Finance Minister Nirmala Sitharaman announced that a model tenancy law will soon be finalised and termed the current laws “archaic”.
Sitharaman, in her maiden budget speech, said current rental laws don't address the relationship between the lessor and the lessee realistically and fairly.
An official of Housing and Urban Affairs Ministry said the government will soon release the draft of the National Urban Rental Housing Policy after due consultation between the ministries concerned.
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The policy is aimed at alleviating housing shortage in urban areas by encouraging renting of homes.
A model tenancy law will also be finalised and circulated to the states, the minister said in her budget speech.
She said large public infrastructure can be built on land parcels held by central ministries and central public sector enterprises all across the country.
Through innovative instruments such as joint development and concession, public infrastructure and affordable housing will be taken up, she said.
In the past, the government had asked all government departments to identify unutilised land to plan affordable housing projects.
Under the Pradhan Mantri Awas Yojana (U), the housing and urban affairs ministry targets construction of one crore houses by 2022.
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