Surge in housing rentals in 2023
GOVERNMENT OF INDIA
MINISTRY OF HOUSING AND URBAN AFFAIRS
LOK SABHA
UNSTARRED QUESTION NO. 1988
TO BE ANSWERED ON DECEMBER 14, 2023
SURGE IN HOUSING RENTALS IN 2023
NO.1988. SHRIMATI SANGEETA AZAD
Will the Minister of HOUSING AND URBAN AFFAIRS be pleased to state?
(a) whether the Government is aware of the reported surge in housing rentals in 2023 as indicated by several reports;
(b) if so, the strategies being implemented by the Government to navigate potential-challenges arising from increased demand, particularly considering the impact of returning employees and students;
(c) whether the Government proposes to collaborate with property consultants, real estate stakeholders and local authorities to ensure a balanced and sustainable growth in the rental housing sector, preventing any adverse effects on affordability and availability and if so, the details thereof;
(d) whether increasing rental demand is due to companies recalling employees back to the office, including in hybrid modes;
(e) if so, the details thereof and the measures being taken by the Government to address the housing needs of employees returning from hometowns or other parts of the city; and
(f) whether several- reports mentioning an impending surge in rental demand due to the new academic-session and if so, the manner in which the Government proposes to manage this anticipated increase – in-demand, especially in areas close to educational institutions.
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF HOUSING AND URBAN AFFAIRS
(SHRI KAUSHAL KISHORE)
(a) to (f): ‘Land and Colonization’ is a State subject. The data sought is not maintained centrally by Ministry of Housing and Urban Affairs.
In order to unlock vacant housing stock to meet the rising demand of rental housing and also to ensure a balanced & sustainable growth in the rental housing segment, Ministry of Housing and Urban Affairs prepared a Model Tenancy Act (MTA). The MTA seeks to provide a framework to States to modify their tenancy laws by balancing the interests & rights of tenants and landlords. It also provides for a speedy dispute resolution mechanism at the district level. After the approval of MTA by the Union Cabinet, it was circulated to all States and Union Territories (UTs) in June 2021 for adoption by way of either enacting fresh legislation or amending existing rental laws suitably.
States of Tamil Nadu, Andhra Pradesh, Uttar Pradesh and Assam have notified their revised Tenancy laws. Further, Tenancy Regulations have been notified for the UTs of (i) Andaman and Nicobar Islands (ii) Dadra and Nagar Haveli and Daman and Diu (iii) Lakshadweep.
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