NewsMonthly progress report for every project in Dubai
The Real Estate Regulatory Authority of Dubai (RERA) will publish monthly status reports on every single project in Dubai on their website, starting next week.
So far, 875 projects are listed with RERA, and Marwan Bin Galita, chief executive of RERA, hope this initiative will comfort investors in these projects:
“I hope every developer in Dubai, every developer in the UAE will put the indicator for investors to show them what’s going on,” Bin Galita said.
Investors have previously combined forces and set up investor groups to keep track of the progress. It is believed that the progress reports will ease investors work, and give them the knowledge they need from their investments from an independent source.
The Reports
Each project report will contain up-to-date photographs of the construction plot, as well as the plot number and the developer’s approval number at RERA. Additionally, the report will specify the name of the bank holding the trust account and a summary of the progress.
The report should tell potentially investors if this project is safe to invest in.
Pressure on the developers
In less than 30 days, RERA have received a total of 1,030 complaints, leading to the deletion of 27 developers from RERA records.
Developers are now realizing that communication is essentially to avoid issues to escalate to court-levels. Officials at the land department and RERA urge all investors to register their properties and their rights at the land department under Law No. 13, which regulates off-plan sales and give the buyers more rights.
“In a booming market, everybody makes mistakes. Everyone now is running to Daddy which is Rera and the land department. Before everyone was busy selling their properties and noone came to us. Now they are all coming,” Bin Galita said.
Bin Galita also says a 15 day cool-of period before a contract is signed is to be introduced very soon.
“We need a cool-of period of 15 days. That’s two weeks to speak to your wife, consult the bank, get approved finance, before committing to a contract because a contract is binding.”
Further Reading
« List of projects currently on hold | Khoie sells RAK projects to Rakeen »
