In order to alleviate the housing shortage in urban areas, the Ministry of Housing and Urban Affairs is set to introduce a new rental policy. The Union Minister for Housing and Urban Affairs Hardeep Singh Puri said on March 20 that the proposed new rental policy will encourage people to give more houses on rent as the number of the vacant house stands in millions, news agency PTI reported.
Minister Puri has said that the new rental policy may clear the apprehensions of homeowners that they might not get their properties back after renting out due to bottleneck in our legal system of house renting. He added that the new policy will bring the millions of vacant house into the system as the landowners will feel confident about tenants not capturing their property.
Prime Minister Narendra Modi-led Union government has started a nationwide programme to provide affordable housing to every individual by 2022. A fair chunk of the Indian population lives in urban areas across the country and addressing their need for affordable housing on rent will solve the problem of urban housing.
Housing in urban areas plays an important role in the development of city as a large number of people migrate towards big cities in search of livelihood and employment. The availability of affordable housing helps in uplifting the social and cultural diversity of a city and subsequently helps in strengthening the independent economy of the city.
Real estate is one of the worst-hit sectors of the Indian economy amid the downturn. Crisis at major players in the real estate sector such as bad loans from banks, corruption charges on managers as well as the slump in consumption and demand from the consumer has left millions of flats and house unsold in big cities of the country.