Lawstreet Journal

Security Deposit Limited to 2 Months for Residence; Enhanced Rent After Tenancy Period’: Key Features of Draft Model Tenancy Act

Lawstreet Journal 9 Jun 2021 1:27am

Image courtesy: Lawstreet Journal Executive Security Deposit Limited to 2 Months for Residence; Enhanced Rent After Tenancy Period’: Key Features of Draft Model Tenancy Act

The Centre on Wednesday (June 2, 2021) gave acceptance to the Model Tenancy Act, a move that is likely to overhaul the legal framework concerning rental housing across the country.

The official statement given by the state government reads as follows “

“It will enable the creation of adequate rental housing stock for all the income groups thereby addressing the issue of homelessness. Model Tenancy Act will empower the institutionalization of rental housing by gradually shifting it towards the formal market. The Model Tenancy Act will facilitate the 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 objective of the model tenancy act-

  • To set up Rent Authority to direct renting of premises
  • To ensure the interests of landlords and tenants.
  • To give rapid adjudication mechanism for resolution of disputes

The key takeaways are:

  • Enhanced rent to be paid by the tenant if he refuses to vacate after the tenancy period expires.
  • Security deposit restricted to two months’ rent in case of residential tenancy.
  • Data about tenancy agreement to be given to Rent Authority, which will be definitive evidence of facts. 
  • Rent Courts/Tribunal to dispose of cases/appeals within sixty days.

Definition of landlord and tenants

Landlord" signifies an individual who gets or is qualified to receive, the rent of any premises, on his own, if the premises were let to a tenant. It incorporates

 (I)  his… Continue Reading...


Tagged: Model Tenancy Act   Union Cabinet  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
Featured Members view all

New Members view all

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.