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.
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.
See Zee Business Live TV Streaming Below:
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 Union Cabinet approved the Model Tenancy Act (MTA) for adoption and enactment by states/UTs to promote rental housing in India.
MTA envisages to balance the interests and rights of both the owner and tenant in accountable and transparent manner. pic.twitter.com/rbP9lkkIE7
— Ministry of Housing and Urban Affairs (@MoHUA_India) June 2, 2021
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 Defence PSU Stocks: Investors buying 1 unit of top PSU defence stock a month made Rs 40,299.40 on Rs 23,003.25 investment in 1 year
Highest Temperature in Delhi: Minister asked for confirmation whether Delhi temperature reached 52.3 degrees; here's how IMD responded
Rs 5,000 and 10,000 monthly deposits give you Rs 3,56,830, and Rs 7,13,659 on maturity in this small savings scheme
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
Axis Direct has 'buy' calls on these 3 stocks for up to 15% gain in 15 days, check targets and stop loss
Shark Tank India: This startup gets blank check offer as revenue soars 10 times in 15 months, resulted in clash between judges
EDLI Scheme: Do you know EPFO provides Rs 7 lakh insurance cover to every member? Know about calculation, contribution, and claim process
06:01 PM IST