Realty stakeholders laud MTA approval

Major stakeholders of the real estate sector have welcomed the nod given by the Union Cabinet to the Model Tenancy Act on June 2. The following are some of the reactions received by Realty & More:

“The Model Tenancy Act will help bridge the trust deficit between tenants and landlords by clearly delineating their obligations and will eventually help unlock vacant houses across the country. To ensure speedy redressal of disputes, the Act also proposes to establish separate Rent Court and Rent Tribunal in every state/UTs to hear appeals for matters connected to rental housing. This Act can fuel the rental housing supply pipeline by attracting more investors, and more rental housing stock will help students, working professionals and migrant populations to find urban accommodation (especially in COVID-19-like exigencies).”

Anuj Puri

Chairman, ANAROCK Property Consultants

“The Act will bring forth the much-needed reform in the rental housing market in India and make it more organised. It can be expected to ensure increased transparency and trust between landlords and tenants. Post-this, the industry can expect a boost in the rental housing segment, with several residential developers and investors expected to participate in this fast-evolving segment.”

Anshuman Magazine

Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE

“India’s urban population has to unfortunately struggle to find decent rented accommodation even as millions of properties lie vacant across major markets. The Model Tenancy Act 2019 proposes to establish a Rent Authority for regulating the renting of premises in an efficient and transparent manner and to balance the interests of the owner and tenant by establishing an adjudicating mechanism for speedy dispute redressal and to establish Rent Court and Rent Tribunal to hear appeals and for matters connected therewith or incidental thereto. It will be able to change this paradoxical situation. Provisions announced in the model law would make renting a viable option for tenants as well as property owners, if states show the willingness to adopt it in letter and spirit.”

Mani Rangarajan

Group COO, Housing.com, Makaan.com & PropTiger.com

“The Model Tenancy Act will facilitate unlocking of vacant houses for rental housing purposes.  It is expected to give a fillip to private participation in rental housing as a business model for addressing the huge housing shortage. The Act will enable institutionalisation of rental housing by gradually shifting it towards the formal market.”

Niranjan Hiranandani

National President, Naredco