In a significant move to regulate the real estate sector in Jammu & Kashmir, the state government has directed all officers to register all real estate projects, both new and ongoing, with the Real Estate Regulatory Authority (RERA). The directive comes from the Jammu & Kashmir Real Estate Regulation and Development Rules, 2020.
RERA’s Functioning Commences in J&K
Following the appointment of Satish Chandra, a former IAS officer, as the head of the Real Estate Regulatory Authority (RERA), the organization officially started its functioning on January 18, 2024. The main objective of RERA is to regulate the real estate sector and resolve disputes primarily between home buyers and developers.
Bringing Transparency and Accountability in Real Estate
The setting up of the Real Estate Regulatory Authority in Jammu & Kashmir falls in line with the Real Estate Regulation and Development Act passed by Parliament in 2016. This act aims to address various concerns and grievances of real estate developers, home buyers, and other stakeholders.
Joining Other States and UTs in Regulating Real Estate
The introduction of RERA in Jammu & Kashmir aligns the state with several other states and Union Territories across the country that already have functioning real estate regulatory authorities. This move emphasizes the importance of increasing transparency, accountability, and providing a platform for dispute resolution in the real estate industry.
A Step Towards Sustainable Growth
By making RERA registration mandatory for all real estate projects, the Jammu & Kashmir government aims to bring about greater transparency, protect the interests of home buyers, and encourage sustainable growth in the real estate sector. This move ensures that only genuine and trustworthy developers can engage in the business, thereby safeguarding the rights of customers.
Promoting Economic Growth and Investment
The implementation of RERA in Jammu & Kashmir is a positive step towards promoting economic growth and attracting investment. With transparent regulations in place, developers and investors can have increased confidence in the real estate market, leading to higher investments and job creation in the construction industry. It will also reinforce consumer trust and contribute to the long-term development of Jammu & Kashmir’s real estate sector.
Conclusion
The Jammu & Kashmir government’s directive to register all real estate projects with the Real Estate Regulatory Authority (RERA) reinforces the commitment to bring transparency and accountability in the real estate sector. With RERA’s functioning commenced in J&K, home buyers can expect a fair and regulated market, while developers can benefit from increased investor confidence. This move is crucial for sustaining the growth of the real estate industry and attracting investments, ultimately contributing to the overall development of the state.
