J&K RERA Formation Underway

J&K RERA Formation Underway
Jul 2020 , by , in Latest News, News/Views

The Jammu and Kashmir (J&K) government cleared the way for the formation of a real estate authority in the Union Territory (UT).

The Administrative Council, which met in Srinagar under the chairmanship of Lt Governor, G C Murmu, accorded sanction to the draft Jammu and Kashmir Real Estate (Regulation and Development) Rules, 2020 under the Real Estate (Regulation and Development) Act, 2016, which has been recently made applicable to the Union Territory by way of an Adaptation Order issued by Ministry of Home Affairs, Government of India.

The decision will facilitate establishment of Real Estate (Regulation and Development) Authority in the Union Territory for regulation and promotion of the real estate sector which includes sale of plots, apartments, building and real estate projects, in an efficient and transparent manner

The new rules make it mandatory for all real estate projects and real estate agents to receive prior registration through a web-based online system. The Rules, in addition to defining powers of the Authority and Appellate Tribunal and prescribing penalties, have provisions for filing of complaint by aggrieved persons with the Authority for any violation under the Real Estate (Regulation and Development), Act, 2016, it said.

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