The Model Tenancy Act 2021 should be known and understood not only by the citizens of India but also by the people of the world who own a house, room, house in any part of India and what people lovingly call it home.
The Union Cabinet, chaired by the Prime Minister of India, Narendra Modi, has given its approval for the issuance of the Model Tenancy Act relating to tenancy on 2nd June 2021. It has been issued to all the States and Union Territories of the country, so that they can make fresh laws or amend existing laws according to their own in the existing tenancy laws. Some States have intensified work in this direction.
This will help in streamlining the legal framework for renting out houses across the country, thereby paving the way for further development.
The objective of this Act is to create a vibrant, sustainable and inclusive structure of house-tenancy in the country. With this, houses will be available on rent for people of every income group and the problem of homelessness will be solved. The Government believes that through this law, the process of renting out the house will gradually be institutionalized by turning it into a formal market.
The Government is of the opinion that with the Model Tenancy Act, vacant houses can be opened for renting. Through this, private participation in developing the tenancy market as a business will increase, so that the acute shortage of residential houses can be met.