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Tenancy Act: Tenancy law was enacted by the Central Government for the states of the country.
Now its approval has been received from the Cabinet for Union Territories also, that is, the fare law will now be applicable for Union Territories also. If you are going to take a house on rent then you should be aware of this.
Tenancy law for Andaman and Nicobar Islands, Lakshadweep, Dadra and Nagar Haveli and Daman-Diu was proposed by the Central Government, which has been approved. The government said in a statement on October 4 that this law has been kept under Article 240 and the President has the power to implement it in the Union Territories.
Investment and trade will get a boost
The government said in its statement that these rules will promote investment and business in the rental market at these places. Housing will also get a boost. Moreover, it will help in providing quality rental housing and gradually formalizing the rental housing market. It said this would help formalize the rental housing market.
On the other hand, it also said that the rent law will create an accountable and transparent framework for renting out premises in the Union Territories by balancing the interests and rights of both the landlord and the tenant.
What is tenancy law?
The Model Tenancy Act has been prepared by the Government of India. The main objective of tenancy law is to establish new tenancy rules and regulations for rental land and different types of properties in India. The relationships and responsibilities between tenants and owners also need to be clarified. It has so far been adopted by four states, Assam, Uttar Pradesh, Tamil Nadu and Andhra Pradesh.
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