Centre to come up with new rental policy very soon: Puri

Union Minister Hardeep Singh Puri on Thursday said the ministry of housing and urban affairs (MoHUA) will soon come out with a rental policy.

The policy would help alleviate housing shortage in urban areas by encouraging renting of homes as millions of houses lie vacant across the country.

"Very soon you will see a rental policy out," he said here at a function.

The minister said that a lot of people do not want to give their properties on rent because they think that "if you have a weak legal system, you might not get your property back".

He expressed hope that the new policy will overcome this concern.

"You have got the template etc (of the policy). States can tweak it to the extent they like. You will have a situation where large amounts of residential accommodation which is not being utilised will then be released into the market," the minister, who holds the independent charge of housing and urban affairs ministries and civil aviation, said.