Jammu and Kashmir RERA to Crack Down on Unregistered Developers
Jammu and Kashmir Real Estate Regulatory Authority (J&K RERA) to issue notices to non-registered developers of real estate projects soon.
ReraJammu And KashmirReal EstateDevelopersRegistrationReal EstateJun 18, 2024
According to the Real Estate (Regulation and Development) Act, 2016, it is mandatory for developers to register their projects with the Authority before marketing or selling them. The Act aims to regulate and promote the real estate sector, ensure efficient and transparent sales, and protect consumer interests.
Under Section 3(1) of the Act, developers are prohibited from advertising, marketing, or selling any plot, apartment, or building without registering the project with the Authority. Moreover, Section 5(1) of the Act states that the Authority shall grant registration within 30 days of receiving an application, or reject it with written reasons.
Despite conducting several meetings with developers and guiding them on the provisions of the Act, many have failed to come forward for registration. To ensure strict implementation of the Act, J&K RERA has collected details of permissions granted to developers from various authorities.
Non-registered developers will soon receive notices from J&K RERA, and failure to comply may result in penalties of up to 10% of the estimated project cost and imprisonment of up to three years. Even developers with permissions from other authorities are required to register with J&K RERA. Ongoing and future government projects in the Union Territory of Jammu and Kashmir are also subject to registration.
The move is expected to bring much-needed transparency and accountability to the real estate sector in Jammu and Kashmir, and protect the interests of consumers.
Information
Jammu and Kashmir Real Estate Regulatory Authority (J&K RERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Jammu and Kashmir.
Jammu Development Authority (JDA), Srinagar Development Authority (SDA), Jammu Municipal Corporation (JMC), and Srinagar Municipal Corporation (SMC) are bodies responsible for promoting and regulating urban development in Jammu and Kashmir.
Frequently Asked Questions
What is J&K RERA?
J&K RERA is the Jammu and Kashmir Real Estate Regulatory Authority, a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Jammu and Kashmir.
Why are developers required to register with J&K RERA?
Developers are required to register with J&K RERA to ensure transparency and accountability in the real estate sector, and to protect consumer interests.
What are the penalties for non-compliance with J&K RERA registration?
Non-registered developers may face penalties of up to 10% of the estimated project cost and imprisonment of up to three years.
Are government projects exempt from J&K RERA registration?
No, ongoing and future government projects in the Union Territory of Jammu and Kashmir are also required to register with J&K RERA.
What is the objective of the Real Estate (Regulation and Development) Act, 2016?
The objective of the Act is to regulate and promote the real estate sector, ensure efficient and transparent sales, and protect consumer interests.
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