owners in terms of rental housing | Zee Business

CABINET DECISION: Model Tenancy Act - APPROVED! Know what it says for tenants and owners in terms of rental housing

The Union Cabinet, which was chaired by Prime Minister Narendra Modi, has approved the Model Tenancy Act (MTA) on Wednesday, June 2, for circulation to all States/ Union Territories for adaptation by way of enacting fresh legislation or amending existing rental laws suitably. 

CABINET DECISION: Model Tenancy Act - APPROVED! Know what it says for tenants and owners in terms of rental housing
The Model Tenancy Act will facilitate the unlocking of vacant houses for rental housing purposes.

The Union Cabinet, which was chaired by Prime Minister Narendra Modi, has approved the Model Tenancy Act (MTA) on Wednesday, June 2, for circulation to all States/ Union Territories for adaptation by way of enacting fresh legislation or amending existing rental laws suitably. 

“The Union Cabinet has approved the Model Tenancy Act for adoption and enactment by states/ Union Territories to promote rental housing in India. MTA envisages to balance the interests and rights of both the owner and tenant in an accountable and transparent manner,” the Ministry of Housing and Urban Affairs has also tweeted.

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The Model Tenancy Act will help overhaul the legal framework with respect to rental housing across the country, which would help spur its overall growth, the government said in a statement.

The Model Tenancy Act aims at creating a vibrant, sustainable, and inclusive rental housing market in the country.  It will enable the creation of adequate rental housing stock for all the income groups thereby addressing the issue of homelessness.  The Model Tenancy Act will enable institutionalisation of rental housing by gradually shifting it towards 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. 

 

Reported By: ZeeBiz WebTeam
Edited By: Prashant V. Singh
Updated: Wed, Jun 02, 2021
06:01 pm
New Delhi, ZeeBiz WebDesk

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