‘Rental housing likely to get a boost as a result of Model Tenancy Bill, 2015’: Niranjan Hiranandani

MUMBAI, 23 JUNE 2015: For the Indian housing sector, Prime Minister Narendra Modi-led Union Cabinet and the CCEA’s key decisions on the ‘Housing For All’ project is a positive step. “But just ‘Housing for All’ isn’t the complete story,” said Niranjan Hiranandani, Managing Director, Hiranandani Communities.

The Housing and Urban Poverty Alleviation Ministry has readied the draft of the Model Tenancy Bill, 2015, which does away with some archaic rules that govern this sector. The draft will soon go to the cabinet for its approval, said Niranjan Hiranandani.

“This is a move which will encourage rental housing, which is a key component of the flagship scheme, ‘Housing for All by 2022’,” he added. “This move will unlock a huge amount of rental stock into the market, as property owners will get encouraged to rent houses. Housing for All implies a roof over one’s head, and whether it is owned or rented should not make a major difference,” said the MD, Hiranandani Communities.

“While Landlords need not fear tenants over-staying, and tenants on the other hand will not have reason to worry about eviction – effectively, interests of both will be safeguarded – the bigger story is the number of homes that will be available for rented accommodation,” said Niranjan Hiranandani. “If ‘Housing For All’ is a positive step, the Model Tenancy Bill, 2015 has the potential to match its positive by creating a huge stock of residential housing in India,” he concluded.

KEYWORDS: India Real Estate, Real Estate Industry, Niranjan Hiranandani, MD, Hiranandani Communities, Hiranandani Developers, Housing for All

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