by The government has recently introduced a new scheme aimed at providing assistance to migrant individuals in securing rental housing. Under this initiative, eligible migrants can avail themselves of government-owned rental properties for a specified duration. Subsequently, migrants have the option to become property owners by making incremental payments to cover the property’s cost.
The recently introduced initiative, known as the “Rent to Own” scheme, is a pivotal component of the National Urban Rental Housing Policy. Administered by the Ministry of Housing, this scheme represents a significant stride in the ongoing endeavors to expand people’s accessibility to diverse properties, with a particular focus on the nationwide “Housing for All” initiatives.
The legislation will be presented to the Cabinet for its ultimate endorsement. Following its readiness, individual states will have the autonomy to implement the scheme according to their specific terms. Notably, this initiative is crafted to streamline and potentially replace certain antiquated rent control laws that have posed challenges for landlords across the nation. These new regulations are anticipated to bring greater clarity and predictability to property management practices.
Key Aspects of the Scheme
The new scheme operates with several crucial features:
- Tenants will follow a predetermined payment schedule when seeking rental properties. Migrants can anticipate spending a few hundred or a thousand rupees during each pay period under the program.
- The eligible properties will be strategically located in and around major cities across the country. Initial focus areas include Delhi, Mumbai, and Kolkata, with the potential for expansion to additional regions in the future.
- Property owners will enter into mutually agreed-upon contracts. They will have the full flexibility to participate in the program and determine appropriate rental rates for migrants, along with establishing structured payment plans for the post-rental period.
The scheme is primarily designed to address the handling of property vacancies in urban areas, particularly in cities. According to a 2011 census report, approximately 11.09 million urban homes in India stood vacant. Additionally, around 27 percent of urban residents in these areas reside in rental properties. By making this scheme accessible to the public, it will facilitate the efficient filling of these vacant homes, a need that becomes more pronounced as more jobs migrate to major Indian cities.
Furthermore, there are plans for future schemes catering to different demographics, such as the homeless, students, and working women. Discussions are also underway to transform government-owned slums into rental properties, potentially offering a ten-year eviction protection guarantee if the plan receives approval.
Click here to Watch malayalam video
