New Tenancy Law to Monitor Rentals Soon

Published: 20th February 2016 04:03 AM  |   Last Updated: 20th February 2016 04:03 AM   |  A+A-

CHENNAI:  Your rentals could soon be governed by a new Tenancy Act if the State has its way.

Speaking after inaugurating a three-day Fairpro Expo here on Friday, Housing Secretary D P Yadav said that the present State Rent Control Act would undergo a change with the government in-principle accepting the model Tenancy Act.

It is learnt that the State has to comply in amending the Rent Control Act by 2019. The move by the State comes in the wake of The Task Force on Rental Housing, Ministry of Housing and Urban Poverty Alleviation, suggesting rental housing as a sustainable option for housing for the lower income group and economically weaker sections household having an annual income of less than `1 lakh and between `1 lakh and `2 lakh respectively. 

NEW.JPGYadav also highlighted a huge demand in the affordable housing sector. 

“The demand is nearly 90 per cent in this sector  and it is a challenge. We do not have easy, clear cut solutions to this. Cost of the technology, construction material and land are the real issues,” he said.

He stressed the need to involve developers to increase the stock of affordable housing, be it in houses developed by the Slum Clearance Board or increasing the rental housing so that every citizen entering the city had a house - either rental or ownership based.

He also stressed that CREDAI had to do more advocacy to ensure people bought only genuine properties.

 “More number of small builders have to be lured into CREDAI to ensure buildings are constructed as per the regulations and norms,” he added.

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