The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) has issued a stern warning to developers and government agencies to register their real estate projects in compliance with the RERA Act. Failure to do so can result in severeRERA) 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 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.