JKRERA Urges Swift Real Estate Project Registration

The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) has issued a stern directive to both government agencies and private developers, urging them to promptly register their real estate projects in compliance with the Real Estate (Regulation and Development) Act (RERA).

Despite multiple awareness campaigns aimed at fostering voluntary adherence to the Act, there has been a notable lack of compliance across the sector, prompting the regulatory body to take a firmer stance. Section 3(1) of the Act explicitly mandates that no promoter shall advertise, market, book, sell, or offer for sale any plot, apartment, or building in any real estate project without prior registration with the Real Estate Regulatory Authority. This requirement extends to all developers, including major government bodies such as the Jammu Development Authority (JDA), Srinagar Development Authority (SDA), and the J&K Housing Board.

The directive underscores that both ongoing and upcoming projects must be duly registered with JKRERA to ensure transparency and legal compliance. In its efforts to encourage voluntary compliance, JKRERA has conducted several awareness programmes. However, the lukewarm response from developers in both the public and private sectors has led the Authority to adopt a more assertive approach. Over the past few months, JKRERA has carried out inspections of numerous projects, resulting in the issuance of notices to approximately 20 private developers. The Authority has made it clear that more notices are forthcoming as it ramps up efforts to enforce the law.

Government agencies such as JDA, SDA, and the J&K Housing Board have also been directed to expedite the registration of their real estate projects. Failure to comply will result in the issuance of formal notices, as JKRERA shifts from an inclusive approach to one that is more enforcement-oriented. The Authority has recognised the need for stringent measures to ensure the Act is implemented in its entirety, without leniency towards violators.

Adding to the urgency of the matter, JKRERA has received numerous complaints from the public regarding unregistered projects, particularly in Jammu and Srinagar, where private developers are allegedly selling plots without the necessary registration. The Authority has warned that such developers will face severe consequences, including financial penalties and potential imprisonment. Under the provisions of RERA, any promoter who fails to comply with Section 3, which pertains to the prior registration of real estate projects, is liable to a penalty of up to 10 per cent of the estimated project cost.

Moreover, continued non-compliance could result in imprisonment for up to three years, along with an additional fine extending up to a further 10 per cent of the project’s estimated cost. JKRERA has also advised potential homebuyers to verify the registration status of any real estate project before making a purchase. This verification is crucial, as registered projects offer a level of security and recourse, ensuring that buyers are protected in the event of project delays, incomplete handovers, or other deficiencies. JKRERA’s intervention in such cases can provide compensation to affected buyers, further reinforcing the importance of project registration. As JKRERA tightens its regulatory framework, the real estate sector in Jammu and Kashmir is on notice compliance is no longer optional, and the consequences of non-adherence will be significant.