The Jammu & Kashmir State Government recently sanctioned a resolution to form the Real Estate Regulatory Authority in its province. This proposal is passed with the aim to boost the growth of the real estate market here while protecting the interest of homebuyers in the state.
This is the next formation of the RERA authority in the country after six northeastern states agreed to implement the real estate law.
The State Government has already notified the real estate law, as the Jammu and Kashmir Real Estate (Regulation and Development) Bill, 2018. Also, the Jammu & Kashmir State Administrative Council on gave its nod to the establishment of the Real Estate Regulatory Authority under the provisions of the law earlier this month.
A Government spokesperson said that the state regulator will ensure a fair treatment to the homebuyers while protecting their rights from dubious builders.
In the last month, the six northeastern states including Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland and Sikkim finally agreed to implement the Real Estate law in their states after two years of its notification by the Narendra Modi-led Central Government.
All these six states earlier denied implementing RERA in their respective states due to land issues.
Now only West Bengal is left to implement the real estate law as this state came up with HIRA i.e Housing and Industrial Regulation Act, 2017. Apart from this, all States and Union Territories have notified the law.
As per the data available with the Union housing ministry till now nearly 33,750 real estate projects and 26,018 agents have been registered with real estate authorities across the country.