Assam adopts Model Tenancy Act for development of rental housing
17 Aug 2021
2 Min Read
CW Team
On Saturday, the secretary of Housing and Urban Affairs, Durga Shanker Mishra, told the media that Assam had become the first state in India to adopt the Model Tenancy Act.
In June, the Ministry, chaired by PM Narendra Modi had approved the Model Tenancy Act for all states and Union Territories (UTs) as a way of enacting new legislation or amending the existing rental laws.
Mishra tweets that with the new Act, the Assam Urban Areas Rent Control Act 1972, gets replaced. The new Act will ensure the growth and development of a transparent and accountable rental market, balancing the interests of the tenants and landlords. It will provide an ecosystem for the quick resolution of disputes.
It will help to unlock vacant houses for rental housing purposes. It will fulfil the private participation in rental housing to check the huge shortage of housing.
According to the Census 2011, over one crore houses were vacant in urban areas in India. The existing laws of rent control are preventing the growth of rental housing and discouraging the owners from renting out their houses because of the fear of not getting them back.
Rentals are preferred for the different sections of society, including migrants, laborers, students, and young workers.
For speedy redressal of disputes, the Act will establish a separate Rent Court and Rent Tribunal in all states and UTs for matters related to rental housing.
The Act can promote the rental housing supply pipeline by attracting more investors and rental housing stocks, which will help students, workers, and migrants to find urban accommodation.
It will promote growth and investment in rental housing. It will also promote entrepreneurship and innovation for the sharing of spaces. The Act will attract more investments and entrepreneurship in rental housing, thus boosting the growth in real estate, cement and steel industry and the overall economy.
Also read: Assam govt introduces Assam Tenancy Bill 2021
Also read: Model Tenancy Law opens up for NRI real estate investors
On Saturday, the secretary of Housing and Urban Affairs, Durga Shanker Mishra, told the media that Assam had become the first state in India to adopt the Model Tenancy Act.
In June, the Ministry, chaired by PM Narendra Modi had approved the Model Tenancy Act for all states and Union Territories (UTs) as a way of enacting new legislation or amending the existing rental laws.
Mishra tweets that with the new Act, the Assam Urban Areas Rent Control Act 1972, gets replaced. The new Act will ensure the growth and development of a transparent and accountable rental market, balancing the interests of the tenants and landlords. It will provide an ecosystem for the quick resolution of disputes.
It will help to unlock vacant houses for rental housing purposes. It will fulfil the private participation in rental housing to check the huge shortage of housing.
According to the Census 2011, over one crore houses were vacant in urban areas in India. The existing laws of rent control are preventing the growth of rental housing and discouraging the owners from renting out their houses because of the fear of not getting them back.
Rentals are preferred for the different sections of society, including migrants, laborers, students, and young workers.
For speedy redressal of disputes, the Act will establish a separate Rent Court and Rent Tribunal in all states and UTs for matters related to rental housing.
The Act can promote the rental housing supply pipeline by attracting more investors and rental housing stocks, which will help students, workers, and migrants to find urban accommodation.
It will promote growth and investment in rental housing. It will also promote entrepreneurship and innovation for the sharing of spaces. The Act will attract more investments and entrepreneurship in rental housing, thus boosting the growth in real estate, cement and steel industry and the overall economy.
Image Source
Also read: Assam govt introduces Assam Tenancy Bill 2021
Also read: Model Tenancy Law opens up for NRI real estate investors
Next Story
Blum India brings Design Reverie to Hyderabad
Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
