Srinagar- Jammu and Kashmir administration has set the ball rolling for the establishment of J&K Real Estate Regulatory Authority (RERA), allowing buyers and sellers in the real estate industry to finally have their grievances and concerns resolved under a legitimate process.
In this regard, the Housing and Urban Development Department (HUDD) issued a notification for the several posts including that of the Chairman RERA. The notification in this regard was issued on 7th of this month.
The notification came in the backdrop of a series of news reports and video stories carried out by Kashmir Observer over the last several months. KO had also in its weekly Inkishaf programme highlighted the issues of the real estate sector in absence of a regulatory authority.
“At a time when the government wants more investments in the real estate sector in J&K, the Real Estate Regulatory Authority-RERA hasn’t been constituted yet in the UT. I have written a number of articles and filed video reports in this regard as well. Government has now finally issued notification to constitute RERA. Hope this authority is constituted soon, “said Dr Raja Muzaffar Bhat, prominent RTI activist and columnist.
Buyers and sellers in the real estate sector have been experiencing difficulties as a result of the non- constitution of the much-needed Jammu and Kashmir Real Estate Regulatory Authority, which was enacted in the erstwhile state back in 2018.
Although the Act, likewise in other states of the country, was extended to the erstwhile state of J&K under the Real Estate Regulation and Development Act 2016, five years ago, the same could not be constituted in the newly carved out Union Territory till date.
On October 31, 2019, the centre extended the Act to J&K; two and a half months after Articles-370 and 35A were revoked on August 5 the same year. However, it was only last year that the appointment of retired IAS official and former Goa chief secretary Parimal Rai was made possible.
On September 20, only fifty days after being appointed as Chairman of the J&K RERA, Rai resigned from his position.
Kashmir Observer contacted Principal Secretary HUDD, Prashant Goyal to know the reason for the delay in the constitution of RERA in J&K till date. However, he dropped the call saying he was busy at an urgent meeting and cannot talk at the moment.
The COVID-19 outbreak and the ensuing lockdown across India, including J&K, according to a top HUDD official, who wished not to be named, was one of the factors delaying the implementation.
“We are on it and the department has issued advertisements for all the key posts including its Chairman. The J&K RERA will definitely be made functional as soon as all the posts are filled,” the official told Kashmir Observer.
RERA was aimed at establishing the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plots, apartments or buildings, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector.
The Parliament of India approved the Real Estate (Regulation and Development) Act, 2016 to safeguard the rights of homebuyers and encourage investment in the real estate industry.
RERA Act performs a number of important tasks, such as registering real estate projects, monitoring adherence to laws and regulations, safeguarding the rights of purchasers, settling conflicts, and encouraging accountability and openness in the real estate sector through its extensive range of services.
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