Thursday, January 03, 2008

RERA announces first list of Real Estate developers in Dubai

Going by the Law No.9 of 2007, the Real Estate Regulatory Agency (RERA) has announced its first list of realty developers that includes more than 400 companies holding real estate developer license, thereby maintaining transparency in Dubai. However, it has been said that a few companies, which had earlier entered into a special one-to-one agreement, has been exempted from opening the project security accounts.

RERA usually grants permission to licensed companies and projects, for opening of project security accounts, according to special agreement. The investors have been warned against purchasing or investing on real estate companies that do not hold the necessary Agency license required by the real estate companies, for legal transactions.

The Chief Executive of RERA, Marwan bin Galita, has said that unlicensed companies would have major difficulties in marketing and selling their projects, through media outlets, once the list has been issued.

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