Serina Shrestha, a 5th-year Law Student specialising in Corporate Law at the School of law, Lovely Professional University has written this blog explaining the IMPLEMENTATION OF RERA IN J&K
Since Jammu and Kashmir’s special status under Article 370 and the restrictions of Article 35A have been lifted, there have been several rumors regarding buying real estate there. Although there are signs of progress, potential house buyers should hold off on purchasing a property in this area. On August 5, 2019, the government revoked Article 35A and revoked the “special status” that had been granted to the state of Jammu and Kashmir under Article 370 of the Indian Constitution. The state has also been divided into the J&K and Ladakh union territories by the government.
Jammu and Kashmir were previously regarded as restricted areas for investment. Despite doing well, the tourism sector wasn’t flourishing because of ongoing limitations. As a result of their inability to sell the property in the event of default, banks were reluctant to offer loans. All of this hindered manufacturing and IT firms from opening up shop. J&K will become a popular choice for second homes as it opens up investment opportunities for residents across the nation. It is already on the radar of well-known developers, clearing the way for fresh investment prospects. Numerous builders have been looking for site choices to start multi-story buildings in the UT since the RERA J&K notification.
Challenges after the implementation of RERA
There are some challenges after the implementation of RERA. It has been the government’s lowest priority to appoint the chairperson and members of the Real Estate Regulatory Authority (RERA) for the Union Territory of Jammu and Kashmir because the procedure that was started in this regard more than a year ago is still not complete. Similar circumstances led to the establishment of the Real Estate Appellate Tribunal, another significant body for the regulation and promotion of this quickly expanding industry.
Government attempt to improve infrastructure after RERA
Along with the implementation of RERA, there are some big upcoming real estate projects in the state of J&K. Jammu & Kashmir is expected to see fantastic infrastructure growth. The Government is attempting to improve the real estate market in J&K and has major plans for doing so. The pace of PMDP (Prime Minister’s Development Package) initiatives is accelerating as a result of numerous projects that have been lined up with the government. The development of J&K’s physical infrastructure cost a total of Rs. 34,653 crores by October 2021, according to official figures. The data also shows the conclusion of 21 significant projects, with the conclusion of 9 more projects anticipated shortly.
Some of the major projects are given below–
- Proposal of setting up ELRS (Elevated Light Rail System) in twin cities – Jammu and Srinagar.
- Industrial Estate Set Up at Udhampur
- A New Railway Line Connecting Kashmir with the Rest of India will be the world’s highest railway bridge.
- Delhi-Amritsar-Katra Expressway
- Banihal-Qazigund Road Tunnel
- 850-MW Ratle Hydroelectric Project
- 500-kW Solar Power Plant
Things are getting better now that RERA J&K is in effect. Investors are increasingly eager to enter the market. It helps in creating additional employment prospects for people in industries like hotels, education, agro-processing, etc.
 Information available at https://www.csis.org/analysis/indian-revocation-kashmirs-special-status [last visited on 24th march 2023]
 Information on the list of project is available at https://www.magicbricks.com/blog/rera-jk-jammu/129470.html [last visited on 24th march 2023]