Jammu and Kashmir Real Estate Developers Face Rs 10 Lakh Penalty for Non-Compliance with JKRERA

JAMMU: The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) has imposed a penalty of Rs 10 lakh on real estate developers for failing to register their ongoing project at Sang Talab, Raipur Domana, with the Authority. This penalty was imposed for violation of Section 3(1) of the Real Estate (Regulation and Development) Act, 2016.

JKRERA took suo-motu cognisance of the violation and initiated proceedings under the relevant provisions of the Act. After thorough examination, it was confirmed that the promoters neither obtained the mandatory registration from JKRERA nor sought any exemption or provided a justifiable reason for the omission.

Satish Chandra, Chairperson of JKRERA, said, “It was an ongoing project and the promoter should have applied for RERA registration well on time to avoid penalties. RERA registration is mandatory for all ongoing projects where competition certificates were not issued.”

He further added, “Mere imposition of a penalty does not exempt a promoter from registering their project.” The Chairperson warned that continued non-compliance with Section 3 of the Act will attract severe penalties. “As per Section 59(2), promoters who fail to comply with orders or continue to violate registration requirements face imprisonment for up to three years or an additional fine of up to ten per cent of the estimated project cost, or both.”

The Chairperson urged all promoters to register their projects without delay to avoid further legal action. JKRERA reiterated that project registration is crucial to ensure transparency, promote fair practices, and protect the interests of allottees and homebuyers. Registration also enables the Authority to monitor project progress and enforce accountability in the real estate sector.