Govt to Soon Come Out With Model Tenancy Law
To boost real estate sector especially rental homes, the government will soon come out with the Model Tenancy Law, said housing and urban affairs secretary Durga Shanker Mishra. The ministry had in July 2019 floated the draft Model Tenancy Law. "Model Tenancy law is ready. It has been translated into various languages as it has far reaching implications," Mishra said. The deadline for feedback on the proposed model tenancy law ended on 31 October and now States have been asked to send those feedbacks after compiling it, he said. Mishra pointed out that 1.1 crore homes were vacant as per 2011 census as people fear to give their homes on rent. The model tenancy law will eliminate anomalies and give a boost to real estate sector. The Centre will send the Model Tenancy Law, after approval from the Union Cabinet, to states for its adoption. The draft model tenancy law proposes that landowners will have to give a notice in writing three months before revising rent. It advocated appointing a district collector as rent authority and heavy penalty on tenants for overstaying.
Tags : News/Views Real Estate Tenancy MoHUA Govt Law Rental Homes