J&K To Set Up Real Estate Regulator
A month after six northeastern states agreed to implement the real estate law, the Jammu and Kashmir (J&K) government has passed a resolution to establish a real estate regulatory authority in the state. Apart from promoting the planned growth of the real estate sector in J&K, the move would also ensure homebuyers’ interests are protected.
The state has already notified the real estate law, the Jammu and Kashmir Real Estate (Regulation and Development) Bill, 2018. The J&K State Administrative Council (SAC) on December 14 approved the establishment of the Real Estate Regulatory Authority under the provisions of the law.
The state regulator would ensure a fair and just treatment to the homebuyers and protect them from any unscrupulous builders,” a government spokesperson was quoted in the media as saying.
Last month, six northeastern states - Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland and Sikkim - agreed to implement the law two years after it was notified by the Centre. These states could not notify the law earlier because of land issues.
Now, all states and Union Territories have notified the law except West Bengal. The latter came up with its own law named the Housing and Industrial Regulation Act, 2017 (HIRA).
According to data available with the housing ministry, 33,750 real estate projects and 26,018 agents have been registered with real estate authorities across the country so far.
With inputs from Housing News