‘Real estate act in J&K will usher new era of transparency, accountability’
It will open up new vistas for development of UT J&K by ensuring efficient and transparent transactions, the Ministry of Housing and Urban Affairs said
The implementation of Real Estate Regulation and Development Act (RERA) in the Union Territory (UT) of Jammu and Kashmir notified on Friday will usher in a new era of transparency and accountability in the real estate sector.
According to a report by The Economic Times, Secretary Ministry of Housing and Urban Affairs Durga Shanker Mishra took to microblogging platform Twitter to say RERA will ensure regulation and promotion of real estate and set up an adjudicating mechanism to protect interest of homebuyers.
“It will open up new vistas for development of UT J&K by ensuring efficient and transparent transactions. It will also ensure timely delivery and quality construction of real estate projects,” he tweeted.
The Act, which is aimed at bringing about greater transparency, citizen centricity, accountability and financial discipline in the sector, makes it mandatory for each state and UT to set up its own real estate regulator and frame rules to govern the functioning of the regulator.
The Economic Times report pointed out that J&K, following the abrogation of Article 370, will be treated like any other state or UT, and restrictions on outsiders purchasing property have been lifted.
Experts are not sure how the markets in the two new UTs will respond. J&K had come up with a real estate regulation act, which was repealed by the Jammu & Kashmir Reorganization Act, the report said.
Read the full report in The Economic Times