Interviewtimes 
The Union Cabinet on Wednesday approved the Model Tenancy Act bill for the state and the union. It provides for the establishment of separate rental authorities, courts and tribunals for districts and urban areas to protect the interests of owners and tenants. The bill will now be sent to the state and union states to make appropriate amendments to the current Tenancy Act.
The bill was introduced at a cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday. Which has received cabinet approval. The amended law provides for a broader definition of homeownership or commercial property, starting with the tenant’s maximum security deposit and other policy rules. Which will include a written agreement on all rent-related policies and will be submitted to the district authorities. Union Urban and Housing Development Minister Hardeep Singh Puri said the new law would help streamline the legal framework for residential rent.
However, the central government has said that the new law will be implemented in the future and will not affect the current system. The rent and the term will be determined by mutual consent of both the owner and the tenant. According to the government statement, this will help strengthen the legal framework for renting across the country and pave the way for development in the sector.
The main purpose of the law, however, is to create a diversified permanent and inclusive housing market for rent in the country. Empty houses can be rented out. As a result, with the increase in personal participation in the rental market, the housing problem can be solved permanently. The Model Tenancy Act will help make the housing rental system more formal, the government said.
