This act was initially discussed by the Finance Minister during the budget announcement 2019-2020. This act was introduced in real estate sector because to make a strong relationship between landlord and tenant.
Now a day the India Government
has introduced a major change in real estate sector for promoting
the investment easier. On the date 10th of July 2019 The Model
Tenancy Law Act was introduced by the Indian Government to protect the dispute
between the landlord and tenant in real estate Sector.
What is Model Tenancy Act?
When a dispute arises in the real
estate sector between the landlord and tenant then at that time this Model
tenancy act will be very useful. In this tenancy act you have to make a
mutually agreed contract between the tenant and the landlord. The main motive
of that contract that there should be a clear disbursement of money, the money
spent on repair and other rule & regulation.
And this act was brought in
Indian real estate sector with the hope that in future may be India
will be rapid growth in urbanization by implementing this housing law.
Agreement
A Rental agreement have signed by
the landlord and the tenant by the both landlord and tenant with the presence
of the advocate or respective authority. And that same agreement has to submitted
to the real estate rental authority office where as before that rental
agreement were submitted to the sub register office.
- Then it is the work of the real estate rental authority to update the recent data in their office database which can access by the landlord and the tenant in the online portal. Within the one or two month of executing of the agreement in the real estate rental authority it mandatory to inform of the authority regarding tenancy agreement.
- After informing to the authority the rental authority will issues a unique identification number to the both of the parties.
Security Deposit
Previously many landlords used to
take an advance for 6 to 8 months whereas now a day also in some cities like
Bhubaneswar, Kolkata, etc. the landlord are taking an advance of 10 months so
in this way many landlords are misusing in the Bhubaneswar
real estate sector.
But according to the tenancy law
the rental authority has announced that in any cities the landlord can only
take advance of 2 months regarding security deposit and that money has to be
return when that tenant leaves that property.
Increasing the amount of Rent
According to Model Tenancy Act
the landlord cannot increase or change the rent amount within the specific time
period. If there is anything mention in the agreement regarding hike of rent,
then it is the duty of the landlord to inform the tenant regarding that.
How to get property for rent?
In Kolkata, Mumbai, Bangalore,
Bhubaneswar many of the people prefer to live in the middle of city where so
according to that suppose a person want to get property in Bhubaneswar real estate locality then that tenant will search house for rent in Bhubaneswar.
But according to this the tenant
will get the property but there may be chance that the tenant must not get the
property according to the budget so to get such a property Cifiyah
is the medium where you can find huge number of house for rent and flat for rent and in this site the
only user has given permission to post their ad who follow the tenancy act.