Minister for Housing and Urban Affairs Hardeep S Puri on Wednesday said that the Model tenancy act will ensure formalising the shadow market of rental housing.
Addressing a press conference the Minister said that its implementation will give confidence to landlords to more readily put their premises on rent. He said this will have a dual advantage. An asset which is lying dormant will become a productive asset and secondly, people would invest to build units for residential and commercial use.
Mr. Puri said the model tenancy act provides a model for urban, rural, residential and commercial properties. It would be a written agreement with terms and conditions to be determined by the landlord and the tenant. He said one of its innovative features is a time bound and robust grievance redressal mechanism.