The Model Tenancy Act provides a clear roadmap for states to follow and tweak according to their local conditions and market. It remains to be seen to what extent the states will toe the central government’s line.
Tag: Rental Reforms
High time to fully explore and unbox its massive potential
Anuj Puri, Chairman – Anarock Property Consultants
Several breakthrough reforms with pertinence to the Indian real estate sector saw the light of the day over the last one year.
Be it demonetization – the Government’s ‘surgical strike’ against black money – the revolutionary RERA or the unified tax regime of GST – all bore the power of rendering the Indian real estate sector more transparent and professional.
The upward trajectory of consumer sentiment is a strong indicator that the market has responded well to these reforms. The incumbent Government has embarked on a determined journey to transform the Indian realty sector into a more wholesome industry.
While the primary and secondary residential markets undoubtedly benefited from the plethora of reforms, the rental market has also received a shot in the arm. Various reforms and announcements made over the last one year can potentially boost this crucial segment of the Indian real estate sector:
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April 2017: An End to Fake Rent Receipts
Under Section 10(13A) of the Income Tax Act,