The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) launched its official portal on Tuesday, a significant milestone in the regulation of the real estate sector in the Union Territory. Akashvani Jammu Correspondent reports that the portal, rera.jk.gov.in, which is developed and hosted by National Informatics Centre, J&K. The launching of portal aims to promote transparency, accountability and efficiency in the real estate industry, safeguarding the interests of home buyers and ensuring fair business practices among developers, promoters, and real estate agents.

The Pursuant to the J&K Real Estate (Regulation and Development) Act, 2016, all unauthorized colonies intended for sale purposes with an area exceeding 500 square meters or comprising more than 8 units are required to register with JK RERA. Failure to comply will result in penalties for promoters and builders, including a monetary penalty of up to 10% of the estimated project cost. If any promoter does not comply with the directions of the Authority and continues to violate the provision of the Act, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten percent of the estimated cost of the real estate project, or with both. Furthermore, real estate agents are mandated to register with JK RERA. Non-compliance will result in a daily penalty of ₹10,000, cumulatively extending up to 5% of the project cost. The portal will facilitate online registrations, complaints, and queries, ensuring a seamless user experience.