The Model Tenancy Act 2019, has been introduced to make renting more lucrative for both, landlords and tenants, by plugging the many gaps that currently exist in policies regulating the rental housing segment.
The Model Tenancy Act, 2019 is introduced to establish the Rent Authority for regulating renting of premises in an efficient and transparent manner and to balance the interests of owner and tenant. Establishing adjudicating mechanism for speedy dispute redressal and to establish Rent Court and Rent Tribunal to hear appeals and for matters connected therewith or incidental thereto is the purpose of this Act.
It is also going to notify the rules for residential and non-residential premises and further to develop the policies to promote balanced rental housing by developing different options of rental housing like individual units, dormitories, hostels, co-living, co-housing, paying guest and employee housing and outline the roles of various stakeholders in order to ensure housing for all. This is a very helpful step to reach the Government’s goal of providing housing to everyone by 2022.
As of right now, it is a proposed tenancy law by the Government, designed to overhaul the tenancy market in India. There is a great need of this, especially in the pandemic when financial strains and loss of jobs has made housing and tenancy difficult.