JAMMU: To empower home buyers, the Union Ministry of Housing and Urban Affairs revealed that the Union Territories of Jammu and Kashmir and Ladakh have notified the rules for Real Estate (Regulation and Development) while the authority is yet to be established.
The Ministry said that for the past 70 years there was no regulatory body for the Real Estate sector which led to many anomalies resulting in various unfair practices, which ultimately affected the homebuyers adversely.
According to the news agency—Kashmir News Observer (KNO), the Ministry of Housing and Urban Affairs in its annual review report said that “To ensure regulation and promotion of Real Estate Sector in an efficient, transparent and accountable manner and to protect the interest of homebuyers, the Real Estate (Regulation & Development) Act, 2016 (RERA) was enacted.”
“RERA is a transformative legislation which brought discipline, transparency, accountability and efficiency in the sector and thus empowered the home buyers,” the report said.
It said that RERA seeks to address vital issues of fair transactions, timely delivery and quality construction through speedy adjudication of disputes.
“So far 34 States/UTs have notified rules under RERA while the state of Nagaland is under process to notify the rules”, it said. “30 States/UTs have set up Real Estate Regulatory Authority (Regular – 25, Interim – 05).”
It said that Jammu & Kashmir and Ladakh have notified the rules while yet to establish Authority.
“26 States/UTs have set up Real Estate Appellate Tribunal (Regular -18, Interim – 08). Jammu & Kashmir, Ladakh is under the process to establish)”, the report said.
The report further said that “Around 60,000 real estate projects and 46,000 real estate agents have registered under RERA across the country.”
“Around 60,000 complaints have been disposed-off by the Real Estate Regulatory Authorities across the country”, the report said.