Srinagar: The Administrative Council of Jammu and Kashmir on Sunday approved the draft Jammu and Kashmir Real Estate (Regulation and Development) Rules, 2020.
The rules were drafted under the Real Estate (Regulation and Development) Act, 2016, which has been recently made applicable to the Union Territory by way of an Adaptation Order issued by Ministry of Home Affairs, an official spokesman said.
The Administrative Council, in a meeting chaired by Lieutenant Governor G C Murmu, accorded sanctions to the rules to facilitate the establishment of a regulatory authority for the real estate sector.
These will also protect the interests of consumers through established adjudicating mechanism for speedy dispute redressal, he said.
The new rules make it mandatory for all real estate projects and real estate agents to receive prior registration through a web-based online system, the spokesman said.
As such, details about the promoter in respect of track record, real estate projects executed, litigations, as well as details regarding registered agents, consultants, developmental plans, financial details among others will be made public, he said.
The rules, in addition to defining powers of the Real Estate (Regulation and Development) Authority and the Appellate Tribunal and prescribing penalties, have provisions for filing of complaint by aggrieved persons.
The rules also provide for preparation of budget, maintenance of accounts and filing of annual report by the Authority, he said.
The augmented legal framework in Jammu and Kashmir will bring transparency and boost investments in the real estate sector and bring a paradigm shift in working of the real estate industry, the spokesman added.
