J&K RERA to Usher New Era in UT’s Real Estate

The Union Territory of Jammu & Kashmir has notified the rules under Real Estate (Regulation and Development) Rules 2020. It has become the 33rd state/Union Territory to do so. Implementation of RERA in the UT of J&K will usher a new era of transparency & accountability in the real estate sector. It will open up new vistas for development of Union Territory J&K by ensuring efficient & transparent transactions. It will also ensure timely delivery & quality construction of real estate projects," said Durga Shanker Mishra, secretary, Ministry of Housing & Urban Affairs. Until the provedure to file details in made available online, builders in the J&K have been advised to file the application with the authority in writing in Form A. For project registrations, In case of group housing project: Builder shall pay Rs 5 per sq meter for projects where the area of land proposed to be developed does not exceed 1,000 sq meters and Rs 10 per sq meter for over 1,000 sq meters (but not more thand Rs 5 lakh). In case of plotted development: Rs 5 per sq meter (but not more than Rs 2 lakh) In case of of commercial projects: Rs 20 per sq meter for projects where the area of land proposed to be developed does not exceed 1,000 sq meters and Rs 25 per sq meter for over 1,000 sq meters (but not more thand Rs 10 lakh). Individual real estate agent will have to pay Rs 10,000 as registration fee.