Srinagar, July 19:  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 under the Real Estate (Regulation and Development) Act, 2016, which has been recently made applicable to the Union Territory by way of an Adaptation Order issued by Ministry of Home Affairs, Government of India.

The decision will facilitate establishment of Real Estate (Regulation and Development) Authority in the Union Territory for regulation and promotion of the real estate sector which includes sale of plot, apartment, building and real estate project, in an efficient and transparent manner, the government said in a statement, adding, they will also protect the interest of consumers through established adjudicating mechanism for speedy dispute redressal.

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 press statement said.

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