Housing and Urban Affairs Secretary Durga Shanker Mishra on Wednesday said the government will quickly come out with the model tenancy law, giving a major boost to real estate sector especially rental homes. The ministry had in July 2019 floated the draft model tenancy law.
Addressing a webinar organised by realtors body NAREDCO, he said the government's Affordable Rental Housing Complex (ARHC) scheme for migrants, which was launched a few months ago, has been on good progress and the programme has the potential to stop the creation of slums in cities. Mishra said the housing sales have revived after unlocking of the economy on the back of several measures taken by the Centre as well as state governments.
He said some states namely Maharashtra and Karnataka have slashed stamp duty on registration of properties to boost sales. The secretary said the Centre had advised all States/UTs to cut stamp duty for giving filip to the housing segment.
"Model Tenancy law is ready. It has been translated into various languages as it has far-reaching implications," Mishra said. The deadline for feedback on the proposed model tenancy law ended on October 31 and now States have been asked to send those feedbacks after compiling it, he said.
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