Srinagar: The constitution of the Real Estates Regulatory Authority (RERA) in Jammu & Kashmir Union Territory is on cards as a selection panel for appointing its chairman and members is expected to meet soon.
Sources said three-member selection committee comprising a High Court judge and two senior bureaucrats is expected to meet this month to finalise its recommendation for the key appointments.
“The committee would meet soon,” they disclosed, adding that the panel is headed by a sitting High Court judge and comprises administrative secretaries of Housing & Urban Development Department and Law department.
The RERA is being set-up to monitor the real estate sector and adjudicate disputes related to real-estate projects. The primary purpose of RERA is to protect the interest of the home buyers. The body is entrusted with the registration and regulation of real estate projects.
As per conditions governing these appointments, the chairpersons shall have adequate knowledge and professional experience of at least 20 in urban development, housing, real estate development, Infrastructure, economics, planning, law, commerce, accountancy, industry, management, social service, public affairs or administration while members shall have 15 years’ experience in these fields.
The RERA is being set-up under the Real Estate (Regulation and Development) Act (RERA) and Jammu and Kashmir Real Estate (Regulation and Development) Rules, 2020. Before October 31, 2019, Jammu and Kashmir had its own law to regulate the real estate sector. (KNO)