The inflation has not affected rent hike due to rent control Act. The building owner is not getting his due. The inflation affects tenants and owner of the building, the tenant enjoys the property at present while he pays only the price fixed at a time when the money is not devalued. The advantage of devaluation of money is reaped by the tenant. The tenants are taking undue advantage of the building owner by not giving his proper remuneration.
Tenants are living off the Landlords like leeches live off the blood of humans once they catch hold of their host creature.
Free market economy will determine the right price. Abundant supply of houses and buildings to the rental market will reduce the rent, and buildings with better facilities will be available in the market. Proper maintenance of buildings will be ensured.
The tenant has to pay rent at the present rate. The Government is trying to hold rent steady, where as prices of all other articles are fixed rationally or let come to a reasonable rate by market force. The government cannot hold prices of any article let alone rental.
It would be easier for tenants to find another building if there were more properties available on rent. Today there are none, because tenants who are able to acquire it earlier is squatting on them and no new buildings are coming to the rental market due to fear of losing the building along with land. Hence land is lying idle or even if buildings are built, it is lying vacant or is sold at a sky high price which common man cannot afford, else high premium has to be paid, that too in black money and without receipt because taking premium is illegal.
The landlord should be given his due, his genuine remuneration should be paid by the tenant, Let market conditions determine the rent rates. A willing tenant pays to a landlord for a building with similar facilities. Otherwise it is or terrorism on the part of the tenant to sit on the Landlord.
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