JKRERA Cracks Down on Real Estate Projects, Issues Notice to Defaulter
The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) has conducted a surprise inspection of various real estate projects in the region, issuing a notice to a defaulter and directing them to register their project under the Real Estate (Regulati
JkreraReal EstateReraHomebuyersDevelopersReal EstateJul 26, 2024
The real estate projects that came under the scanner included River Castle apartments, Tawivihar, Sidhra, Tawi Apartments, Mass Housing Building Corporation Limited, Palm Riviera, Sidhra, and Royal Nest Sapphire, Kunjwani. The primary objective of the inspection was to safeguard the interests of homebuyers and educate builders and promoters about the various provisions of the Real Estate (Regulation and Development) Act, 2016, and its associated rules.
Following a surge in consumer complaints, the authority has issued a notice to a real estate developer, directing them to register their project under Section 3(2) of the Real Estate Act. It is mandatory for all real estate projects with a land area exceeding 500 square meters or proposing to develop more than eight apartments to register with JKRERA. The authority has reiterated that advertising, marketing, booking, selling, or inviting purchases for any plot, apartment, or building within a planning area is strictly prohibited without prior registration with the Real Estate Regulatory Authority.
The JKRERA has reaffirmed its commitment to upholding the rights of homebuyers and ensuring transparency in the real estate sector. The authority has urged all real estate developers to cooperate fully with the inspection process and adhere strictly to the provisions of the Real Estate Act. By doing so, the JKRERA aims to create a transparent and regulated environment that benefits both homebuyers and developers alike.
The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) is a statutory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Jammu and Kashmir. The authority is responsible for ensuring compliance with the Act and its associated rules, protecting the interests of homebuyers, and promoting transparency and accountability in the sector.
The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) is a statutory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Jammu and Kashmir.
Frequently Asked Questions
What is the purpose of JKRERA?
The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) is a statutory body established to regulate and promote the real estate sector in Jammu and Kashmir, protecting the interests of homebuyers and ensuring transparency and accountability in the sector.
What is the Real Estate (Regulation and Development) Act, 2016?
The Real Estate (Regulation and Development) Act, 2016, is a central legislation that aims to regulate and promote the real estate sector in India, ensuring transparency, accountability, and protection of homebuyers' interests.
Why are real estate projects required to register with JKRERA?
Real estate projects with a land area exceeding 500 square meters or proposing to develop more than eight apartments are required to register with JKRERA to ensure compliance with the Real Estate (Regulation and Development) Act, 2016, and its associated rules.
What happens if a real estate project fails to register with JKRERA?
If a real estate project fails to register with JKRERA, it may be liable for penalties and legal action, and the authority may issue a notice directing the developer to register their project under Section 3(2) of the Real Estate Act.
How does JKRERA safeguard the interests of homebuyers?
JKRERA safeguards the interests of homebuyers by ensuring compliance with the Real Estate (Regulation and Development) Act, 2016, and its associated rules, and by taking action against errant developers and promoters who violate the Act and its provisions.
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