Model Tenancy Act to provide new direction to rental housing segment: Housing Secretary Durga Shanker Mishra

Model Tenancy Act to provide new direction to rental housing segment: Housing Secretary Durga Shanker Mishra

The Model Tenancy Act will give new direction to the rental housing segment in real estate as most states have already adopted the act and remaining states are expected to do so in their winter assembly sessions, said Durga Shanker Mishra, Secretary, Housing and Urban Affairs Department.

The Union Cabinet, in June 2021, approved The Model Tenancy Act, 2021 for circulation to all states and UTs for adoption by way of enacting new legislation or amending the existing rentals laws.

The Model Tenancy Act, 2021 aims to create an effective regulatory ecosystem in India to govern landlord-tenant relationships.

Mishra further added that the confusion in the Real Estate (Regulation & Development) Act, 2016 has been cleared and well adopted by the stakeholders.

Under this regulation, around 75,000 cases have been resolved, while 70,000 projects and 55,000 agents have been registered so far. RERA has helped boost confidence in the real estate sector, he said while speaking at the CII-JLL real estate conclave.

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He highlighted the importance of technology to strengthen the real estate sector as witnessed during the pandemic.

Despite the setback of Covid19, property market activity is recovering, though a more sustained recovery is needed to tide over the shocks of the last 18 months. While there will be continuation of better activity in the commercial office segment, most likely 2021 will close on a lower to flat net absorption level compared to 2020, signifying the headwinds that impacted the segment this year, said a report released by CII-JLL at the virtual event.

India’s REIT market will enter a period of prolonged growth, with more REITs forecast to be listed in 2021 and beyond. India’s office market of 653 million sq ft as on June end across seven cities has a potential of 280 million sq ft that could be securitised with an estimated value of $35 billion, the report added.

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