The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Model Tenancy Act for circulation to all states and union territories for adaptation by way of enacting fresh legislation or suitable amendment of existing rental laws. The act will help overhaul the legal framework for rental housing across the country to help spur its overall growth. This is aimed at creating a vibrant, sustainable and inclusive rental housing market in the country through the creation of adequate stock for all income groups. The Model Tenancy Act will enable the institutionalisation of rental housing by gradually shifting it towards the formal market. It is also expected to give a fillip to private participation for addressing the huge housing shortage.

Comments