J&K govt to set up real estate regulatory authority

The Jammu and Kashmir government for the first time will set up a Real Estate Regulatory Authority (RERA) in the state to promote regulated and planned growth of the real estate sector, official spokesman said Friday.

On Friday, the State Administrative Council (SAC) under the chairmanship of Governor Satya Pal Malik approved the establishment of Real Estate Regulatory Authority (RERA) in the state.

The Jammu and Kashmir Real Estate (Regulation and Development) Bill, 2018 approved by the SAC provides a provision to establish the Real Estate Regulatory Authority, the State Advisory Council and the Real Estate Appellate Tribunal in the State to effectively and efficiently regulate this sector, spokesman said.

The move is aimed at promoting planned development of real estate and to ensure sale of plots, apartments, buildings and other real estate projects, in an efficient and transparent manner and to protect the interests of the consumers, he added.

RERA would ensure a fair and just treatment to the buyers and protect them from any unscrupulous builders, he said.