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Rental Housing Policies Get State Nod

Rental Housing Policies Get State Nod

In a bid to boost the availability of rental housing in urban areas of the state, par-ticularly for migrant workers. working women, senior citizens and those living with medical assistance, the Haryana cabinet on Thursday approved five new policies that will make it easier for developers to build and pro-vide rental housing.

The Haryana cabinet approved the policies for stu-dents, retirees, workers, people requiring medical assisted living and working women. The pro-posal was floated by the Depart-ment of Town and Country Plan-ning (DTCP) through the grant of licence under the Haryana Development and Regulation of Urban Areas Act. 1975.

Officials said the regulations are aimed at helping those who are not in a position to buy properties. The rental housing policies aim to facilitate the development of apartments in the affordable segment in urban areas. They said developers can get permissions easily.

According to the policies, the units can be leased for a period of one to 99 years, but cannot be sold. The prime objective is to ensure that ownership is not subdivided, said officials.

RS Bhath, the district town planner (enforcement), said, “These rules will make it easier for developers to set up such rental projects. In cities such as Gurugram, where demand for rental housing is high, such pro-jects will provide affordable resi-dential facilities to residents.” A senior DTCP official said that these projects would be
monitored by a committee headed by the deputy commis-sioner and it will fix rental char-ges based on facilities, location and area.

Pradeep Aggarwal, the man-aging director of Signature Developers, an affordable housing company, said that these policies will boost the rental hous-ing segment. “The policy will allow organised players to enter this market and offer structured products that cater to specific needs. There is need to re-look at project area cap and investment into individual units,” he said.


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