(1) Where the Rent Tribunal, on a written complaint or otherwise, has reason to believe that the charges made for boarding or lodging or any other service provided in any hotel or lodging house are excessive, it may fix a fair rate to be charged for boarding, lodging or other services provided in the hotel or lodging house and in fixing such fair rate, specify separately the rate for lodging, boarding and other services.
(2) In determining the fair rate under sub-section (1), the Rent Tribunal shall have regard to the nature of the boarding, lodging and other services furnished, the prevailing rates of charges for the same or similar services, the cost of living and the scale of charges for boarding, lodging and other services as on the last day of January, 1965.