It will help overhaul the legal framework with respect to rental housing across the country, which would help spur its overall growth, as per the Ministry of Housing & Urban Affairs.
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. Model Tenancy Act will enable institutionalisation of rental housing by gradually shifting it towards the formal market.
The Model Tenancy Act will facilitate 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.