4/16/2018 12:51:12 PM
|written By : Team India Se|
The owners of private residential properties could be allowed to lease out their apartments for Airbnb short-term stays if such rentals are allowed by the owners of at least 80 per cent of the development's share value. This was proposed by the Urban Redevelopment Authority (URA) which released its proposed regulatory framework for public consultation on April 16.
This new use category will apply only to private properties that are already approved for residential use, and not for HDB properties, the URA said. The endorsement will be valid for a two-year period after which it will be renewed only if approved again by the owners of at least 80 per cent of the development’s share value . If the level of consent falls below 80 per cent, the earlier endorsement will not be renewed.