The state of Tamil Nadu is grabbing the attention now for this reason
Posted on: 15/Oct/2019 9:47:13 AM
The state of Tamil Nadu has got 16.5% of overall rental housing stock in India. It is now said that TN is the rental capital of India. This was as per a report put out on Monday by the realty consultant Knight Frank and Khaitan and Co. Next is the state of Andhra Pradesh with 13.8% of overall rental housing stock.
It is worth mentioning that presently there are 21.72 million rented households in India. States such as TN (16.5%), AP (13.8 %,), Maharashtra (13.5%), Karnataka (11.3%), Gujarat (6.1%), West Bengal (5.9%), UP (5.1%) a Delhi (4.3%) together command a substantial 77% of total rented urban households.
Chennai has got the highest rental housing stock is because of the fact of overheated realty capital market and this was as per industry sources. Instead of buying own apartments, people prefer to stay in rental accommodations in Chennai. It is revealed that the potential home buyers are adopting wait and watch approach.
Point to be taken into account is India has nearly 11.09 million urban vacant housing units of which 10 states and Union Territories account for 78%. It is said that the Draft Model Tenancy Act, 2019, aims to bring the stakeholders together and bring rental housing reforms to create an effective rental ecosystem in India.
According to Mr. Shishir Baijal, CMD, Knight Frank India, as India move towards a more flexible environment globally there is a need for the Indian real estate sector too to envisage itself as service rather than as a product.
