Rera takes steps to regulate activities at Cityscape 2008

Dubai’s Real Estate Regulatory Agency (Rera) on Wednesday said it was taking measures to regulate activities in the upcoming Cityscape Exhibition and curb any kind of speculative activity during the event.

“No Memorandums of Understanding (MoUs), sales agreements or contracts will be legally binding if they are not registered with the Dubai Land Department,”

said Marwan bin Ghalaita, Chief Executive of Rera.

“There will be booking forms that developers will hand out to buyers. Buyers will then have to fill the forms out and register their units with the Dubai Land Department. Thereafter they have to adhere to Law No 13 of the Initial Property Registration in Dubai,” he said.

“No unauthorised developers, who are not registered with Rera, or unauthorised projects will be permitted to exhibit at the event,” said Ghalaita.

Rera yesterday confirmed so far there were 826 registered developers and 1,624 registered development projects in Dubai.

Sultan Butti bin Mijrin, Director-General of Dubai Land Department, said: “Dubai’s realty is showing very positive signs so far. We have concluded sales transactions worth Dh200bn to-date. The market is looking healthy from a real estate perspective.”

According to the Chief Executive of Rera, the recent Law No13 of Initial Property Registration in Dubai will ensure no developer will be allowed to announce a project in the emirate unless he has approvals from other government entities such as the Dubai Municipality, RTA and Dubai Electricity and Water Authority.

“Further, land should have been acquired by the developer and only then can he announce a project,” said Ghalaita.

“Any further sales and purchase agreements between Rera and the Dubai Land Department will be unified under one system within Rera itself. Currently, sales registrations are being conducted in Emaar, Nakheel, Dubai Properties. All these will be unified under one system in the Dubai Land Department,” said Ghalaita.

Rera’s Senior Legal Advisor, Khawla Madani, said the body currently has 540 cases waiting to be handed over to the Property Court. Rera is currently waiting for the Property Court to send a go-ahead to forward these cases to them, he said.

Emirates Business/RERA