SAC Approves Establishment Of First Ever Real Estate Regulatory Authority In JK
The State Administrative Council (SAC) under the chairmanship of Governor, Satya Pal Malik has approved the establishment of first ever Real Estate Regulatory Authority (RERA) to promote regulated and planned growth of real estate sector in the state.
‘Jammu and Kashmir Real Estate (Regulation and Development) Bill-2018’ approved by SAC provides for the establishment of the maiden Real Estate Regulatory Authority, the State Advisory Council and the Real Estate Appellate Tribunal in the State to effectively and efficiently regulate this sector.
The move is aimed at promoting planned development of real estate and to ensure the sale of plots, apartments, buildings and other real estate projects, in an efficient and transparent manner and to protect the interests of consumers.
RERA would ensure a fair and just treatment of the buyers and protect them from any unscrupulous builders.