The J&K government had framed the J&K Real Estate (Regulation and Development) Rules, 2020 under Section 84 (1) of the act enacted by the parliament in 2016. Rules were notified by the J&K Housing and Urban Development Department on July 22, 2020.
The authority is aimed at regulating, monitoring, and promoting the real estate sector and ensuring transparency in the sale of real estate projects while protecting the interests of the consumers.
It is also mandated to adjudicate disputes related to the sector.
Rai’s appointment has been made after a year-long process initiated by the selection committee.
As per the rules, the chairperson and the members of the RERA are to be appointed by the government on the recommendations of the selection committee comprising the Chief Justice of the High Court or his nominee, the Administrative Secretaries of Housing and Urban Development Department, and the Department of Law, Justice and Parliamentary Affairs.