Model Tenancy Act: Boon or a Bane for stakeholders
Rakesh Reddy, Director, Aparna Constructions, For 99acres
Majority of the landlords in India withhold from renting out their properties as they fear the loss of rentals, tenant overstays or even property confiscation in some cases. The Model Tenancy Act 2019, is expected to change opinions by replacing the current obsolete laws with rental norms that are rational, fair and transparent. It is in the best interest of both the landlord and the tenant.
After the revised laws, the penalty that a tenant is obliged to pay is to compensate the landlord with double rent for two months, which may extend up to four times in some instances.
The Draft Act restricts the tenant from subletting the property unless written permission has been received from the landlord. The Draft also allows the landlord to make deductions from the security deposit amount for any outstanding dues of the tenant.
Our Director, Mr. Rakesh Reddy shared his views on the Model Tenancy Act in an article that was featured on 99Acres.com. Click on the link below to read the entire article:
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