Union Ministers attend the first ever ‘J&K Real Estate Summit- 2021-Unlocking Opportunities’

What is the news?

Union Minister of Housing and Urban Affairs attended the first ever ‘J&K Real Estate Summit- 2021-Unlocking Opportunities’.

What is the J & K Real Estate Summit- 2021-Unlocking Opportunities?

Organized by: Department of Housing & Urban Development Department, Government of Jammu and Kashmir in collaboration with the Ministry of Housing and Urban Affairs, Government of India.

Aim: The summit is a push to attract real estate investments from across the country.

Key points

– Article 35A gave the J&K government the right to decide who qualifies as a permanent resident of the state, and only these individuals were allowed to acquire or own land and seek other special rights and privileges.

– However, this provision was abrogated in 2019, along with Article 370 of the Constitution that provided special status to the erstwhile state. Hence, these changes formally ended the protection of land rights.

– Now all the Central Laws, be that the Prevention of Corruption Act, RTI Act, CVC Act,  Real Estate Regulatory Authority Act (RERA) are now applicable to the UT of J&K like other states and UTs.

Source: This post is based on the articleUnion Ministers attend the first ever ‘J&K Real Estate Summit- 2021-Unlocking Opportunities’published in PIB on 27th Dec 2021.

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