Union Budget 2019: Nirmala Sitharaman Announces Big Rental Housing Reform, Says Lessor-lessee Relationship Not Addressed Fairly At Present

Union Budget 2019

Union Budget 2019: Reforms to weed out archaic laws, model tenancy law; here’s what Finance Minister Nirmala Sitharaman said abou rental and affordable housing in her speech

Written By Joel Kurian | Mumbai | Updated On:

The PM Narendra Modi government took the first major step of its second term in charge by presenting the Union Budget in the Lok Sabha on Friday. Union Minister Nirmala Sitharaman made history by becoming the first woman as an independent minister and only the second after former PM Indira Gandhi to present the Budget. The Minister addressed various issues in her speech, right from National Democratic Alliance’s victory in the Lok Sabha polls, focus to become a 5 trillion economy, and numerous critical issues. One of them was the sector of housing. Minister Sitharaman in the budget pledged to weed out ‘archaic’ rental laws and the setting up of a model tenancy law. The Minister also proposed to create large infrastructure on centrally-held places, while proposing reforms for public infrastructure and affordable housing. 

READ: Budget 2019 Live Updates: Finance Minister Nirmala Sitharaman To Present The First Union Budget Of The Modi Government 2.0 In Parliament

On the housing sector, Sitharaman, during her Budget speech, said, “It is proposed that several reform measures would be taken up to promote rental housing. Current rental laws are archaic as they do not address the relationship between the lessor and the lessee realistically and fairly. The model tenancy law will also be finalised and circulated to the states. Large infrastructure can be built on land parcels held by the central ministries and the central public sector enterprises all across the country. Through innovative instruments such as joint development and concession, public infrastructure and affordable housing will be taken up.” 

Watch the video above:

READ: Union Budget 2019: Nirmala Sitharaman Assures 'Mazboot Desh Ke Liye Mazboot Nagrik,' In Budget Speech, Underlines Modi Government's Achievements

This is the 89th Union Budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.

The Finance Minister on Thursday had tabled in Parliament the pre-Budget Economic Survey for 2018-19, which projected the state of the economy and outlined its challenges. The survey was released by Chief Economic Adviser Krishnamurthy Subramanian on Thursday.

 

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