The Punjab Rent Act 1995 had been lying in limbo despite a presidential assent in 1998. The ruling SAD was under pressure from its alliance partner - the BJP -- not to notify the new Act as it was perceived to be in favour of landlords.
The government was goaded into taking a decision after the Centre made it a precondition for grant of funds under the Jawahar National Urban Renewal Mission (JNURM). Accordingly, a decision was taken to implement the 1995 Act to comply with the central condition quickly as formation of a new Act would take at least another three years.
The government has taken into account apprehensions of tenants who are covered under the old Act and has accordingly made the new Act applicable to agreements reached after it is implemented.
The new Act is expected to work as a catalyst and bring in investment in the housing sector. Under the new Act, agreements, if violated, can be referred to rent authorities which would be established. The new Act provides for a compulsory registration of the tenancy agreement between the landlord and the tenant.
The Cabinet also approved the Punjab Housing and Habitat Policy-2008 (PHHP) aimed at achieving the objective of affordable housing for all in the rural and urban areas. The need for formulating the PHHP emerged from the growing requirements of shelter and related infrastructure both at the rural and urban centres. It will also enable poor sections to have access to formal land markets and finances from financial institutions.
The Cabinet further approved Punjab Protection of Interests of Depositors (in Financial Establishment) Bill 2012 to safeguard interests of general public and save them from fraudulent practices of private non-banking finance companies as per RBI advice. Under the Bill’s provisions, all non-banking financial companies have to inform designated officers. Punjab Agriculture Produce Markets Act 1961 has been amended for supersession of the nominated market committees thereby appointing administrators to look after the day-to-day affairs of these committees empowering them for a term of one year or till the nomination of new market committees, whichever is earlier.
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