Wednesday, August 22, 2007

Residents of Westside Marina- the first to abide by the new Strata Law

Dubai property owners are gearing up for the new Strata Law, likely to be implemented shortly.
As a preparation for the forthcoming introduction of the law, the residents of Westside Marina Building, along with the support of their developer, Tulip Developments, have signed a joint submission from AUAE Strata Global and Better Homes to manage the property and homeowners association of the building.

As per law, the developers will handover the ownership and control of common areas of the building, rather than handing over just the individual units.

At the moment, property owners have legal ownership only on the actual unit purchased by them, and have no claim on common areas such as the gym or the pool. The new law will divide the common areas by the number of units and will handover an equal share of every owner.

Through Strata, ownership, management and maintenance will be in the hands of the homeowners, and it will be their responsibility thereafter to ensure that these areas are managed and maintained in an effective manner. Every building will elect committee members group, who inspect such matters.

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