J&K Real Estate (Regulation and Development) Rules 2020 PDF

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J&K Real Estate (Regulation and Development) Rules 2020

The Administrative Council (AC), which met here under the chairmanship of Lieutenant Governor, G C Murmu, accorded sanction to the draft Jammu and Kashmir Real Estate (Regulation and Development) Rules, 2020. The rules have been framed under the Real Estate (Regulation and Development) Act, 2016. The Act was recently made applicable to the UT by way of an Adaptation Order issued by the Ministry of Home Affairs, Government of India, an official handout said.

The new rules make it mandatory for all real estate projects and real estate agents to receive prior registration through a web-based online system.  As such, details about the promoter in respect of track record, real estate projects executed, litigations, as well as details regarding registered agents, consultants, developmental plans, financial details among others will be made public.

The rules, in addition to defining powers of the Authority and Appellate Tribunal and prescribing penalties, have provisions for filing of a complaint by aggrieved persons with the Authority for any violation under the Real Estate (Regulation and Development), Act, 2016.

The Rules also provide for the preparation of the budget, maintenance of accounts, and filing of Annual Report by the Authority. “The augmented legal framework in Jammu and Kashmir will bring transparency and boost investments in the real estate sector and bring a paradigm shift in working of the real estate industry,” the statement said.

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