The terms rentable and usable sqft area are common when dealing in the property market. But, these terminologies are mainly used in the commercial property market. So, today when the demand for workplaces and offices are at its peak then you must know the importance of these terms.
Landlords and tenants need not be afraid anymore because both parties will be safeguarded by the new bold tenancy law drafted by the Union Government. The housing and urban poverty has readied the draft of the Model Tenancy Bill, 2015, doing away with some archaic rules that govern this sector. It proposes an independent authority for registration of all tenancy agreements and a separate court for dissolving disputes.
This is a major problem in this country where a large number of rent-related litigations are pending in the courts. Realty experts say that this move will encourage rental housing, a key component of the NDA government’s flagship scheme ‘Housing for all by 2022’. Currently all states have their own laws which have become archaic, the landlord is scared that the tenant won’t vacate and the tenant has problems with rent hikes or eviction. [Read more…]