It is very clear that JKPMSSS is going to start this year , last year pmsss registrations started on 6th july , but this year due to 2nd wave of pandemic the registrations are extremely slow and late, though AICTE has started the internal process but the official announcement of pmsss registrations may begin in the 1st week of September, 2021 .
To be on safer side you can take admission somewhere else and later cancel the admission as soon as you get the college under PMSSS.
99% chances are that PMSSS registrations will definitely begin soon and scholarship will not get cancelled. Though this time they may come up this different colleges and seats in the particular branches.