Key Tenancy Reforms Launched in Chandigarh
CHANDIGARH: After over six years of discussions between the Centre and the UT administration, significant tenancy reforms are now in effect in Chandigarh following the adoption of the Assam Tenancy Act, 2021. This reform is anticipated to greatly impact the city, where nearly 50% of the residents live in rented properties. Realty analysts predict that many residential and commercial spaces will enter the formal rental market, potentially alleviating rental pressures and positively affecting rental values through increased supply. The new legislation replaces the outdated East Punjab Urban Rent Restriction Act, 1949, which has long been deemed inadequate for contemporary socio-economic…