Implementing Real Estate Regulation & Development Act

14/03/2019

Though over two months have lapsed since its enactment by the Governor yet Government has failed to initiate steps for implementation of Jammu and Kashmir Real Estate (Regulation and Development) Act, which is aimed at promotion of this fast growing sector in a transparent and efficient manner. After detailed analysis of the fast growing real estate sector in the length and breadth of Jammu and Kashmir and in order to bring the same under the regulatory mechanism the Governor's Administration some months back decided to enact a law and accordingly the task was assigned to the Housing and Urban Development Department. Finally, a bill was placed before the State Administrative Council on December 14, 2018 and after its approval the Governor Satya Pal Malik enacted Jammu and Kashmir Real Estate (Regulation and Development) Act, 2018 in exercise of the powers vested under Proclamation No.P-1/18 dated June 20, 2018. The objective behind the enactment of law was to promote this sector in transparent and efficient manner by establishing maiden Real Estate Regulatory Authority, the State Advisory Council and Real Estate Appellate Tribunal.
The Act is aimed at ensuring sale of plots, apartments, buildings or sale of real estate projects in such a manner that the interests of the consumers are properly safeguarded and to establish an adjudicating mechanism for speedy redressal of disputes if any. Though over two months have lapsed since the enactment of the Act yet no step has been initiated by the Government for its implementation and even the basic step of formally establishing Real Estate Regulatory Authority has not been initiated till date despite the fact that it is the Authority which has the mandate to exercise the powers and perform the functions assigned under the Act. No doubt under the Act time-frame of one year has been given to the Government for establishment of the Authority but it has also been mentioned that until the establishment of Regulatory Authority the Government shall, by order, designate any Regulatory Authority or any officer preferable the Secretary of the department dealing with housing as the Regulatory Authority for the purposes of the Act. Unless Regulatory Authority is formally established State Advisory Council and Real Estate Appellate Tribunal cannot be established and State Advisory Council shall advise on all matters concerning the implementation of the Act; on major questions of policy; on protection of consumer interests and to foster the growth and development of real estate sector. As per the provisions of the Act, no real estate agent shall facilitate the sale or purchase or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building without obtaining registration from the Regulatory Authority.

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