Draft Model Tenancy Act 2015:
Draft Model Tenancy Act 2015, aimed at regulation of tenancy for commercial and residential properties, which will
- Balance the rights and responsibilities of landlords and tenants through rental contracts
- Registration of rental contracts with Rent Authorities
- Outlays process of fast adjudication process for resolution of disputes through Rent Tribunals
- Repossession of the premises by the landlord through Rent Courts
- Compensation in case of non-vacancy
The Model Act is not applicable for Government/employee housing/charity and religious buildings.
A copy of the Draft Act can be found here (size :.22MB) .
Legislation on Real Estate (Regulation and Development) Bill:
Real Estate (Regulation and Development) Bill: This pioneering legislation has been envisaged to bring accountability and transparency in the sector for improving governance, for protecting consumer interest and speedy mechanism for adjudication of disputes. This is expected to promote professionalism, standardisation and orderly growth which will boost private investment in housing sector. This has recently been approved by the cabinet and matter is being taken up during the current session of the parliament. The key features of the Bill:
- Mandatory registration of projects with the Authority
- Mandatory Public Disclosure of all project details with Authority
- Mandatory registration of Real Estate Agents
- Establishment of Regulatory Authority/Tribunals at State Level
- Provision of penalty and compensation for better consumer protection
The ‘Real Estate (Regulation and Development) Bill, 2013 was introduced in the Rajya Sabha, on 14th of August 2013, after approval by the Union Cabinet on 4th June 2013. The Bill was referred to the Standing Committee of Parliament on 23rd September 2013. Standing Committee laid its report in the Rajya Sabha on 13th February 2014 and in the Lok Sabha on 17th February 2014. Based on recommendations of Standing Committee, this Ministry moved the official amendments to the Bill for approval of Union Cabinet and it was approved by Union Cabinet on 07th April, 2015. This Ministry moved a motion in Rajya Sabha for official amendments to the Bill based on recommendations of Standing Committee and Rajya Sabha referred the Bill to a Select Committee of Rajya Sabha on 06th May, 2015. The Select Committee held deliberations with various stakeholders to get their views / suggestions during regional meetings organised at Kolkata-Bengaluru, Mumbai-Shimla and New Delhi in June-July, 2015. Further, meetings were held between the Select Committee and officials of this Ministry to discuss the Bill clause by clause. The Select Committee has submitted its report to Rajya Sabha on 30th July, 2015. The bill is likely to be legislated soon.
A copy of the Report of the Select Committee and the bill can be accessed here (size :19.4MB) .