.png)
SRINAGAR, JULY 04: The Jammu & Kashmir Real Estate Regulatory Authority (JK RERA) has issued a strong advisory to the general public, requesting citizens to refrain from investing in real estate projects that are not registered with the Authority.
The advisory follows a series of stringent enforcement actions on the ground. Under the supervision of the Chairperson of JK RERA, Satish Chandra, a team of officers including Deputy Secretary JK RERA, Esha Chib, and Naib Tehsildar, Gias-u-din carried out extensive inspections of various illegal and unregistered colonies across multiple locations.
The enforcement drive targeted unauthorized developments at 90 Feet Road, Nowgam, Zakoora, and Gulab Bagh in Srinagar, as well as several areas in Budgam district.
To protect hard-earned money and avoid falling into legal or financial traps, JKRERA strongly advises prospective buyers to follow a strict verification process before making any financial commitments. Before investing or booking a property, citizens must first ensure that the real estate project is explicitly registered with the JKRERA.
If a project lacks a valid RERA registration number, individuals should not invest in that project under any circumstances.
Furthermore, buyers must ensure that the real estate agent facilitating the transaction is also registered with JK RERA. Under the Real Estate Act 2016, only a RERA-registered real estate agent is authorized to market, promote, or facilitate transactions for a RERA-registered real estate project.
Dealing with unregistered individuals or entities leaves buyers exposed to significant risks. Investing in unregistered projects or dealing with unregistered agents strips buyers of their legal protections under the Real Estate (Regulation and
Development) Act. Chairperson, JK RERA, Satish Chandra, reiterated the Authority's commitment to bringing transparency and accountability to the region's real estate sector. He warned developers and agents operating without valid registration to halt activities immediately or face strict legal and penal action.
He further advised citizens to verify the registration status of both projects and agents by visiting the official JK RERA portal before finalizing any property deals.
|