[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important INDIA real estate news to share with you which is as mention under.
In a major development, the Home Ministry on Tuesday has notified land laws, which now
enables citizens of India to buy land in Jammu and Kashmir. MHA notified that Real Estate
(Regulation & Development) Act, 2016 will apply in Jammu and Kashmir with immediate
effect. This will pave the way for property development in the two regions.
On August 5 last year, Centre abrogated Article 370 which provided special status to the
erstwhile state, bifurcating it into Union Territories of Ladakh and Jammu & Kashmir.
Earlier, Article 35A prohibited the purchase of land for citizens from other parts of India.
The article allowed the J&K legislature to define permanent residents of the state and only
those who were eligible could purchase land or property.
The Act makes it mandatory for each state and Union Territory to set up its own real estate
regulator and frame rules to govern the functioning of the regulator. It is aimed at
encouraging greater transparency, citizen centricity, accountability and financial discipline
in the sector.
MHA repeals 12 laws out of 26
In the third order, MHA has repealed 12 state laws as a whole and others out of 26 adapted
with changes or substitutes. Laws which are repeal as a whole include - The Jammu and
Kashmir Alienation of Land Act, Jammu and Kashmir Big Landed Estates Abolition Act, Jammu
and Kashmir Common Lands (Regulation) Act 1956, Jammu and Kashmir Consolidation of
Holdings Act 1962, Jammu and Kashmir Right of Prior Purchase Act, Jammu and Kashmir
Utilization of Lands Act. It shall come into force with immediate effect.
Read more at:https://www.republicworld.com/india-news/general-news/in-huge-home-ministry-move-real-estate-act-to-apply-in-j-and-k-allowing-all-to-purchase-land.html