Rental Policy Update
Centre to come up with a new Rental Policy very soon: Housing Minister.
The minister said that a lot of people do not want to give their properties on rent because they think that “if you have a weak legal system, you might not get your property back”.
Union Minister Hardeep Singh Puri on Thursday said the ministry of housing and urban affairs (MoHUA) will soon come out with a rental policy. The policy would help alleviate the housing shortage in urban areas by encouraging the renting of homes as millions of houses lie vacant across the country.
“Very soon you will see a rental policy out,” he said here at a function.
The minister said that a lot of people do not want to give their properties on rent because they think that “if you have a weak legal system, you might not get your property back“.
He expressed hope that the new policy will overcome this concern.
“You have got the template etc (of the policy). States can tweak it to the extent they like. You will have a situation where large amounts of residential accommodation which is not being utilized will then be released into the market,” the minister, who holds the independent charge of housing and urban affairs ministries and civil aviation, said.
The government has decided to put on ice the proposed national urban rental housing policy, after an informal group of ministers (GoM) concluded that the move to set right the lopsided rent market in cities may not go down well with the electorate ahead of the general election.
“The rental policy is unlikely to be formalized any time soon. The main reason is that it is very sensitive,” a senior government official told ET on condition of anonymity. “It aims to set right tenant-landlord.