SRINAGAR (KIMS) — In a significant move to ensure compliance with the Real Estate (Regulation and Development) Act, 2016, Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) today conducted inspection of more than 20 real estate projects in the Kashmir province.
The inspection was carried out under the supervision of Chairperson, JKRERA, Satish Chandra.
Some of the inspected projects included Harco City Centre, Sanat Nagar, Horizon Galleria, Rajbagh, Regal Mall, Lal Chowk, Site at Bye pass road Sanatnagar Srinagar, Ahmad Plaza at Mominabad Batamaloo infront of lower court, Srinagar, Shahjar Apartments SDA land, Upper Soura Hajibagh Srinagar, Firdous colony Buchpora, Rose Hills Estate, Site at Exchange Road Srinagar, Site at Baghat Barzulla, IG Road Parraypora, Palm Spring apartments, Budgam and site at Kursoo Raj Bagh Srinagar.
It was informed that notices have been issued to the owners of these real estate projects, directing them to register themselves with JKRERA within 15 days.
Besides, failure to comply in this regard will result in actions against them as warranted under the relevant sections of the Real Estate (Regulation and Development) Act, 2016.
The inspection was conducted by a team of officers and officials from JKRERA including Chief Revenue Officer, Suhail Ahmed Chintsaz, Under Secretary JKRERA, Esha Chib and others.
The move was aimed to verify whether the promoters/developers of the plotted colonies had registered their projects with RERA, as mandated by Section 3 of the Act.
Chairperson JKRERA emphasised development of colonies in a planned manner, for which registration with JKRERA is mandatory.
He stated that numerous colonies are sprouting up haphazardly without requisite approvals from the competent authorities and most of these unauthorised colonies lack basic amenities like roads, electricity and water supply posing a significant threat to planned development.
He urged the developers and promoters to strictly adhere to the regulatory framework and obtain necessary approvals before commencing projects.
JKRERA is committed to ensure planned development and protecting the interests of homebuyers, he added.
He further informed that non–registration of the project with JKRERA would invite penalty which may extend up to ten percent of the estimated cost of the real estate project.
If the promoter or builder continues to violate the provisions of the Act and does not register the project with RERA, he would be punishable with imprisonment for a term which may extend 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, he added.
In case of any issues or concerns related to a real estate project, JKRERA’s dedicated team will assist in resolving the grievances and provide guidance on the necessary steps to take, he stressed. — (KIMS)