Setting up of RERA

25/02/2021

The Parliament in the month of March 2016 had enacted the Real Estate (Regulation and Development) Act for regulation and promotion of real estate sector and to ensure sale of real estate projects in an efficient and transparent manner and to protect the interest of consumers. The Section 84(1) of the Act confers powers on the Governments of States and Union Territories to frame Rules to carry out the implementation of law. In exercise of this power, the Government of Union Territory of Jammu and Kashmir framed J&K Real Estate (Regulation and Development) Rules, 2020 and the same were notified by the Housing and Urban Development Department on July 22, 2020. Now, dilly-dallying approach in the establishment of Real Estate Regulatory Authority (RERA) in the Union Territory of Jammu and Kashmir has finally come to an end with Housing and Urban Development Department setting into motion an exercise for the appointment of Chairperson and two Members and formal orders are likely to be issued by the end of next month.
As highlighted by JOURNEY LINE, it was revealed that implementation of Central Law could not begin even several months after the framing of Rules in the absence of Real Estate Regulatory Authority. Finally, the Housing and Urban Development Department has started an exercise for the appointment of Chairperson and two Members of the Authority by inviting applications from the eligible persons. All these applications will be placed before a Selection Committee consisting of the Chief Justice of the High Court or his nominee, the Secretary of the Housing and Urban Development Department and Secretary of Department of Law, Justice and Parliamentary Affairs strictly as per Section 22 of the Real Estate (Regulation and Development) Act, 2016. It is pertinent to mention here that a person having adequate knowledge of and professional experience of at least 20 years in urban development, housing, real estate development, infrastructure, economics etc is eligible for the pose of Chairperson while as for the posts of Members 15 years' experience has been fixed and eligibility criteria is same. Entire exercise vis-à-vis setting up of Real Estate Regulatory Authority by appointing Chairperson and Members will be completed by the end of next month so as to ensure that fast expanding real estate sector in the Union Territory of Jammu and Kashmir is regulated in a transparent manner.

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