The Union Territory of Jammu & Kashmir has notified the Rules under Real Estate (Regulation and Development) Rules 2020. Implementation of RERA in Union Territory of Jammu & Kashmir will lead to a new era of Transparency & Accountability in the Real Estate Sector.
RERA will ensure regulation & promotion of Real Estate Sector. It will also protect interests of Homebuyers by setting up an adjudicating mechanism. It will open up new options for the development of Union Territory of Jammu & Kashmir by ensuring transparent & effective transactions.
Builders of Jammu & Kashmir have been advised to file the written application in Form A with RERA authority till the procedure to file details is made available online.
The Registration Fee to be paid by Builder in the case of a Group Housing Project shall be Rs 5/- Per Sq. Meter for projects where the area of proposed land to be developed does not exceed 1,000 Sq. Meters and Rs 10/- Per Sq. Meter for over 1,000 Sq. Meters, but not more than Rs 5 Lakhs.
The Registration Fee to be paid by Builder in case of Plotted development shall be Rs 5/- Per Sq. Meter, but not more than Rs 2 Lakhs.
The Registration Fee to be paid by Builder in case of Commercial Projects shall be Rs. 20/- Per Sq. meter for projects where the area of proposed land to be developed does not exceed 1,000 Sq. Meters and Rs. 25/- per Sq. Meter for over 1,000/- Sq. Meters but not more than Rs. 10 Lakhs.
Registration Fees for Individual Real Estate Agents would be Rs 10,000.
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