SAC nod to creation of real estate regulatory authority

Tribune News Service

Jammu, December 14

The State Administrative Council (SAC), which met on Wednesday under the chairmanship of Governor Satya Pal Malik, has approved the establishment of the first-ever real estate regulatory authority (RERA) to promote regulated and planned growth of the real estate sector in the state.

‘Jammu and Kashmir Real Estate (Regulation and Development) Bill-2018’ approved by the SAC provides for 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 the sector.

The move is aimed at promoting planned development of real estate and ensure sale of plots, apartments, buildings and other real estate projects in an efficient and transparent manner and to protect the interests of buyers.

The authority will ensure fair and just treatment to buyers and protect them from any unscrupulous builders.