NEW DELHI: The Union Cabinet on Wednesday approved the Model tenancy act to help overhaul the legal framework across the country and help spur its overall growth.
In an official statement after the meeting, they said that the Act will facilitate the unlocking of vacant houses for rental housing purposes.
It is also expected to give a fillip to private participation in rental housing as a business model for addressing the huge housing shortage. The cabinet, chaired by Prime Minister, stated that the Act will be in "circulation to all States/Union Territories for adaptation by the way of enacting fresh legislation or amending existing rental laws suitably."
The Tenancy Act will also enable institutionalization of rental housing by gradually shifting it towards the formal market.
"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 statement said. Read More
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