By All the individuals and owners association management Dubai following property market will definitely be known to the large amount of new laws that are passed by RERA or Real Estate regulatory Agency in Dubai these few years later. With Dubai freehold real estate market slump hitting areas of Emirate hard, it is of much significance to get things back on up, and RERA is completely responsible for this.
Therefore to make all this practical, RERA have been passing all these new laws right left and center. However with several laws and regulation being passed in very short period of time, it can be very difficult to keep up. Therefore read this article to understand what Real Estate Regulatory Authority in Dubai has been up to with regards to properties in Dubai.
First time
RERA stipulated building and real estate developers must own entire land they
are working on, and never ask for more than twenty percent of properties value
from investors before all the construction work has got underway. Previously
few developers had relied only on buyer’s fund to get money for the projects
that was causing various types of issues and exposing the investors to each and
every type of risk allocated. It soon followed this law up with Rental Price
Index release, something that was targeted at giving good indication of what
rents on properties in Emirate must now be. But most found it grossly
inadequate, with inflation in rental values because of it using the prices from
mind 2008, when real estate value in Dubai was on the boom. Real Estate
Regulation Agency then release an updated version in April same year.
After that Real Estate Regulation Agency said it wouldn’t be any longer be allowing the real estate developers who failed to keep up the promises to hide in shadows. At present any real estate developer who fail to meet all the deadlines and quality standards will be publicly shamed and named. It also brought and to service charges on property. Residents of Dubai real estate has usually need to put up with large maintenance fees and service charges increase, in what most believed to only be a profit making plans for developers as well as management companies. Real Estate Regulatory agency has handed over this responsibility to and then announced it would launch monthly report about status of Development in Dubai.
