NAREDCO has said that the ideal tenancy law could revolutionize the real estate sector. The agency has expressed the hope that all states will enact their own laws on this basis.
New Delhi
Real estate sector NAREDCO said on Monday that if the model tenancy law proposed by the central government is implemented by all the states then it will give a big boost to the construction of houses for rent and the builder can get up to 50 percent of the total houses Only making for rent will be encouraged.
were announced in the budget, the
Union Housing and Urban Affairs Ministry has drafted the ‘Model Tenancy Act, 2019’ for public consultation. Is released for. This was announced in this year’s budget. The draft law will be finalized after considering suggestions from various parties.
“Promotion of Rental Houses”,
Chairman of NAREDCO Niranjan Hiranandani told reporters here on Monday, “The Model Tenancy Act has taken care of the safety of all concerned. This will give a big boost to the rented houses. He said that the ‘National Real Estate Development Council (NAREDCO) is studying the draft law and will submit its recommendations soon.
‘Developers will be excited to charge rent’,
he hoped that all the states would enact their own tenancy laws based on this model law. After its implementation, ‘I expect all developers to keep 50 percent of their flats for rent.’ NAREDCO Chairman Rajiv Talwar also said that the announcement made in this regard in the General Budget will give a big boost to the growth in the real estate sector from rented houses.
