Rental Housing Policy may Soon Become a Reality for Urban Areas
Jun 14, 2018 Home Trading Steps
After three decades of the first National Housing Policy in 1988, the government is planning to bring in the National Urban Rental Housing Policy (NURHP). The Urban Development ministry is working on the policy in order to improve the condition of shortage of housing in the urban areas by encouraging rental housing as lots of inventories are lying vacant in many cities.
Urban Development Minister Hardeep Singh Puri state in a written reply to Lok Sabha that rental laws come under various states and Union Territories so eviction of the tenants by landlords comes under that laws only. Therefore, with a view to creating a sustainable environment for rental housing in the country, the ministry is setting up a national urban housing policy.
Urban Development Minister Hardeep Singh Puri state in a written reply to Lok Sabha that rental laws come under various states and Union Territories so eviction of the tenants by landlords comes under that laws only. Therefore, with a view to creating a sustainable environment for rental housing in the country, the ministry is setting up a national urban housing policy.
About the policy:
The upcoming policy comprises of two components the market-driven rental housing and social rental housing for the urban poor. The market-driven rental housing part will handle the demand and supply balance while the social rental housing target the lower income groups, economical weaker section as well as the section defined as 'tenants by constraint' that includes urban poor who belongs to scheduled tribes, castes, other backward classes, transgenders, migrants and senior citizens.
Moreover, the market-driven rental housing refers to institutional rental units such as hostels for working professionals, students, public rental housing for those employed in government departments and public sector undertakings as well as private rental housing for others.
Moreover, the market-driven rental housing refers to institutional rental units such as hostels for working professionals, students, public rental housing for those employed in government departments and public sector undertakings as well as private rental housing for others.
Impact of rental policy on housing scenario:
Data shows that 27.5 percent of urban Indians reside in rented accommodation and it is expected that this rental policy is going to improve the condition of the housing shortage in urban India by encouraging renting of homes. Experts suggest that this rental policy will act as a key catalyst in order to fulfil Housing for All Mission. The policy is further expected to create a sustainable environment for the rental housing market as it will have certain guidelines and rules that will encourage landlords, owners to rent their houses without fearing that the tenants might over stay in their houses and might not vacate the premises. If the NURHP properly safeguard the interests of both the owners and tenants, then the rental housing market in the urban areas is definitely going to grow.
The scenario till now:
Although several states and union territories such as Gujarat, Mumbai, and Chandigarh among others have their own rental housing policy but it has not been of any great help. Therefore, the upcoming rental housing policy might change the condition of rental housing and improve it in a better way while encouraging the market to grow.
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