SRINAGAR: The Jammu and Kashmir Government has said there is currently no proposal to introduce a mandatory digital or online payment-routing system for real-estate sale consideration or commission payments in the Union Territory.
The Revenue Department, in a written reply to a starred question tabled by MLA Ranbir Singh Pathania on Real Estate Regulatory Authority Act (RERA) guidelines, said the existing system for revising and notifying circle and market-value rates was already in place.
Under the Jammu and Kashmir Preparation and Revision of Market Guidelines Rules, 2011, the rates are revised annually by the Divisional Valuation Board headed by the respective Divisional Commissioners, based on inputs and recommendations received from Deputy Commissioners.
The Government said the notified rates are made public on district administration websites and digitally incorporated into the National Generic Document Registration System (NGDRS) portal used for property registration.
On regulation of real-estate agents, the Government said the Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) has an online mechanism through its portal for registration of agents under Section 9 of the Real Estate (Regulation and Development) Act, 2016.
Registered agents are required to comply with the provisions of the Act and applicable rules and regulations.
In Udhampur district, JKRERA reported that its team had conducted 14 inspections and issued 11 notices to developers directing them to register their projects with the Authority.
One real-estate agent was also directed to register with JKRERA during proceedings before the Authority.
As per the Government, one real-estate agent and one real-estate project from Udhampur have been registered with JKRERA, with the requisite registration certificates issued.
The reply, however, did not provide a baseline study on the factors behind property prices, speculative trading, land scarcity or alleged artificial price manipulation in major urban centres.
The question had specifically sought information on residential and commercial property prices in Jammu, Srinagar and adjoining areas in comparison with major metropolitan cities, along with details of measures to address factors influencing the property market.
The Government’s response instead detailed the existing mechanism for annual revision of circle and stamp-duty rates and the regulatory framework for real-estate agents and projects.
