Tarun Karthick
Port Blair, 04 October 2023
In a significant development aimed at fostering accountable and transparent rental housing ecosystems, the Union Cabinet, under the leadership of Prime Minister Mr. Narendra Modi, has granted approval for the promulgation of three crucial tenancy regulations. These regulations, sanctioned under Article 240 of the Constitution of India, will usher in transformative changes in the rental housing sector across various Union territories.
The approved regulations include:
1. The Andaman and Nicobar Islands Tenancy Regulation, 2023
2. The Dadra and Nagar Haveli and Daman and Diu Tenancy Regulation, 2023
3. The Lakshadweep Tenancy Regulation, 2023
The primary objective of these regulations is to create a robust legal framework that balances the interests and rights of both landlords and tenants. By doing so, they aim to create an environment conducive to private investment and entrepreneurship in the rental market while simultaneously addressing the housing needs of various income segments, including migrants, formal and informal sector workers, professionals, and students.
One of the key benefits of these regulations is the enhancement of access to quality rental accommodation. Furthermore, the formalisation of the rental housing market is expected to lead to a vibrant, sustainable, and inclusive rental housing sector in the Union territories of Andaman and Nicobar Islands, Dadra and Nagar Haveli and Daman and Diu, and Lakshadweep.
The approval of these tenancy regulations underscores the government’s commitment to promoting housing solutions that cater to the diverse needs of its citizens, ensuring transparency, and facilitating economic growth through increased investment in the rental housing sector.
These regulations are anticipated to have a far-reaching impact on the housing landscape of the Union territories and are expected to play a pivotal role in addressing the growing demand for rental accommodation in the region.