New Delhi: The Central government is set to notify implementation of the Real Estate (Regulation and Development) Act in the newly constituted Union territories of Jammu & Kashmir and Ladakh, paving the way for property development in the two regions.
“In Jammu & Kashmir, the act will be notified by the state government, while in Ladakh, the Centre will notify it since it is a UT without a legislative assembly,” an official of ministry of housing and urban affairs said. The notification will be applicable from November 1, after the reorganisation comes into force.
The Act makes it mandatory for each state and UT to set up its own real estate regulator and frame rules to govern the functioning of the regulator. It is aimed at encouraging greater transparency, citizen centricity, accountability and financial discipline in the sector.
The provisions for the UTs would be the same as those applicable nationally, said Durga Shanker Mishra, secretary in the ministry. J&K had come up with a real estate regulation act, but it was repealed by the Jammu & Kashmir Reorganisation Act.
Source From: https://economictimes.indiatimes.com/wealth/real-estate/centre-to-soon-notify-rera-in-jk-ladakh/articleshow/71609220.cms
