Several months back, it may be recalled, requisite rules were framed for establishment of Authority for regulation and promotion of real estate sector , yet the Government of Jammu and Kashmir was not taking concrete steps towards the issue. With such an approach entirely not expected after structuring space for the same , objectives and aims of the enactment in March 2016 of the relevant Central Law has not been achieved till date. Real estate projects and assets are required to undergo the cycle of sale, resale, repairs, leasing and the like and with a view to bringing in necessary provisions of promotion of the real estate sector within an efficient and transparent framework , the Central Law is adequately addressing such needs and concerns. Not only that, an adjudicating mechanism for speedy disposal of disputes and objections but also to have established the Appellate Tribunal to hear appeals etc, have been provided for in the said Act known as Real Estate -Regulation and Development – Act 2016. Under its relevant section, states and Union Territories are empowered to frame rules so that implementation could take place. Rules were framed and notified by Housing and Urban Development Department but Authority is not established even after four months after framing of rules. In the interests of promoter, allottees and real estate agents etc, it is hoped that the UT Government would look into the matter and expedite the implementation process of the framed rules and establish real Estate Regulatory Authority
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