Acts like RERA and Model Tenancy are now finalized, ready to set the housing sector right. While RERA was more focused around formalizing and building trust around developer-homeowner relationship, the Model Tenancy Act is focused around homeowner-tenant relationship and building trust.
The Indian real estate sector holds immense importance in the economy. When it comes to generating income, it is only second to agriculture. Moreover, the sector makes for around 6-7% of the country’s GDP, estimated to reach 13% by 2025.
The residential rental market makes for a significant part of this sector. However, the market has been suffering through illegal practices, unorganized policies, and other disputes, operating at the whims of the landlords.
Acts like RERA and Model Tenancy are now finalized, ready to set the housing sector right. While RERA was more focused around formalizing and building trust around developer-homeowner relationship, the Model Tenancy Act is focused around homeowner-tenant relationship and building trust.
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