NOIDA: The Union Cabinet’s endorsement to the Model Tenancy Act (MTA) may draw more shareholders, assist shove unsold stock, and also stabilise the leasing market, contractors have stated.
At present, Noida, Greater Noida, Ghaziabad and Gurgaon collectively have approximately 1 lakh unsold apartments.
“If there’s hope involved with a contract, most contractors will benefit since it helps more people put their properties up on lease,” said Amit Modi, vice president, Credai (western UP).
Property and consumer attorney Kumar Mihir stated MTA will make transparency in the leasing process.
The MTA, that had been declared on Wednesday, plans to make transparency in the leasing process and generate a framework to solve conflicts between owners and renters by assembling a Tribunal.
“We expect to see more personal involvement once MTA is enforced,” Ashish Agarwal, director Aditya Builders, stated.
As stated by Anuj Puri, chairman, Anarock Property Consultants, MTA can help draw more investors, along with more leasing properties on the marketplace will assist professionals and the migrant people find lodging.
“It’ll go a ways at formalising and stabilising the leasing marketplace…” he explained.