by The government recently launched a new program to help migrant workers find rental housing. Under this initiative, eligible immigrants can use government leased properties for a specified period. Immigrants then have the opportunity to become owners of the property by paying an additional fee to cover the cost of the property.
The recently launched rent-to-own scheme is an important part of the national urban rental housing policy. The scheme, administered by the Department of Housing, is an important step in ongoing efforts to improve access to a diverse range of properties, with a particular focus on housing for all schemes across the country.
The law will be submitted to the Cabinet for final approval. Once ready, states will have the autonomy to implement the system based on their specific circumstances. Specifically, the initiative seeks to simplify and potentially replace some of the outdated rent control laws that have created challenges for landlords across the country. These new regulations are expected to bring greater clarity and predictability to property management.
Main aspects of the program The new system has several main features: Tenants follow a predetermined payment plan when looking for a rental property. Under the scheme, migrants can expect to spend hundreds or thousands of rupees each pay period. 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 to expand to other regions in the future.
The owner will enter into a mutually agreeable contract. You have complete flexibility in participating in the program, setting rents that are reasonable for immigrants and developing a structured post-rent payment plan. The main purpose of the scheme is to regulate the treatment of vacant properties in urban areas, especially in cities. According to the 2011 census report, approximately 11.09 million urban residential units in India are vacant. Additionally, approximately 27% of urban residents in these areas live in rental apartments.
By making the program available to the public, it will help fill these vacant homes effectively, a need that will become more evident as more jobs migrate to major Indian cities. There are also future plans to tailor programs to different groups of people, such as homeless people, students, and working women. There is also talk of converting government slums into rental properties. potentially offering a ten-year eviction protection guarantee if the plan receives approval.
