What is Fair Rent?
Fair Rent refers to the rent determined by a rent officer or, on appeal, by a rent assessment committee under a regulated tenancy. This rent is then registered as the official amount that can be charged for a property, ensuring that tenants are not overcharged and landlords receive a reasonable return.
Importance of Fair Rent in Regulated Tenancies
In India, where housing affordability is a significant concern, fair rent helps balance the interests of both tenants and landlords. It prevents excessive rent hikes and ensures that tenants are not exploited, while also providing landlords with a fair return on their property.
How is Fair Rent Determined?
The determination of fair rent involves an assessment of various factors, including the size, condition, and location of the property, as well as market rates. This process ensures that the rent set is both just and reasonable for all parties involved.
