New-Delhi– The Ministry of Housing and the Urban Poverty Election have finalized the National Rental Policy. This policy is expected to be implemented from the next financial year. After the implementation of the policy, letting homes on rent will be beneficial. Also, getting homes on rent will be easy. Under this policy, the provision for fixed rental prices will be beneficial for both the parties- the house owners and the tenants.
- Discussions done with the Prime Ministers
This policy has been stuck since a long time, but now it is most expected to be implemented. As per the news, the officers of the housing ministry had a detailed discussion with the principal secretary of the Prime Minister regarding the terms of the policy, after which steps have been taken to carry out the policy. The
- Main Motive
The motive of the policy is to remove those legal, financial and administrative barriers because of which people don’t rent out their empty homes. Not only this, the government will promote the rental policy through the public-private partnership.
- The Benefits of the Policy
After the implementation of the policy, people letting homes on rent will offer discounts on income tax to tenants. Along with this, discounts might be declared on lease deeds, building permissions and stamp duties. The government will provide incentives to those people, companies, and builders who will let out houses on rent on a mass scale (renting out many houses together). The incentives include a reduction in land prices and reduction in interest rates of construction loans. Tenants will also be benefitted After the implementation of the rental policy, the tenants will also be benefitted. They will be given a rebate on the rate of income tax. Even now they are given rebates but after the implementation of the
- Tenants will also be benefitted
After the implementation of the rental policy, the tenants will also be benefitted. The rebate will be given to them on the rate of income tax. Even now they are given rebates, but after the implementation of the policy, the rebate will be as per the rate of rent.
- Government will decide the Rental Prices
The tenants complain that the house owners increase the rate of rent as per their wish whereas the house owners complain that they get less price from the tenants. Finding a solution to this problem, the government has decided that every city will have a regulatory authority. The regulatory authorities will decide the rate of rent, location wise and these rates will be charged by the house owners. For this, the house owners have to register themselves.