CHANDIGARH: The Punjab Cabinet on Tuesday approved the implementation of Punjab Rent Act 1995 with effect prospective effect meaning thereby that the act would apply to tenancies existing on the date of notification of act.
The existing tenancies would continue to be governed by the Eastern Punjab Rent Restriction Act, 1949. The new act provides for a compulsory registration of the tenancy agreement between the landlord and the tenant. The act is expected to boost investments in real estate and promote tenancy and rent market.
The Cabinet also approved the Punjab Housing and Habitat Policy-2008 (PHHP) aimed at achieving the objective of affordable housing for all in rural and urban areas. The need for formulating the PHHP emerged from the growing requirements of shelter and related infrastructure both at rural and urban centers and also due to the change in economic and social environment, growing urbanization, mismatch in demand and supply of developed land and houses at affordable rates and inability of poorer sections of the population to have access to formal land markets and finances from financial institutions leading to a non-sustainable situation.
The State Government therefore has adopted a definite and implementable Habitat Agenda offering a vision to achieve sustainable development of both rural and urban areas with a healthy and safe environment.