Sunday, September 09, 2007

Dubailand holds discussions to set up a pre-registration system

Dubailand, a member of Tatweer, has announced that it is in advanced stages of processing a pre-registration system with the Land Department so as to completely abide by the new requirements and regulations.

dubailandThe move has been initiated following an agreement between the Land Department and Tatweer which was signed in the month of June this year. Tatweer has formed a project committee comprising representatives from various departments to provide necessary assistance to the Land Department Authority to compile the necessary data to test run the pre-registration system.

The pre-registration system will adhere to the new law completely and will help Tatweer in tracking all registrations carried out by secondary developers in the areas that fall under its purview. This system will also ensure that any engineering specifications are strictly followed, as per the original master plan.

The CEO of Dubailand, Mohammad Al Habbai, said "The announcement of Law No.8 that pertains to real estate development trust accounts has had a positive knock-on effect for Tatweer. Through our partnership with the land department, we aim to establish a registration system for all Dubailand projects, including the ones developed by third parties."

He added that, the developers will get to interact with the registration system of the Land Department directly, right from the first day of their deal.

Through the introduction of the law pertaining to escrow accounts, the Land Department has put an end to any developer trying to launch a project and collect deposits, without sufficient guarantee that the funds will be utilized only for the intended purpose. The law also ensures that the construction work begins at the stipulated time.

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