Chairperson encourages all to utilize platform for regulated real estate ecosystem in J&K

||Black and White Digital News ||

||Tejveer Singh July 17,2024 ||

JAMMU : The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA), on Tuesday, launched its official portal, a significant milestone in regulation of the real estate sector in Jammu and Kashmir.

The portal, rera.jk.gov.in, which is developed and hosted by National Informatics Centre, J&K, aims to promote transparency, accountability and efficiency in the real estate industry. It also envisages safeguarding the interests of homebuyers and ensuring fair business practices among developers, promoters, and real estate agents.

Pursuant to the Jammu and Kashmir Real Estate (Regulation and Development) Act, 2016, all unauthorized colonies intended for sale purposes with an area exceeding 500 square meters or comprising more than 8 units are required to register with JKRERA. Failure to comply will result in penalties for promoters and builders, including a monetary penalty of up to 10% of the estimated project cost. If any promoter does not comply with the directions of the Authority and continues to violate the provision of the Act, he shall be punishable with imprisonment for a term. The term may be extended up to three years or with fine which may extend up to a further ten percent of the estimated cost of the real estate project, or with both.

Furthermore, real estate agents are mandated to register with JKRERA. Non-compliance will result in a daily penalty of ₹10,000, cumulatively extending up to 5% of the project cost.

“We encourage all stakeholders to utilize this platform and contribute to a transparent and regulated real estate ecosystem in Jammu and Kashmir”, asserted the Chairperson. He added that the official portal of Jammu and Kashmir Real Estate Regulatory Authority is now live for registration of promoters/builders.

The portal will facilitate online registrations, complaints and queries ensuring a seamless user experience.