Monday, November 17, 2008

New online facility for interim property registrations launched in Dubai

The Dubai Land Department, the government body which monitors land-related affairs and private properties within the emirate, together with RERA (Real Estate Regulatory Authority), has announced the official launch of 'OQOOD', the new online application that enables the implementation of Law No.13 of 2008, which regulates the interim real estate register in Dubai.

The announcement, which came during an introductory seminar organized by the Dubai Land Department and RERA, organized for benefit of property developers in the emirate. The Dubai-based KM Properties sponsored the event.

Assistant Director General Excellence & Organization Governance, Mohammed Sultan Thani, said that Dubai has witnessed the issuance of real estate laws that prioritize the interest of country and all industry stakeholders. The laws aim to create trust in the market, attract foreign investment and sustain the growth of the sector. The latest law focuses on interim real estate register.

Developed by Emirates Real Estate Solutions for the Dubai Land Department, the process of 'OQOOD' online interim registration process will help minimize conflicts between developers, sellers and investors, while also reducing the growth of off-plan sales and reselling costs.

Charges levied by the Dubai Land Department would remain the same one percent of total value paid by seller, and the one percent paid by consumer.

According to analysts, the new registration scheme will bring about higher transparency levels and eventually create an online Propety Price Index (PPI).

The Chief Executive of Emirates Real Estate Solutions, Ahmad Al Qaizi, said that the online launch would facilitate availability of detailed data on private proprietorship of all properties that have been sold off-plan in Dubai.

It will protect the rights of customers by safe-guarding development against any manipulation, and also safeguards the interest of developers, investors and end-users and the government. The move also depicts seriousness from the end of government in raising transparency, Qaizi said.

About 80,000 units or more have already been registered through the online registration facility so far.

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