Cities the place homeowners want to maintain their properties vacant as a substitute of renting them

NEW DELHI: Many owners want to maintain their homes vacant as a substitute of renting them out, as they’re afraid that the tenants might find yourself squatting on their properties.

According to a report by Khaitan & Co and Knight Frank, the next cities have the best vacant homes as a share of the entire residential properties – Gurugram – 25.8%, Pune – 21.7%, Greater Mumbai – 15.3%, Delhi – 11-15%, Bengaluru – 11-15%, Ahmedabad – 11-15%, Ghaziabad – 11-15%.

According to the report, “Once the rental housing rules (the Model Tenancy Act, 2021) are applied in letter and spirit by the states, this vacant stock could be introduced throughout the fold of formal rental housing as it will make it simpler for all stakeholders – tenants and landlords to bridge the belief deficit and unlock the true potential of this housing inventory”.

Once states begin implementing the Model Tenancy Act, 2021, actual property builders and different market individuals may deal with housing initiatives solely for rental functions. A majority of the rental properties (76.5%) are unfold primarily throughout eight states.

Here are states with the best share share of rented households in India – Tamil Nadu – 16.5%, Andhra Pradesh – 13.8%, Maharashtra – 13.5%, Karnataka – 11.3%, Gujarat – 6.1%, West Bengal – 5.9%, Uttar Pradesh – 5.1%, and NCT of Delhi – 4.3%.

The Union Cabinet, in June, permitted The Model Tenancy Act, 2021, for circulation to all states and union territories. By laying down floor guidelines for tenancy in black and white, the Act goals to create an efficient regulatory ecosystem in India to manipulate landlord-tenant relationships.

The landlord-tenant relationship has been tainted as a result of belief points due to lack of a uniform rental housing legislation. Despite many states adopting the Rent Control Act up to now, there was a necessity for a dispute decision mechanism as tenancy legal guidelines in India are popularly perceived as pro-tenant.

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