New Delhi: Prime Minister Shri Narendra Modi chaired a meeting of the Council of Scientific and Industrial Research (CSIR) Society today through video conference.Speaking on the occasion, the Prime Minister remarked that the Corona pandemic has emerg
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Centre approves Model Tenancy Act: Here s how it will benefit tenants, landlords.
The Union Cabinet on Wednesday approved the Model Tenancy Act, aiming to bring about wide-ranging reforms, including setting up of separate rent authorities, courts and tribunals in every district to protect the interest of both the owner and tenant.
Under the Act, for residential premises, tenants will have to submit a security deposit of maximum two months rent, while in case of commercial property, six months rent will have to be deposited.
States and union territories can adopt the Model Tenancy Act (MTA) by enacting fresh legislation or they can amend their existing rental laws suitably.
The Centre, following the Cabinet decision, issued a statement saying the Act is expected to give an impetus to private participation in rental housing as a business model for tackling the huge housing shortage
The Union Cabinet on Wednesday approved the Model Tenancy Act under which separate rent authorities, courts and tribunals will be set up in districts to protect the interest of both the owner and tenant. For residential premises, tenants will have to submit security deposit of maximum two months rent, while incase of commercial property, six months rent will have to be deposited. States and union territories can adopt the Model Tenancy Act by enacting fresh legislation or they can amend their existing rental laws suitably. The Act mandates for written agreement for all new tenancies, which will have to be submitted to concerned district Rent Authority .