Real Estate Regulation and Development Act

It may be recalled that nearly two months back, ‘Real Estate Regulation and Development Act’ was enacted by the Governor primarily for bringing fast growing real estate sector across Jammu and Kashmir under a regulatory mechanism . From the experience gathered from many a place from the country where the builders and real estate agents were acting not only in arbitrary manner, earning exorbitant profits but in many cases were not hesitating in duping and troubling the public . In order to have transparency and probity hold its sway in this sector in the state , the Act envisages establishment of a Real Estate Regulatory Authority , the State Advisory Council and Real Estate Appellate Tribunal .Speedy redress(al) and settling disputes at the earliest in the interests of the aggrieved should be the main objective under the Act.
So far so good as the regulatory mechanism was needed the most commensurate with this sector showing optimum flourishing and growing signs in the state which though is a welcome development yet some checks and balances were required hence the Act . So far the implementation is concerned , no steps have so far been initiated let alone taken to reach some levels . Since protecting the interests of the aspirants to have a roof of their own , ensuring sale of plots , apartments, buildings or any other related activity must always weigh high, it is imperative that the Act was not kept standing as a skeleton only but applied a form and shape of making the real estate sector run in a transparent manner . The first step in this direction would be establishing the requisite Authority , only then State Advisory Council and Real Estate Appellate Tribunal could also be established.