RERA Commences Its Functioning In J&K
In a significant move, the Jammu & Kashmir government has told officers to register all real estate projects with the Real Estate Regulatory Authority (RERA). The Jammu & Kashmir Housing & Urban Development Department has directed all the administrative secretaries/heads of departments/managing directors of public sector undertakings/corporations to register all real estate projects, new and ongoing, with Jammu & Kashmir Real Estate Authority (RERA) before any work is started as per the Jammu & Kashmir Real Estate (Regulation and Development) Rules, 2020. The directive has been issued in the wake of RERA commencing its functioning in J&K. The RERA started its functioning from January 18, 2024 after Satish Chandra, former IAS officer, was appointed as its head. The Real Estate Regulatory Authority (RERA) has been set-up in J&K for regulation of the real estate sector and adjudication of disputes primarily between home buyers and developers. The RERA has been set-up under the Real Estate (Regulation and Development) Act- a law enacted by the Parliament in 2016 to address the concerns and grievances of real estate developers, home buyers and other stakeholders. Several other states and UTs in the country already have RERAs regulating their real estate sectors.
Tags : Jammu & Kashmir Housing Urban Development Department Real Estate Regulatory Authority