J&K, Ladakh will soon receive RERA notification from Centre.

The Central Government is going to notify the newly established Union territories of Jammu & Kashmir and Ladakh of their implementation of the Real Estate (Regulation and Development) Act, which will prepare for the development of property in the two regions.

“The act would be notified by the State Government in Jammu and Kashmir, while the Centre will notify in Ladakh because it is a UT without a legislative assembly,” a Ministry of Housing and Urban affairs official said. After the reorganization comes into force, the notice will take effect that is from 1 November.

The Act obliges every state and UT to establish its own property regulator and structure rules governing the activity of the regulatory body. It aims to foster more transparency, citizenship, accountability and financial discipline in the sector.

Durga Shanker Mishra, the ministry secretary said that the provisions for UTs would be the same as those for the country. J&K had created an Act on real estate, but the Jammu & Kashmir Reorganization Act had repealed it.