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In a move aimed at bringing transparency and accountability to the real estate sector, the Jammu & Kashmir government has issued a directive instructing all officers to register all real estate projects with the newly established Real Estate Regulatory Authority (RERA).
The directive, issued by the Jammu & Kashmir Housing & Urban Development Department, applies to both new and ongoing real estate projects. According to the directive, all projects must be registered with the Jammu & Kashmir Real Estate Regulatory Authority (RERA) before any construction work commences. This action aligns with the provisions outlined in the Jammu & Kashmir Real Estate (Regulation and Development) Rules, 2020.
Jammu & Kashmir RERA officially began functioning on January 18, 2024, following the appointment of Satish Chandra, a former IAS officer, as its head.
The establishment of RERA in Jammu & Kashmir marks a significant milestone in the state's efforts to regulate the real estate sector and address the various challenges faced by home buyers and developers. RERA's primary objectives include ensuring transparency, promoting fair practices, and adjudicating disputes that arise between home buyers and developers.
The Real Estate (Regulation and Development) Act, enacted by the Parliament in 2016, serves as the legislative framework guiding RERA's operations. This law was formulated to address the concerns and grievances of all stakeholders involved in the real estate ecosystem, including developers, home buyers, and investors.
The directive to register real estate projects with RERA signifies a significant step towards promoting transparency, accountability, and consumer protection in Jammu & Kashmir's real estate sector. With RERA now operational, stakeholders can expect greater oversight and regulation, leading to a more robust and equitable real estate ecosystem in the region.
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