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New house rental policy for migrants by govt of India

Subject : Social security | Source(s) : http://timesofindia.indiatimes.com/india/new-scheme-will-allow-migrants-in-cities-to-eventually-own-houses-they-rent/articleshow/58289845.cms | Date : 21-Apr-2017

The government will soon come out with a house rental policy, which will allow migrants in cities to take a house on rent from government bodies for certain years and subsequently they can own them by paying the entire cost in easy instalments. This scheme known as "Rent to Own" will be one of the components of the ambitious National Urban Rental Housing Policy, which the housing ministry will anchor. Union housing minister M Venkaiah Naidu on Thursday said the model Act will be placed before Cabinet for approval. Once the model Act is notified, states can adopt it. He added rental housing will be a key supplement to the Housing for All scheme of government, primarily aimed at meeting the requirement of ever growing migration to urban areas. His ministry has already moved the Cabinet proposal, which aims at increasing supply of housing stock, putting in place enabling provisions to encourage property owners to rent out their houses. At present, property owners hesitate to rent out properties because of archaic rent control laws, which tilt in favour of tenants. "The model Act proposes for repealing or amending the Rent Control laws. The new or amended law will be a leveller to protect the interest of tenants and property owners, which will be mutually agreeable," said a ministry official. Due to archaic laws tenants are paying only a few hundred or thousand rupees for prime residential and commercial properties in cities such as Delhi, Mumbai and Kolkata.

Link : http://timesofindia.indiatimes.com/india/new-scheme-will-allow-migrants-in-cities-to-eventually-own-houses-they-rent/articleshow/58289845.cms

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