J&K begins process to constitute Real Estate Regulatory Authority

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Srinagar, February 17: The J&K administration has initiated process for constitution of the Real Estate Regulatory Authority (RERA) as envisaged by the Real Estate (Regulation and Development) Act, 2016.

The 2016 Act is an Act of the Parliament which envisages protection of home-buyers and boosting of investments in the realty sector. The Act makes it mandatory for each state and UT to set up its own real estate regulator and frame rules to govern its functioning.

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The J&K Housing and Urban Development Department has issued an advertisement inviting applications from eligible/desirous persons for selection to the post of Chairperson and Member(s) of the RERA.

The appointments, as per the notification, are to be made “in accordance with the provisions of sections 22, 23, 24, 25, 26 and 27 of the Real Estate (Regulation and Development) Act, 2016 read with Rule 17 of the J&K Real Estate (Regulation and Development) Rules, 2020.”

As per the notification: “The Chairperson and other Members of the Authority shall be appointed by the appropriate Government on the recommendations of a Selection Committee consisting of the Chief Justice of the High Court or his nominee, the Secretary of the Department dealing with Housing, and the Law Secretary, in such manner as may be prescribed, from amongst persons having adequate knowledge and professional experience of at least 20 years in case of the Chairperson and 15 years in case of the Members in urban development, housing, real estate development, Infrastructure, economics, technical experts from relevant fields, planning, law, commerce, accountancy, industry, management, social service, public affairs or administration.”

In 2018, then State Administrative Council had approved the Real Estate Regulatory Act for J&K. However, under the provisions of the J&K Reorganization Act 2019, that Act was repealed as it allowed only state subjects to buy properties in the erstwhile state. Now according to sources, the new policy will pave the way for outside developers to invest in J&K.

The RERA would ensure fair and just treatment of the buyers and protect them from any unscrupulous builders. It is aimed at encouraging greater transparency, citizen centricity, accountability and financial discipline in the sector.