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No rent, please
Time to scrap archaic rent laws
15/11/2007

With Indian cities experiencing a massive infrastructural makeover in order to portray itself as next Shanghai or Paris, it needs to rework on long ignored rent control acts in order to be just a modern city. In the age of commersiation, housing and real estate should be governed through the open market dynamics and involvement of state should be confined only to macro level. The century old rent control acts are not only acting as a major hurdle towards the idea of stock of rental housing. A recent survey by CIDC reveals that Delhi alone loses Rs.2,400 crores because of low value of taxes. This is because the assessment for the same is based on low rental rates that were fixed centuries ago under ‘fair rent’, which seems everything but ‘fair’. India further needs to fulfill its demand and supply gap, as it needs to build not less than 33 million houses in next five years. With urban population slated to touch the staggering figure of 480 million by year 2020, the policy makers needs to emphasise on creation of housings on rental basis to avoid housing crisis from taking a monstrous shape. The rent policy must promote creation of mature and long term leasing markets and provide both tenant and owner due rights. Better to have strict laws than none.

By:- B&E
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