New Delhi: The Modi government is all set to introduce the Model Tenancy Act to boost rental housing in the country. This Act will be effective for both house and shop renters and buyers. According to this, the landlord will not be able to ask for more than two months as security deposit from the tenant. A draft of the new law has been prepared to keep in mind the interests of both the landlord and the tenant.
PM Modi's goal is to create a model tenancy Act to promote housing scheme and rental housing for all by 2022. The government's objective behind the creation of the Model Tenancy Act is to find out about the problems faced by rental housing. The government expects the implementation of this law to reflect on rental housing. A copy of the draft has been uploaded on the website of the Ministry of Housing and Urban Affairs.
According to the Act, the landlord has to give notice 24 hours in advance if he wishes to inspect the house or if he wants to repair it. The tenant cannot be evicted before the time period in the rental agreement unless the tenant has paid the rent for two consecutive months.