Wednesday, July 25, 2007

Emaar to stop short-term rentals in its properties

The residents residing in homes constructed by Emaar Properties are not permitted to let their properties on short-term basis.

Emaar has sent circulars placing certain restrictions and has asked the residents to keep tab on illegal activities. The circulars were sent to residents in Emaar communities of The Greens, The Springs and such others. The circular states that the villas and apartments should not be let for short periods or used as bachelor accommodation. The circular has also asked residents to keep Emaar informed in case anyone violates the rules or employs housemaids without a sponsor.

When the residents were contacted, it was found that while majority of residents supported the neighbourhood watch-style appeals, they were not supportive of the ban against letting out their homes while on vacation.

A UK designer living in the Springs community mentioned that she agrees with Emaar about the neighbourhood watch, but expressed unhappiness that while on a vacation, she would want to rent her property, just as she would do in any other place.

However, according to Emaar, the rules are being enforced keeping the interest of safety and security of the residents and homeowners. The circular mentions that short-term holiday lets are not permitted as per the agreement signed between the developer and the purchaser. However, despite this, short-term accommodation of Emaar properties is being frequently advertised on websites and newspapers.

According to Walter Halt, an independent property consultant, this was being done, due to the fact that there is no federal law on the subject.

"A law concerning how communities are managed is yet to be finalized, which indicates that all master developers bring up their own rules regarding community management."

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