Itanagar, Sept 9: The Arunachal Pradesh Assembly on Thursday passed a Government bill, to pave way for private participation in rental housing as a business model for addressing the huge housing shortage in the State.
The Arunachal Pradesh Tenancy Bill, 2022 which, was introduced in the House on Tuesday by Town Planning minister Kamlung Mosang, was unanimously passed by the members through voice vote.
In a statement to the House, Mossang said the bill is aimed at creating “a vibrant, sustainable, and inclusive rental housing market in the State”.
It will enable the creation of adequate rental housing stock for all income groups, thereby addressing the issue of homelessness. It will also enable institutionalisation of rental housing by gradually shifting it towards the formal market, he said.
It is expected to give a fillip to private participation in rental housing as a business model for addressing the huge housing shortage, the minister added.
Mossang further stated that enactment of the proposed Act by State would pave the way for successful implementation of affordable rental housing model and unlock huge vacant construction properties in this segment thereby making rental housing financially attractive.
It will also help in addressing the challenges in rental housing sector by balancing the right and interest of both the landlord and the tenant, which would create a conducive atmosphere for renting out vacant premises and propel new investment in rental housing sector, the minister said before speaker Passang Dorjee Sona adjourned the House sine die. (PTI)