Jammu and Kashmir Real Estate Regulatory Authority (J&K RERA) will shortly start issuing notices to non-registered developers of real estate projects as necessary details have been obtained from the Jammu Development Authority (JDA), Srinagar Development Authority (SDA), Jammu Municipal Corporation (JMC) and Srinagar Municipal Corporation (SMC).
Moreover, it has been made clear by the Authority that no marketing of any real estate project can be done by any developer without completion of registration formality, which is mandatory as per the provisions of the Real Estate (Regulation and Development) Act, 2016.
The Act was enacted for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal.
The Section 3(1) of the Act, which deals with prior registration of real estate project with Real Estate Regulatory Authority, states: “No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority”.
Similarly, Section 5(1) of the Act read: “On receipt of the application, the Authority shall within a period of 30 days either grant registration subject to the provisions of Act and the Rules and Regulations made there-under or reject the application for reasons to be recorded in writing, if such application does not conform to the provisions of Act or the Rules or Regulations”:
Though J&K RERA conducted several meetings with the real estate developers/ agents and guided them about all the provisions of the Act yet till date they have not come forward for registration with the Authority, official sources told EXCELSIOR, adding “in order to ensure strict implementation of the Act, the RERA has collected details of permissions granted to developers from the Jammu Development Authority, Srinagar Development Authority, Jammu Municipal Corporation and Srinagar Municipal Corporation”.
“Shortly, the J&K RERA will start issuing notices to all the non-registered developers for ensuring compliance of the registration provision as if case of failure to get the project registered the promoter is liable to a penalty which may extend up to 10% of the estimated cost of the real estate project and if any promoter doesn’t comply with the orders or directions of the RERA he shall be liable to punishment with imprisonment for a term which may extend up to three years or with fine which may extend up to further 10% of the estimated cost of the project or with both”, sources further said.
They disclosed that even after being granted permissions by any other Authority the developers (both individuals and groups) are required to get the projects registered with J&K RERA. Moreover, ongoing and future projects of the Government of Union Territory of Jammu and Kashmir are also required to be registered with RERA.
