Thursday, December 06, 2007

Al Manal Development- first company to issue Pre-registration Certificates

Al Manal Development is the first company to issue the Pre-registration Certificate for its La Vista Residence project, in line with the recently introduced new system by the Real Estate Regulatory Authority (RERA).

The Chairman of Al Manal Development, Juma Al Ghurair, said that after being the first to implement the Escrow Account Law, Al Manal, is now, the first to issue the Pre-Registration Certificate.

He said that Dubai, being a competitor in a world market, the business practices and laws should be the best, if it wishes to increase its international property investment. The creation of RERA, and introduction of new laws, has generated stability in the market, which would benefit investors and developers alike.

RERA, which covers three areas, permits developers to input all pre-sale, change of ownership and mortgage activities. The Pre-sale category includes full registration of buyer's information, property details, and the amount sold for. The mortgage section is filled in on completion of pre-registration, and will include the mortgage plan, which is chosen and approved by the buyer. The Change in ownership section will include updates of any change of ownership that RERA and the property developer can keep track of.

La Vista Residence

RERA, Chief Executive Officer, Marwin bin Gholaitah, said that the pre-registration system would provide more credibility to developers, and create better trust between developers and customers, as the information regarding property would be safely registered in a secure system, approved by RERA.

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